Life is full of unexpected events & medical emergencies are one of them. With the rising cost of medical treatment in the UAE, opting for an apt health insurance plan has become quite important as it provides coverage for medical expenses to the insured.
But there is plenty of health insurance companies in the UAE, choosing one can really become a confusing and tedious task. Besides a lot of health insurance plans to choose from, intimidating jargon which is usually known as policy wordings adds more confusion to it. Don’t worry, we have simplified this thing for you. Here in this article, we have mentioned some important factors that you must consider before buying a medical insurance plan for yourself and your loved ones.
1. Waiting Period
The majority of the health insurance plans in the UAE have a waiting period of pre-existing health diseases that may range from 2-5 years. Thus, the insurance provider will not proceed with any insurance claim arising out of health diseases which are pre-existing or any specific serious illnesses during the mentioned waiting period. Moreover, you will only be able to claim the health insurance benefits only when this waiting period is over.
So, you can compare health insurance online and opt for a plan with a minimum waiting period in order to be eligible for claiming the benefits in an event of a medical emergency. Also, it will be better if you opt for health insurance at a young age because at that time, you are less prone to health diseases. Therefore, you will be eligible to avail the maximum health insurance benefits.
2. Claim Process
Before you opt for any health insurance plan, make sure you go through the policy wordings and check whether the claim process is simple or not. If the claim process is not smooth and quick then in an event of a medical emergency, it can be the biggest hindrance for the patient as well as family members. That’s why it is important to compare health insurance online based on claim settlement time and claim settlement ratio. And then, select a health insurance provider that is known for its fast and smooth claim settlement services.
3. Maternity Cover
It is imperative to check whether medical insurance offers maternity benefits or not. The pregnancy costs have already hitting the roof and the hospital bills for mother & baby can become a financial burden. Generally, there is a waiting period of 2-4 years before you can claim the benefits. Thus, one must also check the waiting period that is applicable for claiming the medical expenses related to pregnancy and consider the sub-limit. In addition to this, the policy must also cover outpatient expenses and do not forget to check the exclusions related to the medical insurance policy.
4. An Apt Combination of Coverage & Premium
It might look very lucrative to purchase health insurance at the lowest premium. But note that there can be 2 sides to it.
A medical insurance policy with a low premium can be good if it’s providing you comprehensive coverage at an insurance premium that you can afford to pay. However, the other aspect is the low premium at the cost of insurance coverage.
Hence, the best way is to look for the main reasons behind a lesser premium because it should never be at the cost of insurance coverage. Also, check if there are any extra clauses of deductibles, co-payments, and sub-limits, and if it is then you would certainly end up paying more at the time of making a claim.
So, you should opt for a health insurance policy that provides the right insurance coverage without compromising on the insurance benefits and at a premium that you can easily afford.
5. Cashless Hospitalization Benefits
Health insurance companies generally have a tie-up with network hospitals where the policyholder can avail cashless treatment in an event of a medical emergency. It basically saves you from the complicated paperwork that is required during admission to the hospital and claim. Moreover, the insurance provider directly pays the sum assured directly to the respective hospital. Henceforth, you do not need to arrange funds in such medical emergencies. Well, it will be very helpful if you check with your insurance provider for the list of network hospitals and know what all empanelled hospitals are closest to your house.
6. Pre & Post Hospitalization
Some of the health insurance plans cover the medical expenditures that are incurred at the time of hospitalization. Well, we would advise you to purchase a plan that covers medical expenses before as well as after the hospitalization in order to save expenses incurred on medical tests, ambulance charges. doctor fees, medicines, etc.
7. No Claim Bonus
No Claim Bonus (NCB) refers to the discount which is provided by the insurer for all the years that you have not file an insurance claim. Usually, the company increases the sum assured amount when you renew your existing health insurance policy for all claim-free years.
Well, the majority of the health insurance companies in the UAE specify the no claim bonus limit. And the rise in the sum assured amount would be based on the limit which has been specified by the insurance company.
8. Free Medical Check-Up
After a certain age, everybody needs to go through medical check-up at regular intervals for early detection of any health disease and to take necessary treatment for the same at the right age. But unfortunately, the cost of health check-ups for cancer screenings, cardiovascular diseases, MRIs, etc. have gone through the roof. Thankfully, some of the best health insurance plans offer free medical check-up facilities. So, make sure that you opt for a health insurance plan that offers preventive health check-up facility every year to save some money.
The Bottom Line
Now that you are well-aware of things that you need to keep in your mind before buying a health insurance plan, why wait? Just compare health insurance online based on their premium, coverage, and other benefits in order to buy an apt health insurance plan for yourself and your family.