Health coverage law for
retired NSSF subscribers
Retired employees to continue
paying nine percent of the minimum wage
The Parliament has enacted the health coverage law for the National Social Security Fund (NSSF) for retirees over the age of 64.
Walid Khoury, Member of the Parliamentary Committee for Health, said that the law will be referred to the Council of Ministers to issue the related executive decrees.
The law stipulates that NSSF retirees will continue to benefit from 20 years of health coverage after the age of 64. The family of those covered will also benefit even if the insured person has passed away, but under several conditions. Spouses will not benefit from health coverage if they remarry. Spouses should not be benefiting from another public insurance party, and should not be registered in the commercial registry. Children may benefit from their father’s or mother’s health coverage until aged 18, but will continue above this age if a child is handicapped.
Prior to this law, NSSF benefits for employees aged 64 and above stopped, and they received just a lump sum.
This project will be funded through monthly subscriptions paid by retired employees. The monthly charges represent nine percent of the minimum wage, or LL60,075 ($40). Employers, workers, and the Government are required to pay one percent of their income to help fund this project.
Khoury said that with these funds, the NSSF will be able to cover expenses.
The 12 percent will finance the project for the coming 50 years.
Khoury said that the law will be implemented after it is published in the Official Gazette.
Date Posted: Jan 20, 2017