Healthcare Trust

This product is designed to support diasporas responsible for multiple support needs for loved ones back home of which healthcare takes the centre stage, and millions of Nigerians who have retired from paid employment and therefore excluded from the HMO dragnet.

Our Healthcare Trust enables them and their family members access healthcare through HMO registered medical facilities without the need to track payments as it is taken care of by the Trustee.

How It Works

  • The Trustee is appointed by the Settlor to set up the Trust with named beneficiaries from the outset. The beneficiaries can reside in any part of Nigeria since the HMO Medical Facilities are spread throughout the Country to oversee the beneficiary’s heath care.
  • The Beneficiary then selects from the list of hospitals available to them and register there. The Trustees discuss and agree premium payable and period of such payment with the HMO.
  • The Trustees take responsibility for premium payment and the mode or frequency of such payment would be agreed between the Trustees and the HMO.
  • The Trustees immediately pays the premium to the HMO to signal commencement of the relationship and monitors the treatment of the beneficiaries and then make periodic reports to the Settlor regarding the health condition of the Beneficiary.
  • The funds in the Trust Account are basically used to cover the costs of medical treatment for named beneficiaries to the Trust and other administration costs.
  • The balance is then invested pending when next premium payment would be due. Any surplus, including interest earned, remains in the Trust, under the control of the Trustees, to be used for future premium.
  • Where the Plan is unable to cover for the medical condition of named beneficiaries, then, the Trustees shall obtain permission of the Settlor to make up for the difference from the Trust Account.
  • Funds placed for the beneficiary’s Healthcare is handled by the Trustees thus the Settlor need not worry about the day-to-day operation of the Trust (or the claims assessment and payment).

Product Benefits

  • The Healthcare Trust is flexible, i.e can be structured to adapt to variety of needs, and a wide variety of medical and dental expenses can be paid through the Healthcare Trust plan.
  • Product is cost efficient because premium is discounted and paid directly to a medical facility and interest accumulated directly benefits the Trust and not the HMO. The accumulated interest can help defray subsequent payments by the Settlor into the Trust Account.
  • The Trustees take the responsibility for overseeing the management and administration of the process. If part of the claims fund is not used, it can be carried forward to reduce costs in subsequent years.
  • The Settlor is assured that he or his family members can access quality healthcare with ease and at affordable rates.
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