Investigating a Hybrid Health Takaful Model that Cuts off Subscription from Beneficiaries at 55Years of Participants Age and Supports Their Medical Well-Being Thereafter till Death
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In this study was carried out to investigate a hybrid health takaful model that cuts off subscription from beneficiaries at 55years of participants age and supports their medical well-being thereafter till death. The quantitative research design was used, and the actuarial life cycle modelling and statistical analysis and solvency assessment were used to test the financial sustainability of the model using different entry ages, accumulation period of contributions, projected healthcare claims, and assumptions about investment returns. The results indicated that the participants who joined the scheme at an early and mid career stage had amassed adequate funds before the termination of the contributions to fund lifetime healthcare claims at any point after that. These cohorts had solvency ratios that were greater than unity which is a sign of financial adequacy and viable risk pooling. Late entry cohorts on the contrary had marginal sustainability, which emphasised how relevant the model is to shorter contribution horizons. Sensitivity analysis also proved that performance of investment had a significant role to play in maintaining post retirement medical cover.
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