How To Compare Health Insurance Plans in Nigeria and Get the Best Deal

Many people often as ‘how to compare health insurance plans in Nigeria?’

This article provides a step-by-step guide on how to compare health insurance plans in Nigeria and pick the best one.

Health insurance has become an essential need for many Nigerians due to the rising cost of healthcare.

With many health insurance companies now available, choosing the right plan that suits your needs and budget can be tricky. Read on to learn more.

HOW TO COMPARE HEALTH INSURANCE PLANS IN NIGERIA AND GET THE BEST DEAL

I know you’re looking for the best health insurance plans in the country, that’s why you entered this page. Our job here is to make this simpler for you by explaining everything involved in insurance in Nigeria.

The following steps will guide you on How to compare health insurance plans in Nigeria so as to get the best deals.

STEP 1: UNDERSTAND DIFFERENT TYPES OF HEALTH INSURANCE PLANS

The first step is understanding that health insurance plans in Nigeria fall under these main categories:

• Individual or Family Floater Plans: These plans provide coverage for an individual or family from a single premium. They have an annual limit on overall coverage.
• Group or Corporate Plans: Offered by employers for their employees. They usually have better coverage than individual plans.
• Government Health Insurance Schemes: Affordable plans backed by government like NHIS to help low-income citizens.
• Critical Illness Plans: Provide lump-sum payment support for treatment of critical illnesses.

STEP 2: DECIDE THE TYPE OF COVERAGE YOU NEED

Determine if you need coverage just for hospitalization or fractures and accidents only or an all-inclusive plan covering tests, OPD, dental etc. Individual needs differ, so customize your choice.

For families, maternity benefits and newborn baby coverage may be essential inclusions. If you have seniors at home, get plans with elderly care.

Chalk out all present and expected healthcare needs before zeroing in on a plan.

STEP 3: COMPARE MINIMUM COVERAGE OFFERED

Start compiling a list of major insurers in Nigeria like AXA Mansard, Leadway, Verod, Aetna, IEI Anchor, Bupa etc. Next, compare the offerings.

Check the maximum coverage they offer for hospital/ICU charges per illness, tests, surgeries, daily cash payouts etc. Also, compare inclusions like pre/post hospitalization, ambulance, home care etc.

Match with your needs and shortlist plans offering maximum basics first. At this stage focus just on minimum features, not the premiums.

STEP 4: EVALUATE ADDITIONAL COVERAGE

Now compare any extra coverage offered beyond the basics by shortlisted insurers. These could be dental, vision, maternity, critical illnesses etc.

Some companies also provide cover for customized healthcare appliances and prosthetics depending on plans.

See if any of them are useful for you and include those plans in your preferred list if they meet added requirements too.

STEP 5: CONSIDER EXCLUSIONS

Apart from what is covered, you must pay equal attention towards excluded scenarios (cases not covered under policy).

Most common health insurance exclusions are related to unnamed pre-existing diseases (conditions before purchasing policy), specified therapies, cosmetic surgery, experimental treatments, mental issues etc.

Ensure you are comfortable with the exclusions defined in policy documents before making the final decision.

STEP 6: EVALUATE CLAIM SETTLEMENT RATIO

The claim settlement ratio is the percentage of approved claims versus total claims received by the insurance provider over a year. A higher ratio indicates enhanced transparency and better customer service.

Review claim settlement ratios of all remaining shortlisted companies. Generally, reputed companies have claim settlement rates of 95 percent and more.

STEP 7: CHECK WAITING PERIOD CLAUSES

Most health plans define a waiting or survival period before full policy benefits kick in related to specific treatments, pre-existing diseases or named illnesses. It may range from one to four years.

Compare such clauses too across finalists and understand exclusions before purchasing the policy to avoid disappointments later.

STEP 8: FACTOR IN PREMIUM AMOUNTS

With the coverage parameters set, now evaluate the premiums charged by remaining players for desired plans. Premium costs are based on your age, location, pre-medical tests, insurance amount and other risk factors.

Obtain online quotes or contact insurer advisors directly to get premium estimates for your chosen coverage. Then compare rates and filter out the most affordable options without compromising other parameters.

Many insurers offer easy EMI options too. So include financing charges in overall costs for right comparisons.

STEP 9: UNDERSTAND CLAIM SUBMISSION PROCESS

Another vital part is understanding claim submission guidelines given by insurance providers for reimbursements.

Check required claim documents like filled forms, medical reports, original bills/invoices, payment proofs etc. Also, find out the acceptable methods to submit claims – online, mobile app, offline etc.

Less cumbersome procedures pose lower hassles and enable faster approvals and payouts. See How to File an Insurance Claim in Nigeria.

STEP 10: CONSIDER ACCESSIBILITY OF CASHLESS NETWORK

One advantage of health insurance is availing cashless treatment by visiting insurer’s network hospitals without making payments from your pocket.

Compare empanelled hospital chains and networks in your location for each shortlisted insurer. Companies with wider cashless facilities in your city ensure maximum convenience and utility.

STEP 11: CHECK CUSTOMER SERVICE QUALITY

Managing insurance properly involves continuous engagement with the insurer for renewals, claims or issue resolution. Thus, the quality of customer service support also becomes important for seamless communication.

Compare visible parameters like website FAQs, WhatsApp chat support availability, query resolution TAT and customer ratings online across final options to ascertain service quality levels.

STEP 12: READ POLICY WORDING CAREFULLY

As a final step before purchasing, study the detailed terms and conditions shared in policy wording by the insurer. Being cognizant of all guidelines will prevent future disputes or disappointments.

Look out for vital pointers like definitions, waiting periods, renewals, claims submission limits and procedures, exclusions and any other clauses indicating your legal rights.

By now, you will have clarity about the optimal health plan matching needs and budget. Be an informed buyer and follow the resources shared above to pick the best insurance deal in Nigeria.

Stay wise and stay covered!