Health Insurance and you
As human beings, we are faced with risks of illnesses, injuries and even death on a daily basis. Although many of us believe that we will never fall prey to any of such risks. However, we need to be open to the idea that medical emergencies such as accidents or other health complications can and do arise anytime.
The price of falling ill or having an injury can be quite huge and includes amongst others:
· Unbudgeted payment of huge medical expenditures in clinics and hospitals
· Loss of income because we cannot work
· Emotional problems – we lose our peace of mind
The availability of ways to reduce the losses (productivity, income, peace etc) we may suffer is thus an absolute necessity.
What are the options for reducing these losses?
· Dip in your savings
Postpone or forgo our other plans and dreams – Houses, cars, holidays, schooling etc
· Borrow money
Lose your dignity and maybe go into poverty
· Do nothing
Pray and hope for the best
It is now almost common practice all over the world to reduce or mitigate these losses through health insurance.
What is Health Insurance?
Health insurance is a way of paying for some or all of the costs of health care. It protects insured persons from paying high treatment costs in the event of sickness. In most developed and some developing countries, health insurance is used as a means of ensuring that almost all citizens of a nation have access to affordable and quality health services.
How does health insurance work?
A health insurance company elects to collect relatively small sums of money called premium from several individuals. Because not everyone in that particular group falls ill at the same time, the unfortunate few that do fall ill are treated from a well managed pool of funds. Health insurance thus makes it possible for individuals to enjoy relatively huge amounts of financial and medical benefits for very little capital outlay. Some health insurance companies also undertake to oversee the quality, necessity, appropriateness and accessibility of the medical care that is provided by the health facility.
Benefits of having health insurance
For the individual, family or group:
· Availability of funds to pay for health services at anytime
· Cashless access to large numbers of quality hospitals
· Good health
· Job security
· Peace of mind
· Reduced health care expenditure on employees
· Ability to budget for unforeseen and unpredictable medical expenditures
· Hedge against the ever rising cost of health services
· Enhanced staff productivity and satisfaction and
· Increased return on investment
Health Maintenance Organizations (HMOs)
In Nigeria, health insurance services are mostly provided by private organizations called Health Maintenance Organizations (HMOs). HMOs collect relatively small sums of money called premium and guarantees to pay for your healthcare bills whenever they arise. In addition HMOs ensure that you receive medical care from a wide variety of the most appropriate and quality healthcare professionals and facilities. To reduce your chances of falling ill, some HMOs offer preventive health services such as annual check-ups, screening, fitness, nutrition and wellness programmes.
You cannot afford to leave the health of your loved ones, friends and employees to chance. Health insurance is a reliable and affordable means to proactively protect the things that are most important to you. Health insurance enables you to take charge of the uncertainties in Life.