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5 Tips for Business Owners to Choose the Right Health Insurance Plan for Their Company in Dubai

By PolicyBazaar
  | Published: 19 December 2020 | Last Updated On: 22 January 2021

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Being a business owner can be an extremely overwhelming task for multiple different reasons. There are a million things to be taken care of to the point that even the 24 hours in a day seem less sometimes. As a consequence of such a busy life, while managing the company, it is easy to sometimes overlook the fact that a company’s employees are its most valuable asset. 

As is known universally that a happy and healthy employee is far more productive as compared to one who feels overworked and is burdened by work pressures. It is thus vital to treat your employees in a manner that makes them not only feel appreciated but also makes them feel cared for just like a member of the family. Doing this will certainly result in a more successful business and will also be translated into the turnover statistics of the business. Offering them a nurturing work environment will help your employees stay mentally and physically fit, lowering in turn the company’s expenditures on healthcare. 

Ever since the laws in Dubai have made health insurance mandatory for all the employees, the prices of health insurance Dubai have gone up significantly. While earlier healthcare insurance was viewed as an added benefit for some employees, today it is compulsory for all the workers. The aim of the introduction of the Compulsory Health Insurance law in Dubai was to construct a homogenous healthcare network across the city. 

Healthcare policies can be quite expensive as a result, it is important for employers to keep a few key elements in mind when they sit to consider any insurance plan. Doing this will make sure that you are only paying for the required benefits. There is no point in burning a hole in your pocket by paying unnecessarily for factors that are not duly utilized. It is the duty of the employer to take care of their employee’s needs and one has to remember that a health insurance is not the only benefit included in the employee package. There are other important benefits to be included and therefore wisely choosing health insurance in Dubai becomes all the more important. Failing to obey the rules, one can even incur hefty penalties, making this decision even more crucial. 

Given below are some tips worth considering for any business owner looking to choose a company health insurance package for their employees: 

Package:

Understanding the variables included in a policy is probably one of the hardest things to consider while buying medical insurance in Dubai. While making this important choice, it becomes imperative to compare health insurance plans from different providers, checking for the coverage and the different benefits they offer for your employees as well as your business. 

Make sure to check the list of hospitals and clinics covered by your insurer. Not all the hospitals across the city will be necessarily covered by the policy and thus it is an important factor to consider. The policy provider’s medical network should ideally cover those hospitals that are located closer to the office or residential areas. This will prevent your employees from having to travel long distances in case of any emergencies, delaying treatment. 

Always choose a package that provides a comprehensive hospital coverage for your employees while at the same time giving them direct access to healthcare services so that they don’t have to deal with tons of paperwork to get treatment or have to keep calling the insurance provider for timely reimbursement. 

Here are some other important tips to consider when choosing a health insurance policy:

  • Use online platforms to compare the policies offered by different insurance providers in order to not only save time but also get access to all their benefits in real-time.
  • Encourage your employees to share accurate and complete details with the insurer in order to protect both your as well as your employees’ best interests. Failing to do so will lead to claim rejection or might cost more. 

Any Pre-existing Conditions:

Most companies do not bother asking about any pre-existing conditions of their employees or if they require any specific medical treatments. Try to avoid following suit and ask your employees upfront about their medical history. This will prevent you as well as the employees from any future hassle. At the same time, it enables them to get the best deals from their health insurance provider. Failing to do so will incur extra charges that will have to come out of their own pockets. 

Another important thing to remember is that there are some providers of health insurance in Dubai who are willing to give 100 percent coverage for any pre-existing health issues, but there are also some who only offer coverage after a certain period of time that is pre-defined. For instance, a particular policy’s dental cover might begin only after six months of buying the plan. There are also companies who cover only up to a certain limit. For instance, a plan for pre-existing health issues might come with a limit of AED 100,000. 

International Coverage:

If your business has global reach or if you and your team are required to travel internationally quite frequently, it is important that your medical insurance plan offers coverage across borders. Make sure to choose a policy that has international coverage to avoid having to spend huge sums of money in case of an emergency during your trip. 

Policy Renewal:

Make sure to have a guaranteed policy renewal for an uninterrupted health cover of your employees. In doing that the interests of your employees will be safeguarded against the cancellation of the policy in the event of switching over to a different provider of health insurance Dubai. This offers protection even from new exclusions in their policy. If the waiting period for an illness that occurred during the term is extended, guaranteed policy renewal will shield against that too.  

The clause of coverage continuity will make sure that the ongoing coverage is continued without the addition of extended waiting periods or exclusions. However, this may cost more in the form of higher premiums. 

It is always better to stick with your insurance provider for as long as it is possible. This proves to be useful for instance if your employee develops a critical illness that requires serious medical attention, the insurance company cannot reject policy renewal for as long as that employee is a part of the policy. However, this is not consequential for the change in renewal prices each year. 

Research before Renewing:

Thoroughly researching differing policies as well as getting their quotes from distinct policy providers before you sit down to renew your existing policy is a must. It will help ascertain the best coverage for your employees. This pivotal act will ensure that your company’s employees are getting the most out of their health insurance. The insurance industry is extremely competitive which means that it is possible to find a lower cost for the benefits offered by your provider or find more benefits at the same price from a competitor. 

A lot of business owners make the mistake of choosing the first healthcare policy they can find in order to save time. But doing proper research might be time-consuming however its benefits are far more numerous than you think. Online research is an easy solution to this problem. It empowers businesses in making wise decisions when it comes to health insurance  by comparing hundreds of policies in no time. 

In a Nutshell

As a business owner, one has a lot on their plate but that should not hold you back from making the health of your employees a priority. The employees are after all a valuable resource of any institution.