Healthcare costs are rising around the world, and it’s no different in the UAE. According to Alpen Capital, the GCC’s healthcare market is expected to reach half a trillion dirhams by 2027.
In the UAE especially, resident spending on medical services is set to grow by roughly one-third in the coming years due to the country’s ageing population and a rise in lifestyle diseases.
In the wake of such figures, having a solid health insurance plan is now becoming more critical than ever. It’s the ultimate safety net against unexpected medical expenses that can potentially drain your savings and the best way to avail of high-quality healthcare services.
Picking the right health insurance policy from a reliable insurance company in the UAE to help you achieve those goals is the first step. However, since there are currently dozens of health insurance providers operating in the UAE, each with its own plans and features, it can be difficult to know where to start.
To make your search a little easier, read on to learn four factors that’ll guide you in selecting the best health insurance plan for your needs.
1. Waiting Period
The waiting period is the time gap between when you purchase your insurance plan and when the policy’s coverage actually kicks in. The length of this period varies depending on the insurer and the type of coverage you’ve chosen.
For instance, some insurance providers may impose a waiting period for pre-existing medical conditions, maternity-related services, accidental hospitalisations, treatments for specific diseases or other procedures.
Generally, health insurance plans with minimal or no waiting periods are ideal. A short wait means you can enjoy coverage for most services almost immediately, minimising out-of-pocket expenses.
2. Network of Hospitals and Clinics
Network hospitals and clinics are the healthcare facilities an insurance company has partnered with to provide services covered in an insurance policy. When you opt for treatment at any network facility, the insurer takes care of the medical expenses directly. This saves you from paying for the services upfront and then filing for reimbursement later on.
Before settling on a health insurance plan, have a look at the provider’s network of clinics and hospitals. Ensure it’s extensive enough and includes reputable healthcare facilities close to your office and home — something that can be particularly helpful in emergencies.
3. Comprehensive Coverage
Coverage often corresponds to the premiums you pay, which is why, in most cases, the more comprehensive your policy is, the higher the cost. However tempted you may be to go for small premium payments, remember that this means sacrificing coverage for some essential services. So, this isn’t exactly an area where you want to cut corners.
In weighing the costs and benefits of different policies, consider your and your family’s health needs now and in the future. Ideally, a plan with the following components should provide superb coverage to most individuals and their families:
- Hospitalisation expenses, both inpatient and outpatient
- Maternity and newborn care
- Pre-existing medical conditions
- Surgery and anaesthesia
- Intensive care and emergency services
- Optical, dental and hearing services
- Alternative medicine
- Occupational and physiotherapy
- Lab tests, X-rays and other diagnostic procedures
- Medication and prescription drugs
Some prominent health insurance providers in the UAE also offer worldwide and international coverage in addition to regional. This feature is especially useful for people who frequently travel abroad or expats who want to cover their medical expenses both in the UAE and their home country.
4. Coinsurance
Coinsurance doesn’t apply to all healthcare policies, but if your plan has it, you’ll need to know what it means for your costs.
Coinsurance is a cost-sharing arrangement between you and the insurer, where you pay a certain percentage of your medical bills while the company covers the remaining amount. For instance, if your plan has a coinsurance clause of 30%, and you incur a medical bill of AED 1000, you foot AED 300 while the insurer takes care of AED 700.
The standard split for coinsurance is 80/20 (80% paid by the insurer, 20% paid by you), but this may vary depending on your plan and provider.
Coinsurance can impact your policy’s premiums. Usually, the higher the coinsurance amount, the lower your premiums because the company’s payout in case you file a claim will be much less. However, bear in mind how much out-of-pocket costs this translates to for you and whether you’re comfortable with that.
Protect Your Health and Finances
The four points mentioned here give you a good foundation as you search for the right health insurance plan.
Remember, when it comes to healthcare, you want both quality and affordability. So, research different providers’ offerings, compare plans based on the four points, and carefully read each policy’s terms and conditions before making your final decision to ensure you’re getting the best value for your money.
