Why It Is Important to Have Health Insurance In Nigeria
You’ve overheard individuals discussing health insurance. Some have emphasized why it is important to have a good health insurance plan in Nigeria. But, you may feel as though you don’t know anything about it. That’s OK since, to be honest, it may be a perplexing issue.
But, like other things, health insurance is simple to understand and grasp the fundamentals of. Hence, the best health insurance company in Nigeria is here to assist you with Health Insurance 101.
So, let’s have a look at some questions together. What exactly is health insurance and how does it work? And do you need health insurance?
What Exactly Is Health Insurance?
In essence, health insurance is a method of paying for medical expenses and health care expenditures. Most people are unable to pay for all their healthcare expenses out of pocket.
Health insurance can help you pay your medical expenses and get the treatment you need.
There are different types of health insurance: private and government-run.
There are several types of health insurance policies. The government manages some plans.
Private health insurance policies are also available. Many people receive private health insurance via their work. Self-employed persons get private health insurance as well.
In the case of commercial health insurance plans, you generally pay a monthly premium to the health insurer. While in the case of government-run health insurance, there is no monthly payment.
How Medical Insurance Works
When you have health insurance, your medical costs are paid first by your insurance company. Then, depending on the terms of the plan, they pay for a part or all the cost.
In some ways, health insurance is like auto insurance. If your automobile is in a serious accident and requires extensive repairs; or it must be replaced altogether with a new car. Car insurance will cover part or all the costs.
That’s a good thing. Because the expense of repairing or replacing your vehicle might exceed the amount you have in your bank account.
Health insurance, covers more than the costs of a severe accident, unlike vehicle insurance.
Annual exams, vaccines, preventative health, and other “regular maintenance” for your body and mind. These are covered by health insurance. It’s as if auto insurance paid for oil changes and tire rotations.
Why Should I Buy Health Insurance?
There are two general reasons to get health insurance:
If you become ill, your health insurance will cover you.
Health insurance can help you prevent being ill in the first place.
Let’s take a closer look at each of these reasons:
As a Safety Net, Health Insurance
As a safety net, health insurance is essential. If you become ill or injured, health insurance can assist cover expenditures. Especially when you may not be able to handle it on your own.
Health-care costs might be exorbitant. It may be a huge financial strain. Surgery, emergency treatment, prescription medicines, lab work, scans, etc.
These expenditures may mount up. They can even be so costly that people become bankrupt or refuse care that they need but cannot afford out of pocket.
But, with health insurance, you are not faced with these expenditures as an individual. There is an insurance plan assisting you in covering the costs and navigating the complexities of medical billing.
Let’s face it: you don’t want to be dealing with medical expenses while you’re sick, wounded, in a hospital bed, or the emergency department. It’s wise to make difficult financial decisions ahead of time, such as purchasing health insurance before becoming ill.
1. Illness Prevention
Another reason why having health insurance is crucial is that it makes it simpler to avoid being sick in the first place.
2. Annual examinations
Immunizations (flu shots, MMR, etc.)
Blood testing and laboratory work
Screenings and scans
All of these things contribute to your overall health and the prompt diagnosis of any illnesses you may have.
Furthermore, health insurance assists in covering the costs of managing any chronic diseases you may have, such as diabetes, heart disease, or depression. For these types of diseases, health insurers generally provide disease management programs. They can also refer you to professionals and other resources that can assist you. It will be easier for you to remain on top of things and stay healthy as a result of this.
Routine and preventative treatment is especially crucial when it comes to children. Children, babies, and pregnant women all require routine medical care to stay healthy and thriving. Early intervention reduces future issues and can even save lives.
It’s not just about physical health: most health insurance policies include mental and behavioral health treatment as well.
Is it Possible for Me to Afford Health Insurance?
Monthly payment is usually required to enroll in a private health insurance plan. At wellness healthcare, we have monthly plans for as low as N2,800. You are more likely to be able to afford health insurance than you are to be able to pay for a surgery, illness, or emergency room visit out of your own money.
What if I don’t become ill? Don’t I Make a Loss?
“If I sign up for health insurance and pay my monthly premium, but I don’t get sick and don’t get any health treatment, then I’ve lost money,” you may be thinking.
But that’s not entirely correct.
To begin, there are many health insurance advantages that you may use. Even if you are not sick, like vaccines and checkups, they can help you stay healthy in the long run.
Second, even if you don’t get into an accident, have big healthcare expenditures, or need to use your healthcare benefits. You’ll have peace of mind knowing that if you became sick, you wouldn’t have to bear all those medical costs on your own.