When you are reaching your retirement age, it’s important to think about your life after retirement and how you are going to manage things financially. In today’s modern family culture when everyone wants to live independently, you should not expect too much from other family members.
It’s better to plan for your retirement through multiple saving and investment programs as per your life and financial goals. No one knows about your wishes better than you. Where do you want to live? How do you want to live? And what kind of lifestyle do you plan to enjoy your life post-retirement? Having an idea about these things lets you use your 60s to fine-tune your retirement plans.
Here’re a few tips to tweak your plans to make your finances in good shape and get closer to your goals when you stop working full time.
Downsize your current lifestyle
Most of us spend on things that we don’t need. Or, sometimes we possess more than we need or can afford. Downsizing your lifestyle can help you save more for your retirement. For example, you can pull out some home equity and other lifestyle expenses on your housing and life to boost your savings and improve cash flow. It will help you invest more in social security, pension income, and other saving programs.
Figure out your income and expenses post-retirement
It is very important to figure out your income sources and expenses to live a quality life after retirement. Once you stop working full time, you have to look for a steady income source apart from your savings to live your life on your terms. A steady income is the biggest challenge post-retirement as you don’t have the energy as you had years ago. It is why you should look to diversify your investment portfolio for some passive income like rentals or dividends after retirement.
Work in extra shifts for financial rewards
If you can work longer, then do it. This way you can reap many financial rewards and an extra income during your working days when you still have the energy to work extra shifts. In some organizations, people have also options to work longer for a few more years after retirement, and you can make the most of these opportunities.
Don’t forget health care
When you are planning for your retirement in your 60s, don’t forget about health care which you will need more often than today. Make sure you have invested a good health insurance plan as per your medical needs and financial goals to cover your medical bills post-retirement. Talk with experts to know about the best health care programs in your region to achieve your goals.
Entering your 60s means retirement is within sight, and you should start planning. Use your remaining employment years to save and invest more to make a strong investment portfolio for your post-retirement life. Don’t hesitate to consult with experts to kick start your retirement planning on a serious note. Earlier the better as you cannot reach retirement and have no money for the same.
In Dubai, coverage for pre-existing conditions is mandatory by law. An insurance company cannot deny medical insurance to a resident or ex-pat with pre-existing conditions, and the maximum waiting period cannot exceed 6 months, according to the new regulations of the Insurance System for Advancing Healthcare in Dubai (ISAHD).
So, does this mean anyone in Dubai can buy medical insurance with pre-existing conditions and can claim benefits after the waiting period ends? The answer to this question is not straightforward because there is still a lot of scrutiny and red tape associated with pre-existing conditions.
To understand things better, first, you need to know what exactly pre-existing condition means. Not comprehending the meaning of pre-existing conditions can lead to unnecessary rejection of medical claims.
What does pre-existing condition mean in terms of medical insurance?
A pre-existing condition is a health condition known or unknown to the person applying for medical insurance. It also includes those conditions for which you have received consultation, diagnosis, surgery, treatment, or pharmaceutical drugs before purchasing the insurance policy.
More importantly, you need to be aware that pre-existing conditions don’t only refer to conditions that you have at the time of buying a medical cover, but it also includes a complete medical history of any condition that you have suffered from within the last five to ten years. It can include past hospitalizations, heart attacks, surgeries, diabetes, high blood pressure, thyroid disorder, skin disorder, and accidental injuries.
However, congenital diseases and birth defects are not considered pre-existing conditions, and they are treated differently and may require a separate cover.
What You Must Know Before Buying Medical Cover for Pre-existing Conditions
- Under an individual plan, pre-existing and chronic conditions will be covered only when they are declared in the application form. Latest medical reports along with ongoing medicine details may be asked by the insurance to assess your current health conditions.
- Usually, insurers cannot exclude coverage for any preexisting condition, it may be excluded only when not declared in application form and insurer might consider to cover it during next renewal with additional premium. Insurers typically load the premium to cover pre-existing conditions, depending on the medical history. Accordingly, an insurer will cover it from day 1 or put a waiting period of up to 6 months.
- Never lie about your pre-existing conditions in any scenario. While it may be tempting to hide pre-existing conditions, it subjects you to serious financial risk in the future. When you suffer from a significant and expensive medical emergency and the insurer comes to know about your pre-existing condition after buying the medical coverage, they can reject your medical claim even if the medical emergency is not related to the pre-existing condition.
- Even though the waiting period of up to 6 months is attached to medical insurance coverage for pre-existing conditions, the Dubai Health Insurance Corporation (DIHC) allows the waiting period to be waived off if a pre-existing condition develops into an emergency.
- Group or corporate medical insurance, usually, has a 6-month waiting period on policyholders with pre-existing and chronic conditions for the first scheme (when buying insurance for the first time in the UAE). Also, if insurance has expired for more than a month, then an insurer will consider it as the first scheme.
- In case of a job change, the insurance company of the first employer is required by law to provide medical cover for 30 days after the cancellation of the policy to ensure continuous access to the medical insurance cover. However, if the policy expires earlier, the cover will be offered until the expiration date.
- When joining a new company, make sure that you share your previous insurance proof to get continuity of coverage, or else 6 months waiting period will apply.
If you do have one or more pre-existing condition, choosing the right medical insurance plan in Dubai can be complicated for you. At New Age Insurance Brokers, LLC, we can help you find the right medical plan that covers your pre-existing conditions and walk you through the whole process with ease and comfort. For any queries or further information on medical coverage for pre-existing conditions in Dubai, please get in touch with us.
In recent years, healthcare costs have skyrocketed in the UAE. It has led to a massive gap between medical charges and their affordability. Thus, an adequate insurance cover has become imperative for bridging this gap.
Because there is an increase in lifestyle diseases, health insurance is witnessing a gradual uptake among customers. However, many people are still not aware of availing benefits during a claim situation. If you are familiar with the process and methods of filing health insurance claims, you can dodge the last-minute hassle.
When filing for health insurance claims, you get two types of claiming measures: direct billing based and reimbursement based. Look into these features of a health insurance plan because they directly impact your interests. Let’s take a look at whether you should go with direct billing or reimbursement.
- Direct Billing
You can use a direct billing facility when medical treatment takes place in one of the network hospitals of your insurer. With this facility, you don’t have to splash out money from your pocket.
The insurance company settles the payment directly with the hospital, depending on the insurance policy terms and conditions and the sum insured you selected. You can avail the benefits of direct billing for both planned and unplanned medical treatments. For planned (elective) treatment, the Insurance company may require prior approval.
Reimbursement is another process for setting a health insurance claim. In this facility, you bear the upfront cost first and later present the bill receipts to the insurer when filing a claim.
The insurance company evaluates the claim, and the agreeing reimbursement amount will be transferred to your account. This situation typically arises when you select a hospital as per your convenience, and the healthcare facility is not impaneled with the insurer.
Here are a few reasons why you should go with direct billing instead of reimbursement:
- Many people opt for direct billing over the reimbursement claim because of the convenience attached to it. Medical emergencies can take a toll on you and your family members. Direct billing eliminates the financial risk of having to pay a significant amount of bills that might disrupt your personal finance.
- Because the insurance company deals directly with the hospital, direct billing would take a lot of load off you and your family members.
- In reimbursement claims, it takes several weeks for health insurance companies to reimburse policyholders. Also, there is a possibility that the insurer may not reimburse the entire amount. It is especially true when you go outside of the medical network coverage.
- You can be sure of things that are not covered in your policy while availing of direct billing and take decisions accordingly, rather than getting surprised later on after reimbursement is processed.
Essential Things to Note:
The direct billing claim works if the treatment takes place in the network hospital of the insurance company.
Although direct billing is better than reimbursement in many ways, the reimbursement model is not flawed. It’s just hectic and time-consuming. You have to pay upfront and keep all the bill receipts and essential documents. And then apply for claim repayment, which can take a lot of time.
The Bottom Line
The choice between direct billing and reimbursement comes to convenience. Direct billing settlement scores over reimbursement claim settlement in this regard. That’s why many people advise availing of direct billing instead of reimbursement.
The UAE has one of the best healthcare infrastructures in the world and is an attractive place for expats looking to move there. Today, health insurance is obligatory for Dubai nationals and residents. The UAE nationals are covered under government insurance programs. On the other hand, expats with a valid Dubai residency can avail of medical insurance services from registered insurance companies.
If you’re not a UAE national, you’ll require private medical cover. Your employer is legally required to provide you with basic medical insurance. However, it may not include your dependents. If you want to bring your family with you to Dubai, it’s better to take private health insurance.
Medical Coverage in Dubai:
- Basic Health Benefits
The Essential benefits plan covers the following subject to an annual limit of Dh 150,000 per insured member per year.
- In-patient Treatment: It includes non-urgent (emergency and non-emergency) medical treatment, including tests, surgeries, and diagnosis-20% copay max cap of AED 500 per encounter.
- Basic plan covers companion and parent accommodation (for children below the age of 16). The cost of accommodating individual accompanying an insured child up to the age of 16 years is max 100 AED per night.
- Out-patient Treatment: This includes examination, diagnosis, and treatment routinely, with 20% paid by the insured
- Lab tests, physiotherapy sessions (at most six per year), and radiology tests with 20% payable by the insured
- Preventive medication or immunization procedures for newborn babies and children
- Medicines – up to Dh 1,500 per individual, including 30% paid by insured per prescription.
- Emergency health care and ambulance service during an emergency.
- Maternity Benefits
- Three antenatal ultrasounds, antenatal blood tests, eight pre-delivery visits
- The newborn is covered under the mother’s insurance scheme for 30-days from the date of birth – for screening, neo-natal tests, and other tests.
- Initial investigations of anti-natal services include:
- FBC and platelets
- Blood group, Rhesus status and antibodies
- Venereal disease research laboratory test
- MSU and urinalysis
- Rubella serology
- FBS, random s or A1c
- Hep C (if necessary)
- GTT (if necessary)
- 3 antenatal ultrasound scan
Visit to include reviews, checks and tests in accordance with DHA Antenatal Care Protocols.
- 10% copay is applicable on all such services.
- Pre-existing or Chronic Conditions
Assert any pre-existing or chronic medical conditions at the time of the insurance application. The insurance company will provide comprehensive coverage for those conditions after a six-month waiting period. During the waiting stage, any emergency health care related to the disorders will be covered like any other claims under the program.
- Geographic Coverage Offered by the Plan
The basic healthcare services are covered within the Emirate of Dubai. On the other hand, Emergency medical treatment is covered within all emirates of the UAE. However, insurer can extend the geographic scope of coverage at their discretion.
Decide the type of geographic coverage you require. Make this decision based on visits that you make abroad. Some plans will only cover your city, while others will provide you the coverage in the entire UAE.
Some insurance companies offer international plans. Thus, these plans can cover you outside the UAE.
- Medical Network Coverage
An insured person can have direct access to provider’s available in network list suggest by insurer under basic plan. Generally, this network is limited and member can visit network hospitals for inpatient services and network clinics for outpatient services. The network coverage list differs from insurer to insurer. Thus, it’s essential to go through network list to know best providers.
Things Not Included in the Medical Insurance Policy:
There will be several things that won’t be included in your basic medical insurance plan. You must check the list to ensure that your claims are included in your policy. Also, check the exclusions so that you select a suitable option. Thus, in this way, you minimize the risk of getting your claims rejected.
The Bottom Line
In recent years, UAE witnessed several casualties due to a lack of health coverage. Thus, medical insurance became mandatory in Dubai and other Emirates.
You must do thorough research regarding health care coverage and seek insurance providers that will facilitate you in the longer run.
Filing a medical claim and getting it approved is already very complicated. However, when your insurer rejects your medical claim at the time when you need financial aid for medical emergencies the most, may leave you helpless and even hopeless. In most cases, the reasons behind the disapproval of medical claims are the mistakes that policyholders make while filing medical claims.
At New Age Insurance Brokers, LLC, we have been assisting our clients with their selection of medical insurance and submission of medical claims in the UAE for more than a decade. Thus, we are in the best position to help you in this area.
Here is a rundown of the mistakes frequently made by medical policyholders when they file medical insurance claims. Keep them in mind while filing the current or next medical claim to increase your chances of medical claim approval.
- Incomplete Documents
Failure to provide complete documentation while filing a medical claim can instantly disapprove your medical claim. So, provide complete supporting documents when you submit a medical insurance claim. These documents may include but are not limited to bills with receipts, results of requested diagnostics, and correct and completed claim form with sign and stamp of hospital or clinic. When providing personal documents like a driver’s license, make sure that your documents are up to date.
- Late Submission
You must stick to deadlines as stipulated by your medical insurance provider while filing claims. The chances of insurance fraud are higher when a claim is submitted long after the hospital discharge. Sometimes, late claim submissions can also mean that the insurance provider has already offered the no-claim bonus for renewal. Thus, to avoid insurance fraud and confusion, insurance providers require their policyholders to adhere to stipulated claim submission deadlines. All insurers have a time limit for submitting reimbursement documents, and delay in submission will lead to denial of the claim.
- Incorrect/Incomplete Bank Details
Nowadays, insurance companies prefer direct bank transfers to the insured’s account. Any discrepancy in bank details, whether it is unintentional or intentional, can cause problems in getting your medical claim. So, make sure that proper beneficiary details are entered in the mobile app/website of your insurance provider.
- Incomplete Claim Form
Always ensure that you fill out all of the parts of your claim completely and correctly. Double-check your registered phone number, address, and other information before submitting your claim application. Submitting an incomplete or incorrect claim form can delay your claim approval process or even result in claim rejection. We understand that you might be mentally stressed at such times. So, take your time, get professional help, and fill out the medical claim form patiently.
Bonus Tip: It is recommended to avail direct billing instead of reimbursement as most insurers penalize by adding co-pay for going out of network.
Not being aware of the common mistakes made while claiming medical insurance can mean not being able to take advantage of the very medical insurance scheme for which you have been paying premium till now.
Thus, it is important that you complete the filing process of medical claims correctly. Avoiding mistakes during medical claim submission is the only way that you are most likely to be paid out quickly as much as possible for the financial loss you or your loved one has suffered.
If you need any help with medical claim submission or have any queries related to medical insurance, please feel free to contact us today.