Type of Health Insurance in Nigeria and their cost 2021
What is Health Insurance?
Health insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance is risk among many individuals.
By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.
No matter the type of health plan, a health insurance cost can be paid to the insurance company. If you’re wondering the cost of Health Insurance in Nigeria this article will give answers to it, as we highlight the current cost of health insurance in Nigeria today.
HOW MUCH DOES HEALTH INSURANCE IN NIGERIA COST?
According to report gathered, the cost of a health insurance plan in Nigeria for either parents or their children cost around ₦9,000 for an individual.
For private medical care services, singular health insurance plan fee starts from ₦35,000 to ₦220,000 and family plans ranges from ₦125,000 to ₦650,000.
- Vital Contributors Social Health Insurance Program (VCSHIP) costs an enrollment expense of ₦15,000 and ₦10,000 per person
- National Mobile Health Insurance Program (NMHIP) costs ₦12,000 and ₦9,000 per person.
Note : That’s the view of how much health insurance cost in the country. Nonetheless, it’s important to note that the charges would be renewed yearly.
TYPES OF HEALTH INSURANCE IN NIGERIA?
Generally, there are two types of health insurance available to Nigerians.
These major types of Health Insurance in Nigeria includes the following:
The Government owned health insurance provider is the National Health Insurance Scheme (NHIS), which was set up under the Act 35 of 1999 constitution of the Federal Government of Nigeria.
This insurance scheme has branches all over the six geo-political zones of the country. Also, it has a coordinated payment system pointed toward obliging all Nigerians and giving them admittance to appropriate and moderate health care.
Furthermore, both the government-owned (NHIS) and private health insurance providers permit grown-up people to select for any health care insurance plan of their decision, and afterward join to four wards including their spouse. Aside the spouse, children should not be more more than eighteen years old. When an enlisted subordinate turns eighteen, the person in question should split away and register independently.
HEALTH INSURANCE PLANS AVAILABLE IN NIGERIA
Health Insurance plans are a group of characterized medical service benefits offered to the enrollee of the insurance program at a premium payable as concurred by the parties involved.
The following will be the outline of these health insurance plans that are available in the Nigeria.
MOBILE PHONE BASED HEALTH INSURANCE PLAN
In an offer to meet up with the country’s growing population and their health needs, mobile network providers have come together with health insurance agencies to make medical and health insurance easy for all.
With this system, Nigerians can now get to pre-characterized medical services with a premium of just ₦250 consistently, amounting to ₦1,000 month to month and ₦12,000 yearly.
OUT-OF-POCKET HEALTH INSURANCE PLAN
This is a cash based Health Insurance plan that conveys medical care services to a person upon the payment of a agreed amount.
This is an insurance plan where you pay for the health services from your own pocket in a single amount immediately. This plan is extravagant and the primary driver of people evading the use of emergency hospitals and depending on elective medicines elsewhere.
HEALTH MANAGEMENT ORGANIZATION (HMO) HEALTH INSURANCE PLAN
A health management organization is a private joined organization enrolled by the National Health Insurance Scheme only to deal with the plan of health care services through medical care offices licensed by the Scheme.
Point of Service (POS) HEALTH INSURANCE PLAN
A POS is a point of service health insurance plan which combines the features of an HMO and a PPO and it may require employees to choose a primary health care physician
Health Savings Account (HSA) HEALTH INSURANCE PLAN
An HSA is a tax-favored savings account that is used in conjunction with an HSA-compatible high deductible health plan to pay for qualifying medical expenses.
Though HSAs can be attached to group health insurance, they’re owned by employees and small businesses can contribute to them whether they offer a group policy or not.
We have been able to highlight the cost of health insurance in Nigeria. We also mentioned types of health insurance on Nigeria, the health insurance plans/packages that are available in the country, still featured in this article.