All about Health Insurance Renewal in the UAE

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  | Published: 16 January 2021 | Last Updated On: 09 February 2021

Don’t gamble with your health, get the right cover at the right price.

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There are certain services that need recharging in order for one to reap its immediate benefits. One needs these services to carry on with their lifestyle seamlessly. In order to avoid the discontinuation of your phone service, Wi-Fi, electricity, gas and water among several others, you have to pay the bills regularly to ensure you get to enjoy them without any hassle. The same also applies to the health insurance renewal process. 

A health insurance plan is usually a one-year contract between the insurance provider and the policyholder and it has to be renewed before its due date. Generally, the insurer sends a renewal notice to the policyholder so as to remind them of the upcoming expiration date of their health insurance policy. The health insurance renewal process is quite simple and straightforward and because health insurance in the UAE is mandated by law, it is not something that one can choose to avoid. 

The importance of health insurance policy renewal

Renewing a health insurance plan is important. It might seem unnecessary since it does not offer instant gratification but in the long run, it pays you back in plentiful. Just like car insurance or life insurance, health insurance too must be renewed towards the end of each policy year in order to enjoy its benefits continuously. Health insurance coverage can be bought online in the digital age that we live in as well as offline with the help of an insurance agent. Likewise, a health insurance renewal process can be completed online by visiting the insurer’s website or by visiting the closest branch of the insurance provider. Timely renewal of your insurance policy ensures that you enjoy all its benefits uninterrupted without lapsing on any of its provisions.  

Health Insurance renewal process

Carefully understanding your existing health insurance policy is integral to carrying out a seamless renewal process. Think of renewal as just an annual check-up of the health insurance plan you have. Going through the existing policy helps you in understanding the things that work best for you and things that don’t. It also allows you to make the desired changes on the basis of your current circumstances and future aspirations. Renewal involves making a new contract between you and the insurance provider. It gives you the opportunity to revisit your policy and tweak it to reap benefits that best aligns with your needs. 

Here are the steps to proceed with the health insurance renewal process:

  1. At the time of renewing your policy, the insurer will reassess the prices for the new year. Keep in mind that the pricing tends to go upward with each passing year on account of inflation, new technological advances, medical costs etc.
  2. Once calculated, the insurance provider will offer the best health insurance in UAE along with its price. This is where the insured has to pick the policy that gives the most value for your money. Go through all the benefits offered as well as carefully understand all the changes made. Remember, there is always room for negotiation. Be open with your insurance agent so that they can provide you with a plan that best meets your needs.
  3. Follow through by filling out the required paperwork to ensure there is a smooth placement of policy. It is in your best interest to provide the required documents to your broker as soon as possible to avoid any hassle later. 

If however, you wish to renew your health insurance policy with a new insurance provider, make certain that you give the renewal process sufficient time since it might take longer as opposed to renewing a health insurance cover with the existing broker. This will ensure that you avoid the risk of having no medical cover during the renewal period of the best health insurance in Dubai and other emiratis. 

Things to consider during the health insurance renewal process

There area few things that one must keep in mind while renewing an existing policy-

Assess the terms of renewal: Insurance companies send a renewal reminder to their policyholders, usually 45 days before the date of renewal. This reminder email tends to carry the details of the policy like the sum assured, the type and number of claims made, no-claim bonus etc. A policyholder must diligently go through this document and immediately inform the company in case of any discrepancies found in the reminder.

Check other alternatives before renewing: One has the option of transferring a policy from one policy provider to another if they are not content with the current insurer. This might be because of lower benefits, higher costs of premiums as well as sub-limits. This process of transferring policy is called health insurance portability. Among its many advantages, the policyholder primarily does not miss out on the benefits of the health insurance in UAE like the no-claim bonus or the waiting period whilst transferring the policy from one provider to another.

Evaluate your insurance needs: The healthcare costs have risen exponentially over the years and this trend is bound to continue in the coming years. As a result, your existing policy might not be able to offer sufficient coverage to take care of your medical costs. It thus becomes extremely important to assess both the present as well as future health insurance requirements. Depending on your requirements, it is best to choose a higher sum insured or one might even consider adding a rider to their base policy. 

Tips for Health Insurance renewal process

Renewing a policy to enjoy constant coverage should be done by keeping these tips in mind:

Renew policy before the due date- Usually, a 15 to 30 days grace period is offered to pay the premiums in case the policyholder fails to renew their policy on time. If the policyholder forgets to make the payment within the grace period, it causes the policy to lapse. It is thus in your best interest to to renew the policy on or before its due date.

Reassess insurance needs- Future planning requires one to reassess their needs and wants. Similarly, renewing your Medical Insurance in Dubai and other emiratis for the next year also requires one to review their insurance needs. If you are planning to get married, or have a child, it is best to add a maternity benefit to the standard policy while renewing it.

Provide new information at the time of renewal- Always observe honest behavior when supplying information to your insurance provider. Furnish all details about your medical history as well as current ailments not only at the time of buying the policy but also during the renewal process in order to avoid any inconvenience while making a claim in the future.

Go for a higher sum insured- The insurance providers offer policy holders the option of going for a higher sum insured at the time of policy renewal. This however requires the insured to undergo medical tests as well as a revision of their claim history. Although the sum insured can not be increased beyond a certain sum if it surpasses the sum insured limit of the health insurance plan. In such circumstances, the policyholder can add riders or go for a ‘Super Top-up Policy’ for getting an increased sum insured.

Read all policy details carefully- Make sure to carefully read the terms and conditions of your policy paying special attention to the exclusions, the guidelines for making a claim, and the renewal clause. 

Keep these tips in mind during the health insurance renewal process for continued peace of mind! 

In a Nutshell

Count your blessings if you and your loved ones are fit and healthy, but no one knows what the future beholds. Failing to renew your health insurance in UAE will leave you helpless in your toughest hour. Health insurance is thus an investment that takes a great deal of patience as well as discipline, but its rewards are abundant.