How to Choose The Right Health Insurance Plan in Nigeria
Health insurance has become an essential need for many Nigerians due to the rising costs of healthcare.
It’s obvious nowadays that there’s increasing hardship which has also made incidences of illness and medical emergencies to increase. That being said, having a health insurance plan can provide financial relief and peace of mind.
However, with so many insurance providers and plan options to choose from, making the right choice can seem overwhelming.
This article provides a step-by-step guide on how to select the ideal health insurance plan according to your healthcare needs and budget in Nigeria.
HOW TO CHOOSE THE RIGHT HEALTH INSURANCE PLAN IN NIGERIA
Do you want to know how to get the right health insurance plans? Read the following to know how to get the best health coverage for you and your family.
DO YOUR RESEARCH
The first step is gathering information about the major health insurance providers in Nigeria and the types of plans offered.
Some of the top providers include healthcare maintenance organizations (HMOs) like Hygeia, Total Health Trust, AIICO Multishield, Avon HMO, and Nigerian National Health Insurance Scheme (NHIS).
You can visit their websites or consult with an insurance advisor to learn about available options concerning coverage, premiums, co-payments, and more. This will help narrow down providers offering plans that match your requirements.
KNOW WHAT THE PLAN COVERS
All health plans are not equal. While one might provide extensive coverage, another barebones option could leave you vulnerable during medical crises.
So it’s your work to carefully examine covered benefits before selecting a health plan. ALSO READ: HOW TO COMPARE HEALTH INSURANCE PLANS IN NIGERIA AND GET THE BEST DEAL.
Most plans provide basic benefits like doctor consultations, lab tests, scans, hospitalization, surgeries, childbirth, emergencies, prescription drugs, dental, and optical care.
However, coverage limits and percentages paid by insurance can vary. Also, verify if pre-existing conditions are covered. This thorough understanding of inclusions and exclusions is imperative to gain maximum value from your chosen health plan.
COMPARE COSTS
The premium is the recurring amount you pay annually or monthly to maintain health coverage. When comparing health plans, identify not just premiums but also deductibles, co-payments, and total out-of-pocket costs you may incur throughout the policy term.
Some seemingly affordable plans have high deductibles and co-pays that significantly increase your overall expenditure if you fall ill frequently.
On the contrary, costly premium plans often cap your annual payment liability. You have to also trade-offs to pick a plan that offers the best bang for buck concerning premiums paid versus protective coverage.
CONSIDER NETWORK COVERAGE
It’s pointless to pay for lavish health insurance only to find your preferred hospital or trusted family doctor is not included in the provider network.
Before deciding on a plan, ensure well-reputed specialists, medical facilities, diagnostic centers, pharmacies, etc. Near your location are tied-up with the insurance company.
Also, find out if the network covers treatment abroad if you wish to travel out of Nigeria for medical procedures.
CHECK RATINGS AND REVIEWS
Check the insurer’s rating on trusted financial websites before buying their health plan. Highly rated insurers ranked by investment experts and desks are generally reliable choices.
Also, read through reviews of existing clients to gauge real customer experiences – were claims processed smoothly, were customers treated fairly, would policyholders recommend the same insurer to others? Both quantitative ratings and qualitative reviews shape a holistic perspective to determine if the company will keep its word in your time of need.
ANALYZE POLICY TERMS
One important thing to do when choosing the right health insurance plans in Nigeria is to read through the fine print before signing any health insurance contract.
Key things to analyze include waiting periods, free look period allowing plan cancellation without penalty, grace period for late premium payment before lapse, renewability criteria, reasons for possible denial of claims, etc.
Having complete clarity on policy terms prevents struggles later if disagreements arise. Also, confirm if you can easily switch between plans within the same insurance provider if your medical or financial needs change over time.
ADD OPTIONAL COVERS
Several optional add-on covers that customize your health plan to specific requirements are available.
For additional premiums, you can extend maternity benefits beyond covered limits, include expensive nonsurgical cancer treatments, add coverage for elderly parents, enhance sums insured for critical illnesses, and more.
Based on your family’s medical history and advise from your doctor, assess if these make financial sense rather than opting for them blindly.
FREQUENTLY ASKED QUESTIONS
Here are some frequently asked questions on choosing the right health insurance plan in Nigeria:
WHAT ARE THE KEY THINGS I SHOULD LOOK FOR IN A HEALTH INSURANCE PLAN?
Some key things to evaluate are the premiums, coverage inclusions and exclusions, co-payments and deductibles, network hospitals and healthcare providers covered, ease of claim processing, ratings and reviews of the insurance provider. Select a plan that balances adequate coverage with affordability according to your unique needs.
WHICH HEALTH INSURANCE COMPANY IS THE BEST IN NIGERIA?
Some of the top health insurance providers in Nigeria include Hygeia HMO, Total Health Trust, AIICO Multishield, Avon HMO and the National Health Insurance Scheme (NHIS). Each company has its own merits, demerits and suitable customer profiles. Do your own research to pick the best match.
SHOULD I CHOOSE INDIVIDUAL HEALTH INSURANCE OR A FAMILY FLOATER PLAN?
If you have dependents like a spouse, children etc., a family floater plan providing coverage for the entire household from a single premium payment is usually more economical than individual plans for each member. Also, the combined sum insured is higher on floater plans.
WHAT ARE THE AVERAGE HEALTH INSURANCE PREMIUM COSTS IN NIGERIA?
Average premiums can range between ₦30,000 to ₦150,000 annually depending on your age bracket, location, sum insured level and other eligibility criteria. Lower sums insured attract more affordable premiums starting at ₦20,000 per annum.
I HAVE AN EXISTING LIFE INSURANCE POLICY. IS IT NECESSARY TO BUY SEPARATE HEALTH INSURANCE?
Regular life insurance only provides financial protection to nominees if an insured person dies. To hedge against rising healthcare costs, hospital bills and medication expenses if you or family members fall ill, dedicated health insurance is a must.
CONCLUSION
You can now see that choosing adequate health insurance is easier than ever. All you have to do is to follow these guidelines. This will help secure health insurance that delivers assured financial aid and peace of mind when you or loved ones face medical emergencies.
