How to bag the best health insurance policy for your employees in the UAE

Choosing the right health insurance policy for your organization can be quite nerve-wracking. Below are some quick tips to help you through the process.

One of the most important factors in determining employee satisfaction in the workplace is the medical insurance benefits provided to the employees and their families. It is essential to get this right; however cost control can be a limiting factor for the HR professionals and small business owners.

No matter the size of the company, great health insurance benefits are an effective way to appease the employees and keep morale high. We have listed some of our top tips for HR professionals to remember while choosing a health insurance policy for their employees:

Focus on the network: Each insurance plan comes with a network list of hospitals and clinics that the policyholders can visit without having to pay out-of-pocket. Staying within the network also helps you keep the claims and renewal premium prices down. In the UAE, the premium network includes a larger number of hospitals and clinics compared to the regular ones. Some examples of premium network hospitals and clinics are Mediclinic, Medcare and Saudi German Hospital. While the standard network list usually includes hospitals in areas like Bur Dubai, Deira, Jebel Ali and Al Qouz. Based on the area covered by the network, the cost of the policy can differ. It is important to consider this since most employees visit the medical facilities that are nearby their residence. Make sure you provide benefits that keep in mind where most of your employees reside.

Choose a reliable broker: UAE is an insurance broker led market. With over 150 brokers registered in the UAE, you have many options to choose from. Insurance brokers take the burden off you by conducting the research and comparing various options to find a plan that fits best for your company. Having a broker also ensures that claims, additions, deletions and post placement support are handled smoothly.“Don’t skip the fine print and understand insurance jargons so that you know the health insurance plan inside out.”

Make your comparison list: While choosing health insurance plans for your organization there are a lot of things to consider, most of which your broker or agent should help you through. However, it is your responsibility to compare different health insurance plans, network lists and out-of-pocket costs. Try to understand which benefits are of a higher priority as compared to others. If your employees travel frequently, worldwide coverage can prove to be more important. Once you are narrowing down your options, make sure you compare the different plans in detail to make the best choice for your employees. Don’t skip the fine print and understand the jargons so that you know the health insurance plan inside out.

Planning for the future: Many companies in the UAE face an increased premium at the time of renewal. This is commonly due to high claim ratios the previous year. You don’t want to deprive your employees of great medical benefits because of renewal costs. A good way to avoid this is to ensure you educate your employees about the terms and conditions of the insurance plan. Ensuring that the employees understand the benefits and stay in the network can help you keep the rising renewal costs at bay. Applications such as Bayzat Benefits help you and company employees manage health benefits without spending too much time answering individual questions.