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The short answer
Private health insurance premiums in Nigeria are usually quoted per person per year, and paying annually is often cheaper than paying quarterly. On Reliance Health's group plans page (October 2026), for example, its Alexandrite plan costs ₦108,300 a year per individual paid annually against ₦130,200 paid quarterly, and ₦380,000 a year for a family. Saving one-twelfth of the annual premium each month lets you pay the cheaper yearly price.
How premiums are priced
Health Maintenance Organisations (HMOs) sell plans by tier: a basic plan covers outpatient care at a limited set of hospitals, while higher tiers add bigger annual limits, more hospitals, and services such as surgery, maternity and specialist care. You pay a premium for each person covered, the principal plus any dependants, usually for a year at a time.
nairaCompare's 2026 cost report (22 June 2026) gives indicative market ranges, not quotes from any provider. It is a useful first sense of scale:
| Tier (nairaCompare, Jun 2026) | Individual per year | Family of four per year |
|---|---|---|
| Basic outpatient | ₦30,000 to ₦80,000 | ₦150,000 to ₦300,000 |
| Standard | ₦80,000 to ₦200,000 | ₦300,000 to ₦700,000 |
| Comprehensive | ₦200,000 to ₦600,000 | ₦700,000 to ₦1,800,000 |
| Executive or premium | ₦600,000 and above | ₦1,800,000 to ₦5,000,000 and above |
One HMO's published prices
Reliance Health publishes prices for four group plans, each requiring at least three principals to activate. As at the page's October 2026 update:
| Plan | Annual limit | Individual, paid annually | Individual, paid quarterly (year total) | Family, paid annually |
|---|---|---|---|---|
| Red Beryl | ₦2,000,000 | ₦68,400 | ₦82,080 | ₦232,000 |
| Alexandrite | ₦3,500,000 | ₦108,300 | ₦130,200 | ₦380,000 |
| Diamond | ₦5,000,000 | ₦177,700 | ₦213,600 | ₦648,500 |
| Red Diamond | ₦7,000,000 | ₦268,850 | ₦322,800 | ₦1,482,000 |
The gap between quarterly and annual payment is the reason to save ahead. On the Alexandrite plan, one person paying annually spends ₦21,900 less in the year than paying quarterly (₦130,200 − ₦108,300). Prices change, so check the provider's current page before you plan.
Joining as a group
Because plans like these need at least three principals, an individual or a small family may need to join through a group: a small business, a cooperative, a church or mosque association, or a group of friends who each pay their own premium under one policy. Ask the HMO how the group is billed, who handles renewals, and what happens to your cover if other members stop paying. Get that in writing before the group pays.
Choosing a tier you can keep
Health insurance only helps while it is active. A plan you buy once and cannot renew leaves you uncovered in the second year, often just when you have started relying on it. Pick the tier whose monthly saving you can sustain for several years, not the most generous plan you can afford this month. Moving up a tier at renewal is easier than recovering after a lapse, and some benefits, such as cover for pre-existing conditions, may restart a waiting period on a new policy. Ask about this before switching providers.
Building the annual pot
Divide the annual premium by 12 and save that each month, so the full amount is ready when renewal falls due. Using Reliance Health's published prices as an example:
- Individual, Alexandrite
- ₦108,300 ÷ 12 = ₦9,025 a month
- Family, Alexandrite
- ₦380,000 ÷ 12 ≈ ₦31,667 a month
- Individual, Diamond
- ₦177,700 ÷ 12 ≈ ₦14,808 a month
Then add a second, smaller line for costs the plan does not cover: co-payments, drugs outside the formulary, and services above your limit. State schemes show why: Edo State's EDOHIC lists co-payments of 10% on drugs and laboratory tests and 50% on selected services. A buffer of a few thousand naira a month for these keeps a covered illness from becoming a budget crisis.
Start the pot the month after you renew, not the month before the next renewal. Twelve small deposits are easy; finding the whole premium in four weeks is how many households end up paying quarterly at the higher price, or letting the cover lapse altogether.
Public schemes and employer cover
Before buying privately, check what you already have. Under the National Health Insurance Authority's formal sector programme, NHIA's FAQ says cover extends to the contributor, a spouse and four biological children under 18, with extra dependants registrable. The same FAQ describes contributions as 10% of basic salary from the employer and 5% from the employee, though it also quotes 3.25% and 1.75% for consolidated salaries without reconciling the two, so ask your employer's HR which applies to you. States run their own schemes too, often cheaper with smaller hospital networks; in Lagos, see Ilera Eko and what you still pay.
What to check before paying
- The hospitals on the plan, and whether one is near your home and workplace.
- Waiting periods: EDOHIC, for example, applies a 30-day wait before cover starts and covers pre-existing conditions only after six months.
- The annual limit and any sub-limits, such as maternity.
- Exclusions, listed on the provider's own pages.
- That the HMO is accredited by the NHIA.
- The renewal date, so your pot is full in time.
Where Pryme fits
A Fixed Naira Savings Box set to mature just before renewal keeps the premium money from being spent elsewhere, and a small Flexible Box can hold the co-payment buffer. The Personal Assistant can remind you of the renewal date and prepare the payment, which you then approve. For childbirth costs specifically, see saving for childbirth and hospital bills.
Questions people ask
How much is health insurance in Nigeria per year?
It depends on the tier. nairaCompare's June 2026 report gives indicative ranges from ₦30,000 to ₦80,000 a year for a basic individual plan up to ₦600,000 and above for premium plans.
Is it cheaper to pay HMO yearly or quarterly?
Often yearly. Reliance Health's page lists ₦108,300 a year for its Alexandrite individual plan paid annually against ₦130,200 paid quarterly.
How much should I save monthly for health insurance?
Divide the annual premium by 12. A ₦108,300 premium needs ₦9,025 a month.
Does NHIA cover my family?
NHIA's FAQ says the formal sector programme covers the contributor, a spouse and four biological children under 18, with extra dependants registrable.
Sources
- Reliance Health: health plans and prices (updated 16 Oct 2026) · accessed Oct 2026
- nairaCompare: 2026 health insurance cost report (22 Jun 2026) · accessed Oct 2026
- NHIA: Frequently asked questions · accessed Oct 2026
- EDOHIC: Insurance policy · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.