How Much Does it Cost to Get Health Insurance in Nigeria?

How Much Does it Cost to Get Health Insurance in Nigeria
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Looking to buy health insurance? Read this post on How Much Does it Cost to Get Health Insurance in Nigeria before taking the big step.

How Much Does it Cost to Get Health Insurance in Nigeria?

Before you buy any health insurance plan in Nigeria, you must familiarize yourself with the health insurance system. This may require that you research primary concerns, one of them being the cost of health insurance.

The country’s healthcare system has its fair share of challenges. People see the health insurance system as complex and contemplate whether to get health insurance or not.

If you read this post to the end, you will find out how much it may cost to get health insurance in Nigeria, why you should get it and the different types of health insurance in Nigeria.

What is Health Insurance in Nigeria?

What is Health Insurance in Nigeria?

Health insurance in Nigeria covers the medical expenses of an insured person (owner of the health insurance policy) upon certain agreed events and in specific circumstances. Health insurance companies use the term “provider” to describe health facilities or hospitals where the insured may seek medical care at the company’s expense.

Depending on the type of health insurance policy, the insured either pays out-of-pocket for later reimbursement, or the company pays the healthcare provider directly.

The cost is the most significant factor to consider before buying any health insurance plan.

How Much Does Health Insurance Cost in Nigeria?

The amount you pay for health insurance in Nigeria may depend on the type of insurance you get. Generally, health insurance via the National Health Insurance Scheme (NHIS) may cost up to N9,000 per person, whether the insured is an adult or a child.

Health insurance can be singular or a family plan for private care services. For the former, the cost may be as low as N35,000 and as high as N200,000. While family health insurance plans range from N120,000 to N600,000.

The above is only an estimate of Nigeria’s health insurance costs. However, it’s important to know that prices may be reviewed yearly.

Related: Questions to Ask Before Buying Cheap Health Insurance in Nigeria

Types of Health Insurance in Nigeria

One of the crucial factors that could affect how much you pay for health insurance is the plan or type of health insurance you choose. Here is a breakdown of these insurance types in Nigeria.

Generally, all health insurance in Nigeria has two main categorizations.

Government-Owned Health Insurance Scheme

The National Health Insurance Scheme (NHIS) is Nigeria’s only government-owned health insurance provider. The scheme has branches in all six geo-political zones of the country. The government coordinates its payment system and encourages policyholders to enjoy a variety of options in healthcare delivery.

Private-Owned Health Insurance Companies

This consists of the various private health insurance providers in the country. These providers have different health insurance plans targeting Nigerians’ diverse health needs. The majority of which are not covered by the government health insurance scheme.

However, Nigeria has no free entry into the health insurance market. All privately owned insurance providers must undergo thorough screening and get the appropriate license from the NHIS to offer such services in the country.

What Are the Popular Health Insurance Plans in Nigeria?

Below are some popular plans offered by health insurance companies in Nigeria. The depth of their coverage differs from their costs.

Health management organization (HMO) health insurance plan

The NHIS enrolls this organization to provide health insurance through licensed medical care centers or hospitals. Before you subscribe to this type of health insurance package, you must research various HMOs in the country and decide on the one that may suit your needs.

Phone-based health insurance plan

Have you ever received a text message from your mobile network to subscribe to a specific health care insurance plan at a ridiculously cheap rate? Due to the increasing demand for better health care access, network providers have teamed up with medical centers to make healthcare accessible to all through insurance.

Cash-based health insurance plan

This out-of-pocket type of health insurance allows an insured person to access health care upon paying a specific amount. However, this is costly for many Nigerians and may only be beneficial during emergency healthcare needs.

Final Thoughts on Cost of Health Insurance in Nigeria?

Now that you know the cost of health insurance in Nigeria, what is your next step? Are you prepared to buy a health insurance plan to access healthcare services for less?

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