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Tips to Understanding Health Insurance Benefits

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Health is wealth, so says the popular adage. Life itself is full of uncertainties. That makes the human body vulnerable to sicknesses and diseases, no matter the social status of the person. Against this basic background, one can understand how important health insurance is to mankind. Health insurance is a type of insurance that helps the insured to have access to health insurance funds if the insured is attacked by health disorders or diseases for which he/she has taken insurance cover. Health insurance covers all segments of illness, from the mild to the acute. In general, insurance companies offer health insurance cover for all types of treatment available, from the benefits of outpatients to benefit of inpatient care, labour benefits, dental benefits and other forms of sicknesses.
The benefits of outpatient that may be borne by the insurance company is like a general practitioner and consultation fees which may include the cost of prescription drugs, cost of preventive measures, cost of assisting devices required by the physician and others. In the outpatient benefits there are maximum limits that make use of the insured funds each year. There are many facilities that the insured inpatients benefit from having health insurance. These benefits that can be enjoyed by participants of health insurance fall under different categories like  hospital expenses, laboratory fees, delivery fees, the cost of emergency service, benefits of preventive dental care, basic dental care, dental care complex and the installation of dentures.
Outpatient, childbirth and dental care benefits are other cases of health benefits which arise out of this cover and there are additional options which can be taken by following the basic programmes. One of these is hospitalization benefits. This cover does not allow the insured to take advantage of outpatient, childbirth or dental work alone without following the basic course of hospitalization benefits. The amount of premium payable and the amount of coverage in health insurance is dependent upon the health insurance program that one chooses. In addition, it is dependent on how exposed the insured is to the associated risks of the disease. Various insurance companies have the types of programs and the premium varies with the details of different benefits as well. Usually insurance companies limit the number of total costs that can be used per year.
In taking health insurance, precautions must be taken to strictly follow expert advice and laid down dietary formulary. For instance, patients suffering from diabetics, according to a recent study, showed that the importance of proper diets illustrates how important proper diet can be when it comes to bringing down the cost of health insurance.
According to the study, conducted by researchers at Wake Forest University School of Medicine, it was found that a significant number of people with type 2 diabetes are not following healthy diets, which often aggravates their conditions over time.
Dr. Mara Vitolins stated in the study that earlier, they had thought that they “were going to find people who, because they have a chronic disease, would be more educated about and more motivated than the average people to eat healthy, but that’s not the case.”
Findings of the study found that 93 percent of participants tend to consume more than their recommended daily intakes of fat, while 85 percent consume more saturated fat than recommended and 92 percent consume too much sodium.
The nation’s diet issues have become so pronounced that the growing number of young diabetics has led many healthcare professionals to discard the term "adult onset diabetes."
Dietary patterns like this are also major contributors to type 2 diabetes in the first place. Since this is considered a pre-existing condition under many health insurance plans, the condition often results in higher premiums as well as problems like heart disease and other medical issues.

 


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CBN Pulls Rate Cut Trigger, King Dollar Returns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

In a move that caught investors off-guard this week, the Central Bank of Nigeria (CBN) slashed interest rates by 100 basis points bringing the MPR to 11.5%. Given how inflation has been above target since 2015, rates were expected to remain unchanged for the rest of 2020 and possibly early 2021.

 

The question on the mind of many is whether the rate cut will achieve the desired effect by stimulating consumption and economic growth? Ongoing border closures and disruptions created by COVID-19 have pushed inflation to levels not seen since March 2018 above 13.20% while a drop in the production and price of Oil continues to rub salt into the wound. While looser monetary policy could support growth, it may come at the cost of rising inflation and weaker Naira.

 

Over the past few months, central banks across the globe have deployed unprecedented measures to defend their respective economies against the coronavirus menace. However, fiscal policy has been identified as the sharper tool with governments across the world providing a critical lifeline to keep the wheels of their respective economies rolling.

 

Outside of Nigeria, King Dollar made a return by appreciating against every single G10 currency. In times of uncertainty, everyone wants a juicy piece of the world’s most liquid currency. As coronavirus cases rise in Europe and other parts of the world, the flight to safety is likely to boost appetite for the Dollar. This is bad news for many emerging markets currencies, especially those with high Dollar-denominated debt.

 

On the commodity side, Oil prices remain heavily influenced by demand-side factors and the state of the global economy. Prices are likely to remain stuck around the $40 regions in the near term, especially If another round of possible lockdowns hit Oil demand. Looking at the technicals, WTI Crude is under pressure on the daily charts. If prices are unable to break away from the sticky $40 regions, the next key point of interest remains around $38. A weekly close above $41.50 could pave a path towards $43.


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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