Best HMO for Small Businesses in Nigeria: How to Choose

For a small business, health insurance is one of the most valued staff benefits, and under the National Health Insurance Authority (NHIA) Act of 2022, employers with five or more staff are required to provide it. But small businesses don’t have the budget or HR teams of large companies, so the right HMO needs to be affordable, simple to manage and genuinely useful to your team.

This guide explains what to look for in an HMO for a small business in Nigeria, what it costs, and how to choose.

Why health insurance matters for small businesses

• It’s the law for businesses with five or more employees. See is health insurance mandatory for employers?
• Fewer sick days. Staff get treated quickly instead of delaying care or self-medicating.
• Better hiring and retention. Health cover helps small businesses compete with larger employers for talent.
• Predictable costs. A fixed premium replaces unplanned staff loans and medical bills.

What to look for in a small business HMO

1. NHIA accreditation. Only use an accredited HMO.
2. Hospitals near your office and where staff live. Check the hospital list before anything else.
3. Flexible plan levels, so you can offer basic cover now and upgrade as you grow.
4. Family cover options, so staff can add spouses and children.
5. Easy administration: quick onboarding, simple adding and removing of staff, and clear invoices.
6. Telemedicine, so staff can speak to a doctor without leaving work.
7. Fast approvals and responsive support, including in emergencies.
8. Preventive benefits, such as health checks, that keep staff well.

How much does an HMO cost for a small business?

Group plans are usually cheaper per person than individual plans, because the cost is shared across the team. Prices depend on the hospitals, benefit limits and whether you include families. See how much is HMO in Nigeria? for typical price ranges.

Reliance HMO small business plans

Reliance HMO’s small business plans are designed for businesses with 3 to 19 staff. There are four plan levels, Red Beryl, Alexandrite, Diamond and Red Diamond, starting from ₦68,400 per person per year on Red Beryl when paid annually. Plans include:

• Total benefit limits from ₦2,000,000 to ₦7,000,000 per person per year, depending on the plan
• Access to over 1,400 providers on Red Beryl and over 2,700 on Red Diamond
• Family cover options on every plan
• Free telemedicine chats with doctors in the Reliance Care app. Download it for iPhone or Android.
• Childhood immunisations, eye and dental care, and chronic disease medicines
• Gym and spa access and wellness checks on higher plans

See the full small business plan benefits. Larger organisations can choose company health plans, which include a dedicated key account manager and can include maternity cover.

Tips for choosing the right plan

• Ask your staff which hospitals they use and what matters most to them.
• Start with a plan you can sustain, then upgrade as the business grows.
• Consider paying yearly if cash flow allows, as it is usually cheaper.
• Tell your team how to use the plan: share hospital lists, the app and emergency numbers on day one.
• Review the plan every year using staff feedback and claims experience.

Common myths about small business health insurance

• “It’s too expensive.” Small business plans are priced for small teams, and paying yearly usually costs less.
• “Small teams don’t need it.” Even a team of three feels it when one person is off sick. Cover helps you keep good people.
• “Setting it up is complicated.” With a digital HMO, you can choose a plan and add staff online.

What small business owners say about Reliance HMO

Ewarawon Samuel: “Healthcare plan with benefits you really need”

Godsgift Obi: “Our employees are our biggest assets”

Related: Best HMO in Nigeria: how to choose the right plan

Frequently asked questions

Do small businesses have to provide health insurance in Nigeria?
Yes, if you have five or more employees, under the NHIA Act 2022.

What is the cheapest HMO for a small business?
Entry-level group plans cost the least, but check the hospitals and benefit limits. The cheapest plan is poor value if staff can’t use it.

Can my staff add their families?
On many small business plans, yes. Reliance HMO’s small business plans show prices for staff-only and family cover.

How quickly can my team start using the plan?
Onboarding can be quick. Some benefits, such as surgery, may have waiting periods, so check the plan details.

Prices and benefits are correct at the time of writing and may change. Check the current plan details before you buy.

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