Nigeria has many health insurance companies and plans, choosing one might be difficult.
There is now a high likelihood of lifestyle disorders such as diabetes and hypertension. Also, the steady growth in the rate of medical inflation has led to an increase in the adoption of health insurance.
Furthermore, as a result of Covid-19 and its consequences, individuals have grown more careful. Also, makes them conscious about preparing and safeguarding their life.
Consumers have begun to invest in health insurance plans in greater numbers. Hence, it has become even more critical to get the “proper” health insurance plan to provide adequate coverage.
Fear and worry should not be the motivators for purchasing a health insurance plan. This will result in panic buying and you may not end up purchasing the proper policy.
To assist you, the following are some critical factors to consider when purchasing health insurance coverage to protect yourself and your loved ones.
Individual Insurance vs. Family Plans
This is the first and most important decision to make when purchasing a health insurance policy. To know whether to enroll in a family plan or an individual policy.
People who have a family must decide whether they want to ensure all members individually or through a family plan. With the family plan, all members share the same policy. Married people with kids should get health insurance coverage through a family plan. This is so because it is more cost-effective. If the children are over the age of 25, they must be covered by separate health policies.
It is vital to note that if you have dependent parents who are not covered by any health insurance program, you should buy a separate plan for them and not include them in your family plan. This is because most health insurance agencies calculate your health plan based on the oldest member of the family’s age. As a result, including your parents in your family floater plan may cost you extra.
This is after deciding whether to get an individual or family health insurance policy. The next key factor to consider is the sum insured or coverage amount of your health insurance plan.
Given the rate at which healthcare costs in Nigeria are growing year after year, it is important to have a good sum insured. We say this so that you can afford full coverage. Even if you have health insurance, you would never want the sum insured to be insufficient. Especially, during a hospitalization, forcing you to pay for bills out of your own money.
You can receive cashless treatment thanks to the hospital network. Under the cashless option, you may receive care at any of the network hospitals without having to pay anything out of pocket.
Before choosing and paying for any health insurance plan in Nigeria, confirm the provider has a large network of hospitals.
The Waiting Period Provision
You will be in a better position to decide if you are aware of the waiting time provision. During this time, the insurer will not accept any claims based on pre-existing conditions or particular diseases. And it can last anywhere from 24 to 48 months, depending on the insurance and the plan you choose. Furthermore, you will be able to collect the benefits only once this time has passed.
This waiting time applies to some pre-existing ailments such as thyroid, high blood pressure, diabetes, and so on. As a result, you may check and select a plan that has a short waiting period before you can receive the benefits.
The Perfect Blend of Premium and Coverage
Buying a health plan with the lowest premium might be profitable. But, there may be two sides to the story. Insurance with a lower premium might be beneficial if it provides comprehensive coverage at a reasonable cost. Another advantage is a lower premium at the cost of insurance coverage.
So, the best way is to investigate the causes for a lower premium, as it should not be at the expense of insurance coverage. Check to see whether there are any extra clauses such as co-payments, deductibles, and sub-limits and if so, you may wind up paying more at the time of claim.
You should get the insurance that provides appropriate coverage.
Why delay now that you’re aware of the considerations you should make when purchasing health insurance?
Click here to go to Wellness HMO and get personalized rates from prominent insurers. You may compare plans, personalize your plans, and buy them with a few clicks.