New born? How to Buy Medical Insurance for Your Newborn

Holding Hands

When a little one is born into a family, his/her protection is the topmost priority of new parents. If you are expecting a little one to enter this world soon, the first thing you should do is to have a medical plan for your newborn. Medical costs are exorbitant in the UAE, especially in private healthcare facilities. Having medical insurance for your newborn will offer protection in the unfortunate circumstance when the newborn might need immediate medical attention.

Today, we will discuss different health insurance options available for a newborn child in the UAE.

 

How to Obtain Medical Insurance for Your Newborn in the UAE?

For Dubai visa holders as per DHA Circular, a newborn baby is covered for the first 30 days under the mother’s policy. Within this period parents have to arrange medical insurance for newborns. For non-Dubai visa holders, parents have to arrange medical insurance for the newborn earlier. In order to do that,

 

First, Check Whether Your Company Insurance Policy Covers Your Newborn

As an expecting parent, your first step is to confirm whether your company covers dependent in their group policy. If yes, your newborn can be added on a pro-rata basis with the same benefits. As soon as you receive the birth certificate number, you should send a request to the insurer for adding the dependent (newborn) to the policy.

If your company does not cover dependent, then you can opt for a separate individual plan. You have the following two options when choosing a separate health plan for your child:

  • For Dubai visa holders, one option is getting a basic policy with Minimum Essential Benefits as mandated by the DHA.
  • Those seeking better medical coverage and for those living outside Dubai, one can get a comprehensive insurance plan from private insurers in the UAE

 

  1. Basic Policy with Minimum Essential Benefits as Mandated by DHA – For Dubai visa holders only

With a basic policy, the provider pays for only medical expenses that are absolutely essential, as mandated by the Dubai Health Authority (DHA). Any medical expense that falls out of the scope of minimum essential benefits will be paid out of your pocket. You can check the basic policy through this link.

 

  1. Comprehensive Insurance Plan from Private Insurers in the UAE

If you want greater coverage for your newborn, you can consider buying a comprehensive plan which comes with a wide variety of benefits and flexibility in terms of choosing desired healthcare providers, such as hospitals and clinics.

However, most of the insurers are reluctant to provide a child-alone policy, and those who provide separate medical insurance for your child require you to provide insurance proof of both parents.

To buy a comprehensive health plan for your baby, you will need to submit mandatory documents that include a medical application form (with the declaration of any ongoing condition) and a birth certificate.

When you choose to obtain a health insurance policy for your newborn child in the UAE, it protects your baby against the rising costs of quality health care for the rest of his/her life.

 

Can I Add My Newborn to My Existing Health Plan?

Parents with self-sponsored/individual plans can get their newborn added to the same health plan. Most healthcare insurance providers allow Dubai residents to make their newborns a part of the family’s existing health plan and provide newborns with immediate access to the entire range of covered benefits.

 

Do I Get Free Newborn Child Benefit in the UAE?

Yes. The majority of insurers in the UAE offer a Free New Child Benefit as part of their maternity cover. This benefit enables your baby to get a pre-defined amount of health coverage. However, once the financial limit or time limit is exhausted, you are required to file a new medical application with the insurance provider to ensure that your child gets continuous insurance protection.

Another thing you must know about Free New Child Benefit is that once this benefit is exhausted, any of your child’s medical conditions will be labeled as a pre-existing condition when you will apply for new coverage. While this alternative seems budget-friendly, it can be risky if your baby develops a medical condition in utero.

Before we end this discussion, let’s take a look at the changes that the Dubai Health Authority (DHA) has made regarding health access for newborn babies with parents holding Dubai visas in the last couple of years.

 

No waiting period

No insurance provider can deny the treatment for any health condition for the first sixth months when adding a newborn baby to an existing plan/group policy or buying a new health plan for the newborn. So, as a parent, you don’t need to worry about paying out of your pocket for the treatment your baby needs from day one.

 

Backdating is allowed

You can add or enroll a newborn child with a start date that can be 7 days prior. This way, medical insurance covers all the medical expenses from your baby’s first day. If the baby is initially covered under the maternity cover, then the start date of baby insurance can be backdated and any expenses will be deducted from the child’s health policy instead of the mother’s insurance.

However, you must know that even though DHA has waived the waiting period in Dubai, there might be a waiting period before you can get your newborn added to your existing health plan in other parts of the UAE. Thus, you should also confirm whether the waiting period is scrapped if your emirate is other than Dubai.

If you have any queries about Newborn Child Insurance options in the UAE, feel free to contact us anytime at info@newageib.com or 04-3573378.

52-Week Money Challenge: How to Save AED 20,000 This Year

A girl in white top with money in her hand

It is hard to find a person who says that they don’t want to save money. Between living expenses and spending money, it can be hard to save money each month. That is the reason why we are presenting the 52-week money challenge to motivate you to save.

For many people, getting started is the toughest part of saving. If you are not sure where to start saving or you have a hard time setting money aside, the 52-week money challenge will help you “create” spare cash without biting too much into your daily lifestyle.

What Exactly is the 52-weeks Money Challenge?

It is an incremental saving plan that makes it easy for you to save money consistently throughout the year. You can start by saving just AED 20 the first week of the challenge. The next week you can put away AED 40, and the next, AED 60.

Continue increasing your savings by AED 20 every week. By the end of the challenge, your total amount saved will be more than AED 20,000.

Here are some strategies to help you keep on following the 52-week money saving challenge:

  1. Better Start Small

It feels a lot more manageable to find AED 20 to save for a week than to say you’ll save AED 1,600 a month. If you feel intimidated by the prospect of saving, the challenge will help you build toward larger amounts by starting small.

  1. Try to Build Momentum

As you work towards your financial goal, you will gain momentum and notice more results each week. It will encourage you to keep on saving and help you build a long-term habit.

  1. Save As You Go

In order to reach the saving goals of AED 20000 this year, you’d have to save roughly AED 1,600 a month. Setting aside around 300-400 Dhiram each week is often more doable than finding AED 2000 at the end of the month after you’ve paid all your bills.

  1. Need to Stay Flexible

You might struggle to save because of pressing financial obligations, such as paying off debt. Since you have to set aside a small amount each week, the 52-week challenge will keep your money flexible rather than tying up hundreds or thousands of Dhiram all at once.

  1. Take It like a Game

Participating in a challenge, especially if you are doing it with a friend or family member, can help make saving more fun and exciting. Instead of finding it hard to save money, it will become a game that you want to win.

Difficulties of the 52-Week Saving Challenge and How to Encounter Them

It is easy to say that you’ll set aside AED 200 or 400 each week. However, as the challenge progresses, you may face difficulties, including:

  • Making it to the End

Saving AED 200 or 400 a week in a month of the festival can be tough. Most of the festivals occur in November and December. So, toward the end of the year is when things get tricky.

Solution: To tackle this, you can start the challenge in reverse: setting aside AED 900 in week one, 880 in week two, and so forth. That way, you’ll end up need to save AED 20 or 40 a week during the expensive holiday months.

  • Not Setting Aside Money Each Week

Additionally, since AED 20 a week, AED 40 a week, and then AED 60 a week is a nominal amount, it can be hard to remember to set that money each week with everything else going on in your life.

Solution: Create a visual reminder like a money jar or piggy bank to help you remember setting aside money every week. You can also do the challenge with friends and family to hold each other accountable.

  • Being Strict with Self-Control

It can be hard to exercise self-control. That’s true in the case where money is involved. When you find yourself needing a small sum of money, you may get tempted to remove a few Dhirams from your savings.

Solution: If you put your money in a checking account, get rid of a debit card, making it hard to spend. You can also deposit the money in an interest-earning saving account.

The Bottom Line

When it comes to saving money, many people struggle to get started and stick to the plan. Others don’t know how to set aside savings while managing the rest of the financial obligations.

Start the 52-week money challenge if you need to kickstart your savings, start building an emergency fund, or inculcate a savings habit.

Accident Insurance – A Plan You Need to Financially Survive a Catastrophic Accident

insurance cover

Accident insurance is the supplemental plan designed to provide you with the one-time, lump-sum amount for your use if you are unlucky enough to have an accident. You can use it along with your health insurance. However, it is not a replacement option for regular health insurance.

What Is the Need for Accident Insurance?

Accidents happen and that too without any alerts or notifications!

No matter how hard we try, sometimes, things don’t happen the way we want. They don’t essentially involve you driving your car or riding your bike, they can happen in other forms too. You may fall while hanging curtains. You may slip in the bathroom or on the stairs. If you are suffering from a certain health condition or getting fragile due to age, you are even at greater risk of such accidents.

By saying these things, we are not trying to scare you; we are just stating the adverse possibilities for which you should always be prepared.

Having Health Insurance Does Not Mean Your All Accident-Related Expenses Are Covered.

You may already have dental or medical insurance but they might not be enough if you were involved in an accident. Even the best health insurance plan may not provide full coverage for multiple expenses that you will incur right from staying in the hospital to undergoing medical treatments, buying medications, and taking leaves from the job to attend appointments and get the much-needed rest. All of this is in addition to everyday expenses, such as booking a taxi, ordering food, making some changes to your house to accommodate the physical disability that might happen after the accident and so on.

Fortunately, when you are involved in an accident and have accident insurance, a fixed amount of money (as mentioned in the policy) is provided to you even before you get the medical bills. It provides guaranteed coverage regardless of your preexisting health conditions. And the coverage is portable which means the plan is valid even if you change your job, as long as you meet the criteria.

Usually, the money is provided in the form of a check with your name instead of your healthcare provider within 10 days after you file the claim.

And Yes, Don’t Forget Your Kids (if you have any). Kids also need accident insurance as they are more prone to sports-related injuries.

What to do If I Am Involved in a Road Accident in the UAE?

An accident could be your fault or the fault of other driver(s). Whatever the reason behind it, the situation could be very stressful and overwhelming. Sometimes, in panic, people don’t do things that protect their interests. If you ever encounter a road accident in the UAE, take the following measures:

  • Don’t leave the scene unless it is appropriate.
  • Warn other drivers to prevent further accidents by setting up a hazard triangle or keeping hazard lights on. Move away from fast lanes to a safe place nearby when possible.
  • Dial 999 to contact the UAE police as early as possible. You will need a police report to file a claim with your accident insurance company if you have sustained injuries. Besides, if your vehicle got damaged during the accident, you will need a police report to file an auto insurance claim too.
  • When the police arrive, provide details of what happened as best you can. In case you are not sure, inform this to the police. Take photographs of the scene, injuries you sustained, and the damage your vehicle suffered if you can or ask someone you know to do it.
  • Notify your insurance provider at the earliest.

How Can I Sign up for an Accident Insurance Policy?

  • You can ask your employer if they offer accident insurance as part of their benefits package.
  • You may also ask your spouse’s employer/benefits administrator about which insurance plans are available.
  • You can contact a reputable insurance broker who can help you find the best accident insurance plan available.

We, New Age Insurance Brokers LLC, are the leading company based in the UAE, representing more than 25 local and international insurance companies. We work closely with our clients to learn their needs, preferences, health, and lifestyle to help them determine which type of insurance plan is best for them, know which insurance plans could be redundant and if they need another insurance plan for better coverage and special circumstances.

In case you have any queries about accident insurance or other insurance policies, please feel free to contact us. We strive for your better financial stability in uncertain times.

Top Things to Consider Before Buying Term Life Insurance Plan

insurance policy

Term life insurance is the type of life insurance plan that provides coverage for a limited period of time at a fixed rate. These policies are offered with a basic structure where the plan provides the coverage for a specified term of years with an annual premium. The coverage amount will be paid to the beneficiary if the insured dies during the term. It doesn’t offer the benefits of the policy if it is not active or expired after the specified time.

Term life insurance plans are different from permanent and high-value life insurance plans that provide coverage benefits for the lifetime. Permanent life insurance plans also have a savings component that is not available in term plans. However, term insurance policies are initially less expensive as compare to other life insurance plans such as whole life and universal life insurance plans. Today, there are different types of term insurance plans based on payouts and premiums.

  • Convertible Term
  • Increasing Term
  • Mortgage Term or Decreasing Term

When you are planning to buy a term life insurance plan, it can be a very complex and challenging process to select the right policy depending on your needs. Here’re the top 5 things that you can consider while searching for the right term insurance policy:

Term insurance coverage

The very first thing that you should do is to calculate how much insurance coverage you want for your family to cover all their needs. While calculating your coverage, you should include monthly expenses, future inflation, liabilities, and future life goals such as education and marriage. It will help you to calculate an approximate value that your family will need in case of your unfortunate death during the term insurance coverage period.

Tenure of term life insurance

After calculating how much insurance coverage your family needs, it is important to determine till what age you want insurance coverage in order to provide financial stability to your family after your unforeseen demise. The tenure of your policy should not be too little or too high to avoid any financial obligations. The best way to determine this is to make an idea about after what age your kids and other members will be well settled and won’t need any financial coverage to support their future needs. Along with this you will also need to determine by what age you would have sufficient savings to take care of your spouse in case something was to happen to you.

Suitable payout options

The payout option you choose will determine the premium amount you have to pay annually for your policy. Try to calculate a lump sum payout you want as per your requirements if the regular monthly payout is not available in your policy.

Find the right insurer

Different insurance companies offer different types of term life insurance plans in the market. It is very important to select the right insurer that best suits all your requirements to provide insurance coverage to your family. You can consider the factors like claim settlement ratio, solvency ratio, financial background, and market reputation to find the best term insurance company for your needs.

These are some common things that you should consider while searching for high-value life insurance plans. It’s always a better idea to consult with an experienced and qualified insurance broker to understand different term insurance policies to make the right decision as per your requirements.

What is the Role of Insurance Brokers and how they are Different than Insurance Agents?

insurance broker

When we talk about insurance policies, the very first thing that comes in our mind is an insurance agent or insurance broker. Many people don’t know that the role and job responsibilities of an insurance broker are different from an insurance agent. It is very important to understand the difference between both the roles to make the best use of insurance services to protect business as well as personal interests.

Both the insurance brokers and agents are licensed professionals who help individuals and corporate with insurance policies. The role of an insurance broker is more like an advisor to a consumer and he directly represents the consumer. They don’t sell insurance products but help their clients to find the right insurance policies and risk coverage as per their needs. They provide all the essential information related to different insurance companies and their policies to make a comparison. In a way, they help their clients to find the right insurance policy and protection plan while focusing on their business growth or personal lifestyle depending on if the client is looking for individual insurance plans or corporate insurance plans.

Insurance Broker vs. Insurance Agent

An insurance agent directly represents an insurance company and focuses on selling insurance products to consumers on behalf of the company. Unlike an insurance broker, an insurance agent only targets to increase the sales of the insurer by bringing more clients on board. He/she works as a bridge between the insurance company and consumers for selling insurance products. An insurance agent offers products of a company and gives a detailed insight of the product to the consumers. He also helps clients with paperwork and premiums for the chosen insurance plans.

In general, if you are looking for a new insurance policy and not sure about which insurance policies from which company will be best for your needs, then you should go to an insurance broker. Insurance brokers work with different insurance companies and keep an eye on the market to help their clients get the best coverage plans. They are equipped with technical knowledge and expertise to serve their clients with their insurance and financial planning.

An insurance broker performs the following duties:

  • Risk analysis and evaluation based on client’s business information
  • Research insurance policies, coverage plans, terms, conditions, and prices on behalf of the client
  • Give appropriate advice and insurance solutions to the clients
  • Keep updated with the insurance market and policies
  • Negotiate with the insurance companies on behalf of the client
  • Responsible for progress reports and written acknowledgments
  • Offers insurance consultancy during negotiations, claims, risk management, and premiums

There are many insurance broking companies that closely work with their clients to craft their coverage plans as per their needs. They offer all kinds of insurance and investment solutions to their clients. If you are looking for insurance broking companies in UAE, you can connect with the professionals and experts at New Age Insurance Brokers for the quality of services. They have years of experience in providing insurance consultancy and solutions as per the clients’ demands.