Health insurance policies are generally renewed every year. This gives you an option to either continue with the same plan for another year or switch to a new one. If you place your group medical insurance through a broker, you can also choose to renew with the same broker or go with a new one. Renewal is almost like an annual check-up of your health insurance. You can go through your current policy and find the coverage and benefits that are working for you and the ones that are not, and accordingly make the amendments when you renew your policy.
It is a known fact that health insurance is made mandatory by the UAE government so renewing your group medical insurance is something you cannot avoid. It is important to understand that each renewal of a group health insurance plan constitutes a new contract between the insurance company and the customer.
At the time of renewal, the insurance company may present changes in the policy benefits and it becomes imperative to be aware of the terms of renewal and acknowledge any significant changes. There is always a scope of negotiating the terms if you are unhappy with the proposed terms. You can always switch over to a different insurance company or a different broker if you are still not happy with the terms.
If you decide to renew your insurance with the same insurance company, few months prior to the expiry of your health insurance, your insurance provider will remind you of the renewal terms. This generally includes the terms for your policy including the benefits, coverage and premiums. All the terms and conditions are included in this reminder which gives you enough information and time to choose whether you would want to renew your policy with your current insurance provider or not. If you decide to renew with the same insurance company, the insurer or broker will compile an updated group census list with the details of all the additions and deletions. This data is then used as the basis of the renewal quotation for the policy.
While different insurance providers may have different requirements, here is a checklist of the most commonly required documents during group health insurance renewal:
- Valid Trade License copy Broker of Record (if renewing through a broker)
- Establishment card copy (applicable for groups with multiple trade licences)
- MOL (Ministry of Labour list)
- VAT Certificate
- Updated members list
- New inclusion during renewal – MAF / CI forms/ Major Medical Declaration form respectively to be filled. Labour card, PP and Visa copy to be attached.
- Renewal Rates confirmed
- Census sheet (Insurer format)
- MAF (in case company is below the SME plan)
- Declaration letter
- Final quote and Table of Benefits
In case you make the decision of purchasing your group medical insurance from another company, it is important to time it properly. This will help you make a seamless switch from your current insurance company to another one and you will avoid the risk of having no medical insurance coverage during the switch. The documents required for placing the group medical insurance with a new company are not too dissimilar from the ones needed for renewal. There might be a few additional documents needed with the placement of a policy through a new company, however, it varies between each insurance provider.
- Detailed census list – Name, gender, DoB, Nationality, Marital status, relationship status (employee, spouse or child)
- Broker of Record (if renewing through a broker)
- Valid Trade License copy
- Establishment card copy
- MOL (Ministry of Labor list)
- Census sheet (insurer format)
- Final Quotation (approved by the client) and Table of Benefits
- Payment mode and terms agreed upon Critical Illness form (CI)/ Major Medical Declaration Form Passport, visa and Emirate ID copy (depends on the company size)
- Declaration letter
- VAT Certificate
If you are placing your group insurance policy through a broker, the documents required will be highlighted to you at the time of renewal. Dealing through a broker will make the process easier as the broker will take the responsibility of communicating with the insurance provider to understand all the documents required by the insurance company.
Keeping in mind the factors influencing the prices of health insurance, the trends in the market and improving your basic knowledge of the insurance market will help you make better decisions and make the renewal process smoother and easier each year.