It’s the beginning of the year, and with the pandemic still very much around, we just must ensure we are always protected, leaving nothing to chance. One of those ways to stay protected and have a good health is to have an HMO plan. Unfortunately, not many are aware of the cost of not having an HMO plan and for those who are aware, they don’t know how to choose the right plans.
Working hand-in-hand with the government, HMOs have come a long way in Nigeria in lowering access to quality Healthcare. Recently, there has been a constant increase of people in the formal sector within Nigeria; owing to the continued growth of the middle-income class and the MSME sector in the country. As a result of this, Health providers are constantly looking for ways to become more available and accessible to more people, without them having to break the bank to access quality healthcare.
So whatever side of the divide you are, AXA Mansard wants to educate you today about The Hidden Cost of not having an HMO Plan
- Expensive Health Maintenance
As with every insurance model, HMO plans have premiums that have to be paid upfront in anticipation of unplanned health challenges. However, may individuals and organisations find it a little uncomfortable making this commitment because they feel they might never have to use the plan. While that is true on the one hand, the opposite is also true. Health challenges show up unplanned and it requires paying hospital bills. So thinking you’re saving money by not having an HMO plan is actually not saving money, it will make your access to healthcare very expensive. For example, if you are on an HMO plan, you don’t have to pay for things such as medical consultation, lab investigations, medications, etc – depending on what you plan covers. But imagine you have to pay all these out of pocket, that’s a lot of money going out of your savings.
- Reactive Care
With most good HMO plans come the benefits of periodic medical check-up. So the first benefit of having an HMO plan is that you will be encouraged to go for medical check-up because you don’t have to think about how much it cost to do so. Having your health status can help with being proactive about your healthcare. You can detect issues with on time and start a treatment process too on time. And if you have an HMO with a Company like AXA Mansard, you can have access to your medical records on the MyAXA App. So it’s not just your hospital that has your medical records
- High loss time due to illness
As an employer, the productivity of your staff should be your utmost concern. It’s counter-productive to try to save money from not signing up for an HMO plan for your staff then have your staff members spend the quality time they should use working at the hospital. This approach eventually affects the company more than expected and can be addressed by simply taking up a health insurance plan for your staff.
- High Cost of value-added benefits
HMO companies like AXA Mansard provide value-added benefits such as access to Gyms, Spas, telemedicine services, mental health services etc at no additional cost to the company or individuals. These benefits asides giving the physical wellness required for staff to deliver exceptional performances at work, also keeps them mentally fit as well. Companies that signed up for HMO plans usually have happier staff with longer retention index compared to those without one. There is hardly anyone who wants to get a job today who won’t ask the employer about their HMO plan. So for organisations who want to win in the on-going competition for talents, good HMO plans have become one of employers’ value propositions.
- Complicated Billing
Billing systems for HMOs are usually less complex than walking in directly to the hospitals, hence, members of staff with their companies signed up for an HMO service usually experience fewer problems.
- Possible high employee turn over due to the impact of healthcare on their salary
Many times, some employers are left puzzled as to why they have a high turnover of staff within their organization. Truth is, many of these staff would have stayed should the company have provided a good health insurance plan that caters for their health and wellbeing. No one wants to have to constantly pay for his or her hospital visits and treatments out of his pocket. Therefore, any organization serious about keeping its talents should consider catering for their wellbeing by taking up an HMO plan. More so, owing an HMO plan for your staff would attract other talents to your organization than in its absence.
AXA Corporate health plan provides a wide network of several providers (hospitals, dentists, eye clinics, gyms and wellness centres etc) across Nigeria and internationally. It is targeted at Corporate individuals, groups (SMEs and MSMEs) with the aim of providing not only lower cost health cover, but a range of great benefits. Product cover ranges from Bronze to Platinum plus and customers can enjoy a wide range of health care services, based on their cover limit.
If you want to know more about AXA’s health plans, please visit AXA Mansard website at www.axamansard.com to get started.