With the rising cost of company medical insurance and family health insurance in Dubai, many individuals find it necessary to look for ways to prevent their insurance premiums from increasing. The premiums that companies put on their health insurance policies are one of the major factors in the overall cost of health insurance. So, by reducing the costs of your insurance premiums, you can find cheaper cover for your medical health expenses.
Although health insurance in UAE is statutory for all employees and individuals, there are many different types of insurance policies available to cover all type of medical expenses. Therefore, finding the cheapest medical insurance in UAE can sometimes be a challenge.
Below are 5 easy ways to prevent your insurance premium from increasing while at the same time, making sure you have adequate medical cover for any unforeseen health situation or emergency.
1. Take Care of your Health
One of the best ways to keep your health insurance premium from increasing is to take good care of your health. Health insurance companies always take health risks associated with various lifestyle choices into account when calculating their insurance premiums.
In 2013, the journal Global Health Action published information on the general health status of UAE residents. It found that cardiovascular disease accounts for 25% of all deaths in the Emirates. The study also said that, although cancer rates are still lower than in Western countries, the number of people suffering from cancer is set to double by 2020.[1] This is in addition to increases in cases of diabetes, high cholesterol levels, and obesity, all of which will have an impact on insurance premiums.
Many medical insurance companies increase their premiums for people whose lifestyle poses health risks. Therefore, one way to prevent your medical insurance premiums in UAE from becoming more expensive is to take good care of your own and your family’s health. Many companies also promote healthy lifestyle choices to lower premiums for group health insurance policies.
2. Know Your Cover
Health insurance policies in UAE can be very complex and therefore you might be paying for medical services that you may not require. If you think that your health insurance plan includes cover for unnecessary medical issues, you could remove these to prevent the cost of your insurance policy premiums increasing.
You should also check the geographical coverage of your health insurance policy. For example, in Dubai, the best family health insurance will cover you for the major hospitals and medical services near to your home. However, you could reduce your insurance premium by checking to make sure the medical network offered suits your needs.
3. Increase your deductible
Opting to increase your deductible is one of the easiest ways to avoid paying higher insurance premiums on your health policy. All medical insurance companies in UAE divide their insurance policies into the premium and the deductible. If you are willing to pay a higher deductible you will be able to prevent larger increases in your health insurance premium next year.
You could also look at the co-payment level in your health insurance policy. This is the percentage of the final medical bill that you have to pay yourself. Obviously, the higher percentage of the medical services you are willing to pay, the lower your premium will be.
However, always weigh up the risks of lowering your premiums with high deductibles and higher co-payments according to your financial and family needs.
4. Compare health plans
To find the best and cheapest health insurance premiums, you should always compare medical insurance. With more than 60 different medical insurance companies in UAE all offering a range of services and medical health plans, comparing health plans could save you money on the cost of your premium.
For example, if you are planning to start a family, there are many companies offering maternity insurance in UAE. Make sure that the premium you pay for maternity cover provides coverage for all medications, diagnostic tests, pre and post-natal appointments, and any complications that may arise. For an extra premium, maternity coverage may also include premature deliveries, after-birth care, and voluntary caesarean birth.
5. Regularly assess your health needs
As you get older and your health needs change or your family situation changes, you may have to change the amount of medical cover you require. One way to prevent increases in your medical insurance premiums is to make sure that your current insurance policy represents your current health needs.
For example, does your health insurance policy cover you for sports injuries, but you no longer take part in sports? You could reduce your premium by excluding sports injuries from your medical insurance.
While it may not be possible to foresee and plan for all of your medical needs, adequate health insurance allows you to take some of the worry and stress out of any health-related situation.
At Bayzat, our team of benefit consultants is ready to help you find the best medical insurance in UAE with the lowest premiums and highest cover for your requirements.
Article reference:
[1] Glob Health Action. 2013; 6: 10.3402/gha.v6i0.20100. An analysis of the health status of the United Arab Emirates: the ‘Big 4’ public health issues
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