Guaranty Trust Bank Plc, a Nigerian financial institution has launched BetaHealth, a health insurance initiative for low-income earners. The new health financing product is a low-cost option that offers instant access to health insurance for every Nigerian.
The penetration rate of healthcare insurance in Nigeria is really low. In 2018 the rate of penetration was estimated at 5.1%. One report claims that more than 90% of the Nigerian population don’t have health insurance.
The low rate of penetration can be attributed to the fact that most insurance packages by Health Maintenance companies are too expensive or restricted to a group of people.
GTBank’s BetaHealth is however coming to solve that problem. It is offering health insurance that is affordable for every Nigerian, especially with low income earners. The first of its kind.
BetaHealth covers treatment for common health issues like malaria and typhoid. It also covers other basic and essential health services such as general consultations, Ante Natal care, amongst others. The health insurance product also allows subscribers to enjoy cheaper health insurance from huge insurance corporation like AXA Mansard or Leadway Assurance.
An average Nigerian earns between N20,000 to N30,000 monthly and treating illnesses as common as malaria in hospitals could cost as much as 5,000. BetaHealth provides treatment for basic health needs for just a monthly subscription of N500.
This means that market women and even hawkers can afford to get quality healthcare at an affordable fee of just N500.
There is also an option for a yearly subscription at a fee of N5, 500. BetaHealth also allows for subscription on behalf of third parties like family, contract workers and employees.
MORE BENEFITS OF BETAHEALTH
Access to more than 1,000 hospitals
With a BetaHealth subscription, you get full access to more than 1,000 hospitals across the country. There is an average of 5 Hospitals per local government to choose from.
4 hospital treatment per year
For a fee of just 500 BetaHealth allows you to have 4 hospital treatments and consultations for malaria and other infections at no extra cost.
However, the service only allows for treatment of either malaria and infections 4 times in a year.
Insurance for Families
The product also provides coverage for families. A husband can subscribe for comprehensive antenatal care for his pregnant wife. He could also subscribe for his children under the age of 5 to be immunized against Measles, BCG, Polio and Hepatitis at any registered medical centre.
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Life insurance benefits
Similarly, Beta Health provides life insurance coverage, payable to the family upon permanent disability or death.
However, the life cover comes at a cost of N50,000 a year in the event of death.
Insured over accidents
In Nigeria, road traffic accidents are one of the major causes of death. The mortality rate is about 1.6 per 1,000 population. That is very high for a country of over 190 million people.
One of the causes of the high mortality rate can be traced to the fact that most people don’t have health coverage for accidents. When accidents happen it often requires emergency attendance, but in many cases, average Nigerians don’t have money to meet the emergency.
Family and friends often run around to raise the cash, but there are one too many cases of preventable deaths that happened because the money came in too late. BetaHealth provides health cover for accidents and other medical emergencies. This means that average Nigerians need not lose their lives or run around borrowing during emergencies as Beta LIfe keeps them covered for a token of N500.
However, the treatment for accidents and emergencies has a limit of N50, 000 annually.
With the immense benefit to be gained by subscribing for Beta Health initiative, we reviewed the steps you have to take to be insured by the product.
You need a GTBank account
To join Beta Health, you need a GTBank account as the health insurance product is uniquely tailored to GTBank Savings Account customers.
Existing GTBank customers can easily sign up for the package by dialling the *737*52*500*50# USSD code using their mobile phones. The registration only takes minutes.
Everyone can get a Beta Health plan, as long as they have a GTBank account.
However, if you are a new customer, you will have to open a GTBank account. You can do that either by dialling *737*0# USSD code or downloading GTWorld on App Store or Play Store.
When opening an account with USSD code, it requests for you to select between opening a mobile wallet or opening an account with BVN after dialling.
After subscribing for the service, there are certain points in the terms and conditions to take note of so that you don’t get surprised when they happen.
Automatic subscription every month
According to terms and condition of the service, GTBank will automatically deduct a premium fee of N500 from your account every month unless you unsubscribe from the service.
Therefore, when you see an unexpected debit of N500 it’s probably not a hack or fraud, it’s just GTBank deducting your Beta Health subscription fee.
Also, the terms and conditions give GTBank bank power to deduct unpaid premium whenever your account is credited or cancel access to the service when you default on payment.
Although Beta Health offers about 1000 hospitals to choose from, you can only receive insured healthcare at your prefered or allocated hospital.
In summary, Beta Health is a health insurance plan that is affordable to low-income earners in the country. Although its services are limited, its benefit will be significant to the greater population of the country who have no health insurance.
(Technext)
Yetunde Adegoke
