Why You Should Take Health  Insurance Policy

It will not be ideal  to talk  of any insurance Policy without  knowing  the basics  of what insurance  in itself is.

Simply put, insurance  is a means  of spreading  the burden of  losses  over a large  number of  those  who are likely  to suffer  losses, so that  no particular  individual’ losses  are not  made good.

We live  today  in the world of businesses, small, big, national  and multi-national.  Colossal  amounts  of capital are invested  in a variety of businesses.

 

Insurance  is often referred  to as a pool of risks. It funds  its  services  through  contributions(premium) from those  who ate likely  to suffer losses in view of the risks  they are taking , should any ugly event happens.

 

 

Insurance is wide and diverse . We therefore has to look at the different types of Insurance viz:

  • Motor Insurance, (ii) Fire Insurance,(iii) Burglary/Theft,(iv) Fidelity Insurance, (v) Accident Insurance, (vi) life Assurance (health policy) and many more.

For the purpose of this piece , we are focusing   on the Health  Insurance Policy.

 

You will agree with me  that  one of the  low  points of insurance  in Nigeria  is the fact  that majority  of Nigerians  lack basic knowledge  about this vital  sector  of the economy   or those  that know, simply  refuse to buy into  the various  insurance policies that are available.

 

 

 

 

If you probe deeper  into the reasons  why  these set of people  refuse to be  involved  in this  type of policy, they have bundles  of reasons  for their  actions –they are still considering it.

 

 

 

 

To this effect, this write up  will help  to build  this discourse by giving   basic  insurance intelligence  , with the hope  will assist  better to  redefine  the public perception  of  insurance  practice.

 

As mentioned earlier , our emphasis  will be  on the health insurance scheme. By this,  we  hope  that a  sizeable  number of people  would   not only  come   to realize  how desirable it is to have  insurance policy  but will  also come   to appreciate  insurance  as an indispensable  companion.

 

TYPES OF COVER

There are two types of cover typically available: Group or Individual.

Most  people get Health Insurance  through their jobs or are covered  because a family member  has insurance  at work. This is called ‘’group insurance’’.

 

 

 

Group insurance  is generally  the least expensive  kind of policy . In many cases, the employer  pays part or all the cost.  However, some employers  offer only  one health  insurance  plan. Some  offer a  choice  of plans: a fee-for-service plan,  a Health  Maintenance  Organisation, HMO , r  a preferred  Provider  Organisation, PPO for instance.

 

We  should notice , that, not all employers offer health  insurance. But some well established do avail their staff the opportunity of this health policy plan.  But  you might find this not to be on ground in your establishment, especially  if you  work  for a small business  or work part-time  job.

 

If your employer doesn’t  offer health insurance , you might  be able to  get group  insurance through  membership  in a labour  union, professional organization, club  or other organizations.

In Nigeria, it is National Health Insurance Scheme(NHIS) for the government workers and being subsidized by the government once a staff has registered under the scheme.  The States also have their own.

 

Nonetheless, if your employer  doesn’t offer  group insurance , or if  the insurance  offered is limited , you can buy  an individual  policy. You can get  fee-for-service, HMO or PPO protection.

 

 

But you should  consider your options  and shop  carefully  because the  coverage and costs  vary  from company to company. Individual  plans may  not offer benefits as broad as those with group plans.

 

 

MAKE A RESEARCH

You should try to make a research  before you  buy any health  insurance policy  in order to be  sure you  know what  it will pay  for  and what  it won’t.

 

In a nutshell,  read the policy  very meticulously.  To find  out about individual  health insurance  plans, you can call  insurance  companies, HMOs or PPOs in your community ,or  find time to discuss with  an insurance agent  who handles  your car or house  insurance.

 

When scouting  for individual insurance, it is desirable  to take notice  of the varieties  of policies  and  this can be done  by contacting different insurance companies or by asking  yur agent to show you policies  from several  insurers for comparison.

 

 

 

 

Also, make sure the policy  protects you  from large  medical costs; read  to understand the policy to be  sure that it provides  the kind of coverage  that’s ideal for you .  Remember, the bottom line  is for you  not to encounter  unpleasant  surprises when  you’re sick  or in the hospital.

 

 

 

 

 

Make sure  you check  to see  that the policy  states the date that   it will begin  paying(some have a waiting  period before  coverage begins) and what is covered  or excluded  from coverage.

 

Be careful  of single-disease  insurance policies. There are some  policies  that offer  ptrotection  for only  one disease, like cancer.

 

 

 

 

 

 

If you already  have health  insurance,  your regular plan   probably  already provides  all the coverage you need. Check to see  what protection  you have before  buying any more insurance.

CHOOSE THE PLAN THAT MEETS YOUR NEEDS AND BUDGET

 

As said earlier on, there are many different  types of  health insurance  and each  has the pros and cons . There is no  one ‘’best’’ plan  as the plan that’s right for a single  person may not   be best for  a family with few children.

 

 

Also, a plan  that works  for one family  may not be right  for another. When you choose  a health insurance  plan ,  you should choose  the plan that  meets your needs and your budget.

 

Remember, cost is not the only thing to consider when buying  health insurance. You should  also need  to consider  what benefits are covered. You need  to compare  plans carefully  for both cost  and coverage.

 

 

 

In Nigeria, most insurance  products  are generic in nature, therefore,  you may find  out that  under critical  examination , the health policy  you take   from one  insurance  company , for instance , is not essentially  different  from the one you take  from the one offered by another.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

group insurance, or if the  insurance  offered is limited , you can  buy an  individual policy. You can  get fee-for –service, HMO or PPO protection. But you should consider

 

 

 

 

 

 

 

Many of these viable organizations  offer health insurance  covers to their members

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By TheInterviewsNigeria

Publisher/Editor -in Chief with more than a decade of working in the media production industry, Our preoccupation is Development News and rooting for innovation locally and internationally. We are British trained Business English PRO. We edit manuscripts for book publication, translation(English/Yoruba/French). We cross your 't's' and dot your 'i's. We are also into speech draftsmanship and photography; Business reports, and proposals, with minimal cost. Meeting the deadline is our watchword. We would cover your Social /Public events with precision. The proof of the pudding is in the eating. Call-08144956897, 08057355037 E-mail- theinterviewsng@gmail.com

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