HMO Insurance Plans and Cost in Nigeria

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HMO Insurance Plans and Cost in Nigeria

HMO insurance
When buying HMO insurance plans, utmost care, consideration, and research of needs and individual

requirements are needed. Without this, the purpose of buying an HMO insurance plan for personal gain

is defeated.

In a country like Nigeria, patients have to be aware of potential scams, the reputation of the health

maintenance organization (HMO), and both short term and long term outlooks.

A health plan is a set of defined health care benefits presented to the policy holder at a premium

payable as agreed by the relevant parties.

There are basically two main types of health care plans used in Nigeria which are HMO and Out- of-

Pocket (OOP) Plans. The HMO insurance plan involves a company to whom an individual pays a fixed

monthly payment in return for a wide range of medical benefits.

Whereas the OOP is the plan where you pay for the health services from your private pocket in a lump

sum at once. The OOP plan is particularly expensive and the main cause of people avoiding the use of

hospitals and resorting to alternative medicines.

The HMO health plan should indeed be extended to all Nigerians even in the remote parts of the

country for easy access to quality health care.

Factors to Consider Before Buying HMO Insurance Plans

Premium: Always choose a healthy insurance policy keeping in mind your financial condition.

Policies that have a great coverage and substantial premiums might not prove ideal for the

working class people. It is recommended to never ever ignore the payment of premium as non-

payment of this amount could make your policy lapse and can devoid you of all benefits.

Comparison: Carefully analyze the benefits offered and excluded by several policy covers,

compare them and then take up the final decision of buying the one suiting your needs.

Cost: Almost every health insurance company offers the facility of getting free insurance

quotes to its potential buyers and every person thinking of taking up such policies must take advantage

of this feature. Insurance quotes give you quick insights into the features, benefits and money

value involved in a policy cover and provide much needed transparency for the potential buyers.

These quotes wipe out the confusions relating to the amount of premium and benefits one

would get in return and helps one compare numerous policies simultaneously. This is the reason

why getting health insurance quotes can be regarded as a necessary activity for every potential

policyholder of health insurance.

To conclude, due to the wide variety of HMO plans, there are currently 77 HMO’s in Nigeria, it is

somewhat difficult for potential customers to select the ideal HMO insurance plan keeping in mind

plan’s features, benefits, and costs.

Every individual has their own set of needs and requirements that an HMO should be able to fulfill

before actually being purchased for use. HMO plans for citizens of countries like Nigeria and other

developing countries are quite advantageous due to their numerous benefits and generally low cost.