5 Keys to Choose the Best Individual Health Insurance Plan in Nigeria

The online has made it easier to compare different health care insurance policies and shortlist medical health insurance plans in Nigeria. With the proper health care insurance policy, anyone in Nigeria can make substantial savings if family members get sick. Although, there is no golden rule to select the right individual plan, yet, some common tips help in the choice making process. Five key points to choose the best individual insurance plan in Nigeria have been provided for you below:

1. Determine your need and your affordability: Even before starting your online search for health care plans, one needs to sure about the details of the health plans. You need to ensure that the benefits offered by the plan covers the thing you need for yourself and your family. However, the perfect plan should also come at a considerable cost.

As an informed customer, you have to do an effective cost benefit analysis to make sure your trade-off between price and benefit is in the appropriate proportion. As we take into account, frequent trips to the doctors, medications and dental coverage – such scenarios eliminate unsuitable plans and makes all the comparison process much easier.

2. Don’t overbuy: The scenario is comparable to investing in a luxury car where the monthly EMI equals your own home loan payment. There is no reason for purchasing a medical health insurance policy with benefits which can be unlikely to use at the high and unviable cost.

For relatively young and healthy individuals, an insurance policy with a high deductible is more suitable. Deductibles should be the amount paid by insurers before certain benefits kick in. A health care plan with a decent deductible will cost even less per month and could cut costs over time, especially when you have kids that visit the doctors often as the health insurance policies could go high anytime.

3. Research through several plans: It will always be advisable to go through several health plans. In that case, potential benefits of different health insurance plans can be reviewed and analyzed for better decisions making. At first, some plans may look appealing. Later, the same health plan turns out to be a high costly affair due to cost sharing arrangement.

The problem of medical cost later in the future might be a big headache for most Nigerians. Hence, doing your research and analyzing several plans before buying is our recommendation.

4. Think about Co-insurance and co-payments: Several health care insurance plans need the policy holder to contribute to the coverage payments. The contribution is called co-insurance and is the portion the insurance holder needs to pay after deductible. A co-pay is a set of amount (flat fee) you have to pay while visiting a physician or specialist. While choosing an individual health care insurance policy in Nigeria, as a customer, you may need to look into the co-insurance and co-payments factors.

5. Reputation matters: After identifying the cost and the need of the health plan, reputation of the healthcare insurance company also need to be in the calculation. Ideally, an insurance company with a long haul available in the market needs to be trusted and relied upon. There are many ways you can appraise the reputation of insurance companies in Nigeria, as well as their medical health insurance policies.

In Conclusion:

We know that many questions need not faze you because we are here to help you regarding how to choose the right Individual Health Insurance Plan in Nigeria based on your needs. What factors should you consider while researching for a health insurance plan so that your plan comes in handy when it is most needed?

In case, you have any questions, or confused about choosing the best health care insurance policy for you and family, leave your comment below and we’ll try to answer them accordingly



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