Health insurance is a form of insurance coverage that takes care of the medical bills of an enrollee of a particular health insurance plan. It is all about securing your health ahead of any unforeseen medical circumstances. Health insurance is key and also a major channel through which a universal health coverage is ensured.
Many Nigerians shy away from health insurance plans largely due to the cost involved and lack of adequate information on health insurance. This has plunged many people into poverty due to huge out-of-pocket payments on medical expenses.
But you are about to discover the hidden truth about the cost of health insurance plans in Nigeria that will make you change your perspective about health insurance schemes.
Come with me as we look into the most important question that people ask before choosing a health insurance plan.
Relax and read on.
So, how much does health insurance cost in Nigeria?
From personal experience dealing with health insurance companies in Nigeria, the least health insurance cover can be as low as N2,000 while the maximum cover can be as high as N,1000,000 per month depending on your health plan choice, your health status and the partnering company.
Since there are different health insurance companies in Nigeria, their plans and packages vary from company to company depending on your health needs, and the structure the company operates with.
The first question on the mind of anyone that wants to take up a health insurance cover is” How much does health insurance cost?” Before jumping into conclusions on whether the cost is high or not, it is important to remember that there are two types of expenses associated with health insurance when considering the cost of the plan.
First is the monthly or yearly premium which is the money you pay off-front in a month or year and the second is the out-of-pocket expenses which are the fees you pay when you receive medical care. The higher the premium, the lower the out-of-pocket expenses and vice versa.
The choice of a health insurance plan depends on your specific health needs which is directly proportional to the cost. The cost varies with different plans/packages made available by the insurance company which most times is grouped into bronze, silver, gold, platinum or other names as dims it fit by the health insurance company.
Business insurance cost in Nigeria
Business insurance is an insurance contract that covers your business from all the different kinds of risks that businesses face. By insuring your business, you are transferring your risk to a second party for a premium. There is an incredibly wide range of premiums based on the type of business, the size of the business, the location of the business, the industry that you are in, the amount of revenue you are generating, etc.
There is no accurate cost to it but it should be a competitive rate versus the value that you get. It is either that people pay too little for something that does not have value or they pay too high for something that the value does not measure up. Are you paying the most competitive rate versus the value of the policy in terms of how it covers you in the risk you want to take?.
So, if you want just a basic general liability insurance and you are willing to loose your tools and other materials if your office burns down or something, that will be a relatively inexpensive policy versus a relatively small amount of value but that was equal and you are taking a large amount of risk in terms of property and other coverages like that and that is sorely your decision.
The cost for that relative to an insurance policy that will cover your property will be expensive but provides much more value to you in terms of the wide scope of things that could actually happen. These are things that are factored into the cost and you have to find out what you need from a coverage perspective and make a decision whether to go for a comprehensive insurance or not.
Business insurance cost in Nigeria is not a fixed cost unlike health or motor insurance. The cost depends on what you are insuring your business against. If you are insuring your business against fire, theft, burglary, etc. then a business insurance quote will be provided by the insurance company after they must have carried out their inspection. Hence less cost, less coverage, more coverage, higher insurance cost.
Read Also: 9 Types Of Health Insurance In Nigeria
Best health insurance company in Nigeria
There are several factors to take into consideration when comparing the best insurance providers such as their financial capability, customer service rating, plan rates, claim service, product offers. coverage benefits and provider options.
There is no such thing as the best health insurance company instead the best one for you will be determined by the type of private health insurance you need, your health needs, financial status, and the options available in your region.
It may be cumbersome to find a health insurance company that meets all of your needs but from personal research and studies, I have been able to come up with reputable insurance companies with a strong track record in terms of good insurance offering and plan options. They are;
1. Hygeia health insurance
Hygeia is among the leading health insurance companies in Nigeria. Its goal is to help subscribers access quality health care at an affordable cost. They provide comprehensive health insurance services to individuals, families, businesses, and corporate organizations.
From when they came into existence in 1986 till now, they have worked tirelessly with a network of hospitals and clinics across the country in managing health risks, proving curative medicine for their enrollees and improving the country’s health sector. Click here to explore their plans.
2. Reliance Health insurance
Reliance is one of the best health insurance companies in Nigeria. Through technology-based innovative healthcare solutions that meet the needs of emerging markets, they make health care accessible and affordable to all. Reliance health maintenance organization (HMO) uses mobile phones and telemedicine to make health insurance cheaper and easy to access.
From inception in 2016 till date, they have provided unparalleled digital health care support to individuals, families and organizations by creating plans that work for them. Click here to explore their plans and also see their latest prices.
3. Avon Health Insurance
Avon HMO is one of the best health insurance companies in Nigeria. Its goal is to equip people across the country on how to live healthier and fuller lives by making quality healthcare services accessible.
Since 2013, they have sustained their commitment to ensuring that Nigerians have access to effective and adequate health care services when the need arises by working with a top-notch network of hospitals and professionals. They provide comprehensive health care services to individuals, families, associations or Corporate Organizations. Kindly click here to explore their plans.
It is unusual to come across a situation where health insurance is not worth the money. You never know when you will get sick or injured. Paying medical bills through insurance health plans are easier than huge out-of-pocket payments for medical expenses.
Hundreds of thousands of Naira can be spent on Doctors’ appointments, hospital stays, and investigations. It is preferable to pay for health insurance services than to be saddled with such bills. Accidents can happen anytime!. Pay zero Nara during medical emergencies by getting health insurance today.
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