How to Get Health Insurance

Health insurance is necessary for Nigerians especially if you have a family. The cost of health insurance can be expensive, but it doesn't have to be that way if you know what type of plan to choose. 

In this guide, we will discuss how companies provide coverage for their customers and how much money you might save by taking advantage of their services.

What is health insurance?

In Nigeria, health insurance is what you refer to as health insurance as Health Maintenance Organizations (HMOs). You can describe it as a service that protects against the financial risks involved in people's medical expenses. It is an insurance benefit where you pay an annual premium, and the insurer covers your medical expenses.

Why do I need health insurance in Nigeria?

One of the benefits of health insurance is that it can help you get the treatment you need if ever something happens to you. But many people don't have health insurance, and this means they will not be able to afford the treatment they need.

The most common reason you need health insurance in Nigeria is that it will help pay for the costs of any medical treatment. One of the benefits of having health insurance is the financial cushion it gives in the case of medical emergencies. Since you don't have to pay medical bills out of pocket, you can concentrate on recovering from the illness or accident.

How much does health insurance cost?

Health insurance costs depend on several factors, including age and medical history. Your employer may offer coverage as part of their benefits package or through an employer-sponsored plan. The cost of coverage can also depend on whether it's offered by a private insurer or the government-sponsored NHIS. Private individual HMO plans start as low as N12,000 and can get as high as N200,000 depending on the benefits you want.

Other factors that affect the cost of health insurance include:

• Pre-existing conditions play a significant factor in the price of your health insurance. A pre-existing condition is any condition you have before applying for coverage, which can affect how much you pay for your plan.
• The deductible is the amount of your insurance policy's monthly payment that you must pay before your health plan begins covering 100% of any expense.
• Network providers are doctors and hospitals part of the insurance company's network. You will pay less for services when you use these providers because they are already included in your policy. You can learn more about a network provider by contacting your insurance company.

Tips to save money while shopping for a health insurance

Shop Around

The first thing you should do when looking for a health insurance policy is compare different health plans from different HMOs. You may find that one plan has more benefits than another's or even better prices.

Review your current medical history

You might be surprised by how much information is required when applying with a new insurer. Ensure you have all the necessary paperwork to get the best rates and benefits possible.

Ask about discounts for members of certain groups

Some companies offer discounts for students, military members, or retirees who have served in combat zones or have high-risk jobs that put them at risk for illness and injury. Make sure you ask so you know if you qualify for a discount.

Conclusion

We hope you enjoyed our guide on how to save money on your health insurance. You should now understand how much your health insurance will cost and what type of policy best suits your needs and budget. 

Remember that there are different types of policies available in Nigeria so shop around before choosing one because not all companies offer the same coverage. If you need a health insurance quote, get in touch with us or visit an AXA Mansard branch anywhere near you.