Debit Health™
Debit Health™ is not yet available in the Nigerian market
What is Debit Health™?
This is a Social Health Insurance product that has been developed by BPS Healthcare Ltd to facilitate access to health care services in the developing countries. It can be described as a hybrid of a savings account and a health insurance subscription, suitable for both the informal sector and the formal sector.
How does it work?
A client subscribes to Debit Health™ through an outlet bank, participating in the scheme. The subscription amount, which is actually the clients savings towards a Health emergency, will depend on how much care the client is willing (or able) to access in the case of an emergency.
For instance, if a client wants to be able to receieve treatment to the value of 250, 000 Naira in an emergency situation, whether within Nigeria or abroad, the client will be expected to 'save' this amount over a period of 5 years, with an annual contribution of 50, 000 Naira to the DebitHealth account, in equal monthly savings (debits).
If after say 3 months of making these monthly savings in a DebitHealth account, the client becomes involved in an accident that requires treatment to the cost of the agreed 250, 000 Naira; the bill will be settled in full, while the client will be expected to make arrangements to continue making their monthly Debit contributions, once they get better.
In other words, a client creates a 'Debit' Account, with facilities that empowers them to access Health in the case of an emergency. If the client has not debitted their accounts to the amount required to pay for health emergencies, DebitHealth, steps in to provide 'credit' to cover their health bills to the agreed amount. If there are no Health emergencies, then Debit Health™ remains a Debit account.
For this service, the client will pay an administrative charge, which will be added to the monthly Debit Health™ subscription.
Organisations and other individuals (family members abroad etc) can also make subscriptions for individuals or groups. In this scenario only the individual or organisation making the payment can decide whether the recipient can withdraw money on the ‘account’ or not, at any given time after the maturation period.
Part of our marketing directions will be to get people in the Diaspora and international organisations with a corporate policy of social responsibility to ‘invest’ in subscriptions for vulnerable individuals, family members, groups and communities in Nigeria. So instead of sending unplanned money through Western Union or Money Gram for health related emergences a subscription can be taken out through one of the participating banks International outlets, which will cover the target individuals in the event of any emergencies.
Is Debit Health™ also a 'savings' account?
The subscription towards Debit Health™ can also act a savings account (less the administrative charges) if the client does not make any health claims. However a minimum maturation period of 3-6 months, dependent on how much monthly subscription the client makes, will be applicable before the client can make any monetary withdrawals.
When will Debit Health™ be available in the Nigerian market?
Debit Health™ will be available either in the last quarter of 2010 or the first quarter of 2011, as soon as the stakeholders can agree on the outlet to use, that will be most easily accesible to the Nigerian market.
To download a pdf of the Patient Advocacy Service Questionaire click here