Medical insurance is a secure insurance plan under which the insurance company covers the medical costs or guarantees compensation for medical expenses of hospitalization in case the insured falls ill or meets with an accident, like falling down a staircase.
The importance of medical insurance has substantially increased these days. Undoubtedly, Dubai is bestowed with an advanced healthcare system, but medical costs are very high, especially in the private health sector. This is why buying the right medical insurance in Dubai can help you carry the burden of heavy medical bills should you have a medical emergency.
You must choose the right medical coverage that encompasses your medical expenses fully or to the extent possible. Thus, here, we are going to discuss the things that you need to know upfront before you choose a medical insurance plan.
- Mandatory Health Insurance
In Dubai, it is mandated that all employees, workers, and ex-pats must have medical/health insurance from their employers or sponsors regardless of their salaries. This insurance must provide at least the minimum limit of coverage as defined by the Dubai Health Authority. This way, the Dubai government makes sure that even the employees with a low pay scale can have access to adequate healthcare.
- Quality of Healthcare Facilities
If you are an ex-pat from the USA, UK, Canada, or another country with robust healthcare infrastructure and residing in Dubai to explore education, job, and business opportunities, you can have peace of mind. The quality of healthcare facilities in Dubai matches the standards of western countries. Besides, you have an added advantage that the cost of certain surgical operations is considerably less due to less expensive labor and different forms of medical insurance plans.
In Dubai, you have a wide range of choices as there are local and international plans, basic and premium plans, and plans with deductibles and no deductibles. By having the right insurance consultant, you can easily find which medical insurance in Dubai would suit you best.
- Geographic Coverage
While choosing a medical insurance plan, you also need to take the type of geographic coverage into account. You need to decide how frequently you go to other emirates or foreign countries. Some medical insurance plans cover only your city, some plans cover the entire UAE, regional plans may provide coverage in GCC countries or MENA regions, and some plans also cover international trips. International insurers also provide direct billing facilities outside UAE so you can enjoy cashless facility by just carrying your medical card.
- Maximum Coverage
Maximum coverage is the ceiling amount that your plan offers annually and it is aggregated based on the limit of your medical insurance plan. The lower your maximum coverage, the lower your premiums. The higher your maximum coverage, the more robust your medical insurance plan is.
- Maternity Benefits
Maternity benefits must be considered if you are getting married or starting a family. So, check if all the services (outpatient as well as an inpatient) required by you are included in the plan. Outpatient services include lab tests, ultrasound scans, and prenatal checkups, while inpatient services include the delivery of the baby and any emergency medical procedures. Also, while getting an individual medical policy, one must also confirm if there is any waiting period on maternity.
- What’s Not Included
There are a lot of things that some medical insurance plans don’t cover. So, you need to search this list to see whether your particular requirements are included in the plan or not. For instance, if you want your dental treatment to be covered, you need to make sure that it is included in the plan. Alternative medicines, dental, optical are optional covers depending on the plans you choose. However, there are certain exclusions that are applicable on all plans. These include cosmetic treatments, supplements, diet plans, medical equipment etc. Checking exclusions is important so that one knows fully well what is covered under their medical insurance plans.
At New Age Insurance Brokers, we can review your current insurance plan to see if it meets all your needs and also recommend the right plan for you and your family. Reach out to us for a free consultation and we will ensure that you get the best plan that suits your exact needs.
Most of us make long term plans to purchase jewelry, property, or a vehicle considering them as major investments. But what about a medical insurance policy? We tend to ignore the significance of medical insurance and regret later. But with the constant increase in prices of healthcare, and with the ever-increasing instances of health-related diseases, medical insurance has become incredibly important for everyone irrespective of age and income.
Medical insurance offers that much needed financial help at times of medical emergencies. It pays for the medical expenses incurred from illness and also reimburses the insured for the expenses incurred for injury or illness. Besides this, there are more reasons to have a medical insurance policy in place, however, just bear in mind that the premium that one has to pay to get good medical insurance differs from person to person, and is based on several factors.
What’s the best time to buy a medical insurance policy?
There is no such thing as the right time to buy a medical insurance cover. Illnesses or accidents don’t look for the right time to inflict pain on families. The moment you realize that your health and your family members’ health costs may only grow in the long run owing to the overall increase in the cost of living, that now is the right time for you to get medical insurance. It is always better to get medical coverage as early as possible to avail beneficial advantages, and the sooner you realize its importance, the better it’s for you and your loved ones.
Some good reasons to get medical insurance:
- Increase in medical costs:
The medical cost today has drastically risen, and so, in case of any type of medical emergency, most people end up draining their savings. This in return takes a toll on their long term plans. With medical insurance, however, you get a helping hand in terms of your financial needs and you get the best treatment possible, without worrying about the costs and expense.
- Incidences of severe diseases and illnesses have increased:
The fact is that you don’t need to be 60 to buy medical insurance. Hectic work life and physical and mental stress have led to an increased occurrence of health-related problems involving lung conditions, heart, stroke, and cancer, claiming lives. It is thus, very prudent to insure oneself at an early age and receive benefits that come with it.
- Medical insurance covers much more than simply hospitalization:
The new medical insurance policies don’t just cover hospitalization, but also cover you for Out-Patient and Day procedures. Moreover, plans also have some maternity advantages that may be suitable at an early age of life.
- It offers all-inclusive deals, but only when you buy it early:
Young buyers get a more extensive deal when it comes to buying a medical insurance policy. Getting medical insurance coverage at a young age ensures that there are no chances for pre-existing illnesses as you’ll be covered completely at an early age, and any disease detected later will be covered instantly and automatically.
Some additional advantages:
With medical insurance, you also get some extra benefits such as coverage for surgeries, ambulance coverage, coverage for vaccinations, health check-up coverage, and so on. Additionally, you also get coverage for a number of non-hospital related issues including dental care, optical, chiropractic, and some alternative therapies as well.
Nevertheless, if you are looking for bigger medical coverage for your extended family then there are also insurers out there who’ll customize your plan for that too. So, avail all these benefits of medical insurance policy, and make sure you get it as early as possible.
By Savitha Shetty, Vice President
“Why do I need Critical Illness cover? I have Medical Insurance” This is the typical reaction I get when I ask friends if they have a critical illness cover?
Let’s start with the very basic- What is a critical illness cover? This is a cover that pays out a lump sum (sum assured) when one is diagnosed with a major listed illness. Most of the insurance companies’ critical illness list typically includes about 32 illnesses like cancer, stroke, first heart attack, motor neuron disease, and more.
Let us look at two real-life examples that illustrate how this lumpsum payout could have significantly helped these individuals.
Story 1: Mrs. Sultan, an Arab national, was recently diagnosed with breast cancer in 2018. She has an above-average enhanced medical insurance policy which was sufficient to meet her regular medical insurance needs. However, when she got diagnosed with breast cancer the doctor prescribed many tests that aren’t typically covered by most insurance policies. The cost of treatment has now surpassed the available limits on her medical policy. Mrs. Sultan and her family are now digging into their savings to pay for these medical tests. Not only that Mrs. Sultan has young school going kids. Though she received some support from her family, she has had to hire some additional help at home to help take care of kids and manage the household while she is undergoing treatment. The financial stress in addition to the emotional stress of the illness has taken a significant toll on the couple.
A critical illness policy would have saved a lot of the agony, at least the financial ones, for the Sultans.
Story 2: Mr. Majumdar, aged 35 years,was working as one of the Directors at a large financial firm in DIFC. Due to economic stresses the company decided to shut operations in 2010. All employees were made redundant. Back in 2007, I had asked Mr. Majumdar to consider having a critical illness policy but after a lot of back and forth, he concluded that his medical insurance provided him sufficient cover and that he didn’t see the need to buy a critical illness policy.
As destiny would have it Mr. Majumdar was diagnosed with stomach cancer soon after he was made redundant. The timing
couldn’t be worse. He had NO MEDICAL INSURANCE to start with; two young kids with one ready to start schooling and; a household living expenses that won’t take a break.
Buying a new medical insurance was not an option as medical insurance gets more expensive when a severe medical condition is already diagnosed. Mr. Majumdar had to depend on social service organizations to fund his cancer treatment and all his savings were exhausted to ensure that his family is comfortable.
Had he CHOSEN TO BUY A CRITICAL ILLNESS policy, the scenario would have been different. He would have been paid a lumpsum (for eg. USD 250,000) as soon as he was diagnosed with cancer. He would have paid for his treatment without having the stress of where money for his treatment would come from. Instead of losing sleep over what has happened, he could have recovered faster, with his savings still intact.
Hope the above real-life stories help answer the question of “Why do I need critical illness cover when I have medical insurance?”
*We have disguised the names of the actual persons to protect their privacy
** Premiums will vary depending on every individual’s unique circumstance