The Importance of Health Insurance In Nigeria 2022

The Importance of Health Insurance In Nigeria 2022

Understand the importance of health insurance in Nigeria and why you should buy a policy for yourself.

Health insurance in Nigeria is a type of insurance coverage wherein, an insured can claim payments for his medical and surgical expenses over.

What is Health Insurance In Nigeria?

Health insurance in Nigeria is an agreement whereby insurance company in Nigeria agrees to undertake a guarantee of compensation for medical expenses in case the insured falls ill or meets with an accident which leads to hospitalization of the insured in Nigeria.

Generally, insurance companies in Nigeria have tie-ups with the leading hospitals so as to provide cashless treatment to the insured. In case the insurance company in Nigeria has no tie-ups with the hospital, they reimburse the cost of expenses incurred by the insured.
The government also promotes health insurance in Nigeria by providing a deduction from income tax.

Importance of Health Insurance In Nigeria

Buying a health insurance in Nigeria policy for yourself and your family is important because medical care is expensive in Nigeria, especially in the private sector. Hospitalisation can burn a hole in your pocket and derail your finances. It will become even tough, if the person who brings in the money, is now in a hospital bed.

All this can be avoided by just paying a small annual premium which would lessen your stress in case of medical emergencies. A good health insurance policy in Nigeria would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization ambulance charges in Nigeria, hospitalization costs and even post-hospitalization recovery costs to a certain extent.

Benefits of having a Health insurance Policy In Nigeria

Cashless Treatment: If you are insured in Nigeria, you can get cashless treatments as your insurance company would work in collaboration with various hospital networks.
Pre and post hospitalization cost coverage: Insurance policy in Nigeria also covers pre and post hospitalization charges up to the period of 60 days, depending on the insurance plans purchased in Nigeria.

Transportation Charges: Insurance policy in Nigeria also covers the amount paid to ambulance towards the transportation of insured.
No Claim Bonus (NCB): This is the bonus element which is paid to the insured in Nigeria if the insured does not file a claim for any treatment in the previous year.

Medical Checkup: Insurance policy in Nigeria also provide options for health checkups. Nigerian Free health checkup is also provided by some insurers based on your previous NCBs.
Room Rent: Insurance policy in Nigeria also covers room expenses depending on the premium being paid by the insured.
Tax Benefit: Premium paid on Health insurance in Nigeria is tax deductible under section 80D of the Income Tax Act..

How to Select the Right Insurance Policy In Nigeria

It’s difficult to select the best insurance policies in Nigeria as all insurance company in Nigeria provides a similar type of insurance plan. Hence some of the important points that any Person should look before purchasing any plans are.

1. Sum Assured
2. Minimum Entry Age and renewability clause
3. Room Rent Capping
4. Inclusion and Exclusion
5. No Claim Bonus
6. Other Benefits

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