2022 Guide To Choosing An Health Insurance Plan in Nigeria

2022 Guide To Choosing An Health Insurance Plan in Nigeria

2022 Guide To Choosing An Health Insurance Plan in Nigeria

2022 Guide To Choosing An Health Insurance Plan in Nigeria

If the Covid-19 pandemic highlighted anything, it was the importance of having health insurance. HMO had always been available in Nigeria. But the necessity has grown even more clear in the aftermath of the pandemic. 

Most people have realized how important it is. and demand for health insurance has skyrocketed. Even if we ignore the psychological effects of the epidemic, which is normal. HMO plan is a need for your financial strategy.

What are the advantages of buying a health plan in Nigeria?

One of the major reasons why people are more interested in having health plans in Nigeria is the rising amount of sicknesses. The alarming lifestyles and the amount hospitals charge for basic treatment also. 

Aside from sickness, there’s the possibility of an accident or another medical emergency. The cash outflow from a medical emergency is significant. Especially when it cannot be postponed or ignored.

Medical bills do put a strain on your finances. It interferes with one’s financial objectives. This is because medical inflation is on the rise. Even treatments are becoming costly by the day. And some experts have said it to be around 15% per year.

2022 Guide To Choosing An Health Insurance Plan in Nigeria

A health insurance plan becomes necessary to cover such costs. Hospital bills given for the treatment of anyone with an HMO plan are covered by the health insurance company. As a result, they give you much-needed financial aid in the event of a medical emergency. They do this while also protecting your savings.

Plan Your Family’s Health Insurance

Medical emergencies can happen to anyone in your family. As a result, you’ll need a health insurance plan that covers everyone in your family. So that if anyone gets sick, the policy can help you out.

In Nigeria, there is a range of health insurance companies available. Different Healthcare companies with their own set of features. But, while purchasing a health insurance plan for your family, you need to exercise extreme caution. Before you complete the plan, you must check many factors. This will verify that the policy is comprehensive and that your family is covered.

If you need help in selecting the best health plan for your family, the tips provided below can assist you.

As a family floater health insurance plan, HMO is available. Many family members are covered under a single policy with these plans. You can get insurance for –

  • Yourself
  • Your partner
  • Reliant children
  • Parents who rely on their children

Furthermore, some plans include coverage for parents-in-law, siblings, and other family members. If you want to cover your entire family, family floater health insurance plans are a good option.

Choosing The Right and Affordable Health Insurance Plan For Your Family

Here’s a step-by-step guide to picking the best health plan for your family:

Select the Appropriate Policy

There are several types of health insurance policies. Each of which provides a particular type of coverage. The next step is to find the best insurance policy for your family.

Here are some of the most popular health plans:

2022 Guide To Choosing An Health Insurance Plan in Nigeria

Plans for individual health

Individual health insurance policies that cover a single person. This is an indemnity health insurance plan. Here, the claim is only covered for the hospitalization expenditures.

Tip: If you’re looking for a plan for yourself or one family member, this is the type to choose.

Plans for a family floater

Health insurance plans that cover the entire family for a single payment. Umbrella coverage is provided by family floater policies. This allows each person to claim up to the full amount insured.

Tip: Family Floater Plans are less expensive than individual family member plans, most times. This is particularly true in the case of a young family.

Plans for critical illness

Health insurance plans cover particular critical illnesses. They pay the sum insured in a lump payment if the insured suffers from one of the covered conditions, such as a heart attack, stroke, or cancer. These plans are usually fixed benefit plans. This means that if you are diagnosed with a critical condition, you will receive the whole amount regardless of how much you spend on treatment.

Tip: For more coverage, combine this plan with an individual health insurance plan.

Plans for top-up and super-top-up

A deductible limit is included in certain supplemental health insurance. These policies cover claims that exceed the deductible limit.

Tip: Choosing a top-up or super-top-up health insurance plan is the most cost-effective option. Especially when it comes to supplementing your existing health insurance coverage.

As a result, you should consider purchasing family floater insurance. That is, one that covers you, your spouse, and any dependent children. If you have parents who are reliant on you, you may want to get separate senior citizen coverage for them.

2022 Guide To Choosing An Health Insurance Plan in Nigeria

Even if you have dependent children, keep in mind that a family floater policy will cover them until they are 23 or 25 years old. Most plans require your children to have their health insurance coverage once they reach this age.

Choose an Adequate Sum Insured policy.

Before you conclude on how much you want to put into your HMO in Nigeria. You need to know how many members of your family you want to be covered. As a result, you must select a sum insured that is enough to cover the family’s estimated medical expenses.

It is advisable to insure a lot of money, no matter how affordable the health plan is. This is very useful during inflation and price hikes. But, a large sum insured entails a large premium. 

Look for Benefits of Comprehensive Coverage.

When you want to choose the best HMO plan for your family, You need to know some things. You need to know for sure that it comes with all the necessary coverage advantages. Your plan must cover you and your family comprehensively. You don’t want to hear stories that touch when it is time to pay your hospital bills. Also, you should make sure whatever your plan is covering is important to you.

A newly married couple must choose a health plan that includes maternity coverage. This coverage ensures that when you have a child, the plan will cover the costs of childbirth. So, you will not be financially disadvantaged whenever this happens.

Similarly, if you have a lot of OPD charges, having a plan that covers these might be helpful.

Examine the Sub-Limits and Limits

Some health insurance plans, particularly those with lower sums insured, have room rent sub-limits. If there is a sub-limit, the coverage is limited. Your inpatient hospital bill will be more expensive if you choose a room with a greater rent than the allowable sub-limit. Plans with no sub-limits, on the other hand, are frequently more expensive.

Similarly, some coverage benefits may be subject to limitations. The following are some examples of popular coverage advantages that may be subject to sub-limits:

  • Expenses for OPD
  • Treatments in the home
  • Maternity plans
  • Surgeries
  • Organ donation costs

Check the applicable sub-limits and restrictions when purchasing a health insurance plan for your family. Choose a plan that does not include sub-limits on room rent and other basic expenses.

Coverage Riders are a good choice.

Optional coverage features are available in health insurance plans. Riders are optional advantages that can be purchased for an extra fee. Riders are optional and can be selected when purchasing or renewing your policy.

Riders provide more coverage for a small extra fee. They are recommended since they broaden the extent of the health insurance policy’s coverage. These are some of the most popular riders you need to know about: 

  • Coverage for personal injuries
  • Hospital daily cash benefit rider for critical illness
  • Coverage by the OPD
  • Coverage for maternity and newborn babies

Riders are usually a low-cost approach to boost coverage. Check the available riders when purchasing a health plan for your family. Choose riders that are appropriate to your coverage needs. The one that helps you to get comprehensive coverage from your health insurance plan.

Examine the insurance company’s hospital network.

The best health insurance companies in Nigeria have standard policies. Some of these policies ensure their enrollees have access to cashless medical care. This means that as an enrollee, you will not have to cater to your hospital bills. These health insurance companies take responsibility for the hospital bill. This makes cashless hospital policies real and very beneficial. Though these benefits are only there for you if the hospital is registered with the Health insurance company.

The number of networked hospitals with which insurance companies are affiliated is mentioned.

Check the list of networked hospitals when purchasing a family health plan. Check to see if the local hospital of your choice is affiliated with the HMO company. Check the strength of the pan-Nigeria network as well. The stronger the signal, the easier it will be to locate a networked hospital, no matter where you are.

Check to see whether there is an existing waiting period.

When purchasing an affordable health plan some HMO companies have a waiting period. Where they tick their boxes. Especially with pre-existing illnesses that you or a family member have. There is a waiting period for the ailments to be covered because they are already present. This is known as the pre-existing waiting period, and it can last anywhere from 3 to 6 months.

If you or a member of your family has a pre-existing condition, seek policies with a short waiting time. When the waiting period is short, you can get coverage for your ailments as soon as possible.

If no one in your family is sick and you’re buying the plan when you’re younger, you can choose a plan with a longer waiting period.

Prices should be compared.

Several insurance firms provide health insurance policies. Because each organization has its pricing policies, health plan rates vary.

When shopping for health insurance, examine the various policies on two criteria – cost and coverage.

  • The protection they provide
  • They demand a certain amount for this.

Tip: When comparing, keep in mind that the coverage features have an impact on the premium prices. Although a plan may have a low fee, it may not provide comprehensive coverage. As a result, always weigh the prices against the coverage benefits. Do this before selecting a plan that provides a broad range of coverage at a reasonable price.

Look over the Exclusions List.

Regardless of how comprehensive a health plan is, there are still situations when coverage is not permitted. Exclusions from coverage are known as policy exclusions, and every health plan contains a list of them. Check the policy’s exclusion list before purchasing a health insurance plan for your family.

You’ll know what’s covered by the plan and what isn’t if you know the exclusions.

Discover the Best Premium Discounts

Health insurance plans provide enticing discounts to help you save money on your premiums. Discounts are given for the following items:

  • For not filing a claim in the prior policy year, there is no claim discount.
  • When you add two or more people to your coverage, you get a discount.

Tip: Look into the discounts available under the plan you’re considering purchasing. Choose a plan that gives the most discounts so that you may save money on your premium.

Keep an eye out for Value-Added Benefits.

When evaluating health insurance policies, check for value-added features that each plan provides. Value-added benefits are perks that are provided also to the coverage characteristics. We have collated some of the most popular benefits of this, here they are: 

  • Restoration with a certain amount of insurance
  • Health screenings are provided at no cost.
  • A second medical opinion
  • Telemedicine services are available.
  • Consultations with doctors are provided at no cost.
  • Loyalty programs at wellness centers that have collaborated with us
  • An examination of your health

These perks add value to your health insurance coverage and improve your complete experience.

After you’ve reviewed all the factors, pick a health insurance policy. This will assist you in locating the most appropriate and cost-effective health insurance plan for your family. Go online to find the best policy.

Wellness is a critical factor to consider, especially in the aftermath of a pandemic. It should be taken into account while making a decision.

What Should You Do If You Have Company HMO?

If you work for a reputable company, there is a chance you are protected by your employer’s company HMO. This type of coverage can also include your family members. 

Is it true that if you and your family are currently covered by a company HMO, you won’t need an individual policy?


Even if you have workplace health insurance, you should buy a health plan for your family. Why? Here are some of the reasons:

  • For a good sum insured

The company HMO would have a limited sum insured and could not be increased at your request. You’ll need an individual health plan for this.

You can also choose to supplement your group coverage with a super top-up plan.

2022 Guide To Choosing An Health Insurance Plan in Nigeria

Because you have a plan with appropriate coverage benefits

Standard coverage benefits are included in group plans. An independent plan is required if you need a broad and all-inclusive scope of coverage.

  • For a lifetime of protection

Company HMO covers you only as long as you are a member of the group. You would lose coverage once you retire, which is especially critical as you become older.

Individual plans, on the other hand, can be renewed indefinitely.

As a result, use your company’s health insurance as a compliment. But it will not be able to replace the requirement for an individual insurance plan.

Examining Your Health-Care Coverage

Having affordable health insurance for your family is good, but it will not always be the same. Every year, you should assess your coverage to verify that it is still relevant to your needs. If you get married or have a child, for example, you have a new family member who should be covered. The member can be added at any time throughout the policy’s term or when it is renewed.

Similarly, if you want to add riders to your insurance or increase the quantity covered to meet changing demands, do so when you renew it.

Regularly reviewing your coverage will guarantee that it remains current throughout your life. Furthermore, some HMO companies in Nigeria have plans that provide life coverage. So, without fail, renew your insurance by the due date to ensure that you have continuous coverage in the event of a medical emergency.

A health insurance policy is a must-have. If you need to buy something similar for your family, be sure you get the proper plan. Consider the above guidelines. Compare different plans to determine which is the best, then buy appropriately.

You also don’t have to wait for your perfect match because health insurance plans can be canceled. Or you can also switch to another HMO company, at any point. You can always alter your mind afterward. But keep in mind that the most crucial thing is to buy it right away.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: