A person cannot predict his or her health and that of their dependents. The cost of medical care and treatment in UAE is high and therefore will put a big dent in your savings if faced with any sickness or injury. There is a need for you to have a Health Insurance.
What is Health Insurance?
Health Insurance is a type of insurance that covers the cost of the insured person’s medical and surgical expenses. The insured either pays the cost out of his or her own pocket which then gets reimbursed or the insurer will make the payment to the provider directly. Health Insurance protects you and your family in the event your illness or injury is expensive. Medical care and treatment is advancing and the cost is increasing. The bills cannot be predicted, so you must be prepared for this in advance.
Why do you need a Health Insurance?
If you have children or have dependent parents, there is no knowing when they will fall ill. You cannot predict if you are going to be healthy either. Though you follow all precautions, there is no escaping from the changing weather or the contagious diseases. Even if you have to go for a routine check-up, you will have to shell out a lot of money. Having a health Insurance ensures that in a long run the medical expenses are not expensive.
How to choose a Health Insurance for you and your family?
Finding the right Health Insurance need not be a complicated process. It becomes easier if you know the factors that you need to keep in mind to take the best Health Insurance for yourself and your family.
There are approximately 60 companies in UAE that offer Health Insurance. The major international companies are AXA, Metlife, CIGNA, Bupa and major local companies are ADNIC, DAMAN and Orient.
Factors you must consider while taking a Health Insurance are as follows:
- Take a call on who you wish to include in the insurance coverage. You can take a separate Health Insurance policy for your family members or you can take one that covers your family that is your spouse, children and parents.
- If you are an Abu Dhabi visa holder or live in emirate, you need to buy a Health Insurance that is approved by Health Authority Abu Dhabi to meet local regulations. If you are a resident of Dubai, you will have to take a Health Insurance policy that is approved by Dubai Health Authority. There are regulations for the minimum benefits and the coverage levels that are to be provided by the policies.
- Start evaluating the various types of policies at the earliest. Read the terms and conditions and the benefits and features of the policies. Check for the company’s reputation in the market and the coverage and exclusions associated with the policy. If you are taking an individual or a family health insurance, it will take you 2 weeks to complete the process of buying the policy. Your health will be assessed and based on that your premium is decided. The premiums increase when there is a medical condition present.
- Ensure that your policy covers the hospital, pharmacy and the clinic that you visit. If you are to go to the hospital outside the insurance provider’s network, the cost will be high and the reimbursement may be low. Most insurers charge a penalty of 20-50% of the treatment cost for going outside the network for treatment. This again depends on the plan you select. Choose a policy that has the closest hospital to your home and workplace as their network hospital.
- Most insurance providers in UAE prefer that you pay the entire annual cost of insurance at once. If you plan to pay monthly premiums, you may end up paying a lot more. Such plans are expensive and have a lower coverage limit and has restricted medical networks. This will turn out to be expensive on a longer run.
- You can compare your policies online and then choose the best one. You can also buy a policy online. But, it is better that you pay a visit to the insurance provider and understand all that is there to understand.
- Choose a plan that offers constant premium for a maximum period of time.
- Check the ones that offer enhance cover for claim free years.
- Ensure that the health plan covers illnesses and health conditions that runs in your family.
- Choose a plan that is flexible and so you can tailor make the plan.
- Check the claim rate and the other factors.
- Be aware of the cashless treatments available and that which are to be reimbursed.
- Look for plans that cover hospital room payments, prescription coverage, child delivery and maternity check-ups.
Take your time to decide which Health Insurance plan you want to opt for. If you are planning on having children, then take a plan that cover the maternity and child delivery. If you already have children and don’t wish to have more then you will not need a plan that covers this, instead you can find a plan that covers for regular check-ups and dental care. Take a plan that suits your requirement not because it has attractive benefits. Those benefits may not be relevant to you.