Essential Factors You Need to Know about Health Insurance Costs in the UAE17 Feb, 2023
Read this article to understand health insurance costs in UAE and what factors to consider while choosing your health insurance plan.
Health insurance rates in UAE
Due to the laws that mandate health insurance as a legal requirement in the UAE, health insurance companies have designed numerous low-cost insurance options for individuals. The increasing need for health insurance is rising with rates of illnesses and diseases. Health insurance can save you and your family from the financial burden that comes along with unexpected medical emergencies. Even though employers are encouraged to provide insurance for their employees, they are not obligated to do so. There are numerous options for health insurance coverage that include a range of premiums depending on the policy you choose.
Quick Read Section
- Health insurance is a mandatory requirement in the UAE, and insurance providers offer several low-cost insurance plans for individuals and groups.
- An EBP plan is the best option for those with low monthly income.
- Choosing a comprehensive health insurance plan with add-on benefits, hospital network, and maximum pay-out is essential to manage emergency medical costs.
- Low-cost health insurance plans provide insufficient coverage and can lead to more spending than saving.
The following section will look at the premium rates for different health insurance policies available in the UAE.
All about Health Insurance Cost in the UAE
Typically, an Essential Benefits Package (EBP) plan is the best-fitted option for UAE residents whose monthly income is lower than 4,000 AED or for those who do not work and require a basic health insurance plan for their dependents. The EBP plan offers premiums that range from AED 650 to AED 725 annually. This cost can vary from emirate to emirate. This plan covers physician visits, referrals to specialists, specific surgical procedures, lab tests, emergency visits with check-ups, and maternity care. However, the EBP plan requires pre-authorisation from the insurance company in case of in-patient care procedures, as the EBP plan may not cover these procedures. The basic plan also limits the maximum coverage up to AED 150,000.
Dubai has higher medical insurance costs as compared to the other Emirates. The average health insurance cost in Dubai ranges up to AED 10,000 annually. The average premiums for comprehensive insurance in Dubai, Abu Dhabi, and substantial cities range from AED 5,500 for expats and AED 33,500 for a four-member family annually.
A family healthcare plan in Dubai that covers a family of four costs around AED 17,000 per annum. However, for a couple with a joint policy, it ranges up to AED 36,324 annually. Although the medical insurance costs in the UAE are high, the UAE offers the best medical services worldwide.
Approx. AED 5,500 per annum
Family plan for 4 members
Approx. AED 17,000 per annum
Joint plan for 2 members
Approx. AED 36, 324 per annum
How is Buying a Healthcare Plan Beneficial in the UAE?
Our fast-paced, dynamic way of life has increased our susceptibility to illness. A variety of advantages come with choosing a health insurance plan. Here is a list of health insurance benefits in the United Arab Emirates.
1. Avail Low-Cost Medical Services:
Health insurance plans offer financial and medical protection during a medical emergency. Young people with better health can buy health insurance policies at reduced premiums and benefit from many advantages as they get older.
2. Obtain Coverage for Unexpected Medical Expenses:
Although nobody can foretell the future, there are instances when unanticipated health issues cause mental distress. Nevertheless, the strain of medical costs may make you worry more. You can manage emergency medical costs by selecting a health insurance plan with the necessary coverage.
3. Access to Add-ons:
Comprehensive health insurance allows add-ons like home care facility, maternity care cover, hospital stay rent cover, and more.
4. Avail Discounts on Premiums:
Long-term health insurance plans offer more affordable premiums. These premiums save you from hefty expenditures during medical emergencies.
5. Visa issuance and renewal
Having health insurance coverage is mandatory for the renewal of your UAE visa. A copy of your health insurance card is to be provided along with your visa application.
Useful Tips to Buy the Best Healthcare Plan in the UAE
Choose the Correct Insurance Coverage:
Selecting medical insurance based on a reduced premium but insufficient coverage could prove problematic. Low-cost medical insurance plans typically provide insufficient coverage. As a result, you can spend more money out of pocket rather than cutting back on medical costs. The optimal family insurance plan should provide benefits like pre- and post-hospitalisation, maternity costs, and more while protecting every family member against various medical conditions.
Pick an Insurance with Lifetime Renewability:
As we age, we become more dependent on medical insurance. Choose insurance that offers a lifetime renewal option. This will help shield your family from medical problems in the long run.
Compare Different Plans:
Several health insurance brokers and companies in the UAE provide family medical insurance. As a result, it's important to pick the plan that best meets your family's demands. It would be preferable to consider elements like add-on benefits, the hospital network covered by the policy, and the insurance's maximum pay-out.
Substantial Claim Settlement Ratio (CSR):
You must select medical insurance that provides higher CSR. The ratio of all claims paid out by the insurer to those received is known as CSR. A higher CSR for an insurance company will ensure the likelihood that your claim request will be approved in a structured and timely manner in a medical emergency.
Sum Assured Limit:
A family health insurance will cover costs up to a predetermined assured sum. The policy will cover larger charges if the sum assured is higher. This feature can help ensure you receive the most coverage and benefits for your family because medical procedures in the UAE are highly expensive.
Insurance brokers present you with multiple insurance options. Their expertise will save you time for decision-making. Thus, associating with a health insurance broker will help you save money and time. After you associate with a broker, they will help you make every insurance-related decision.
Contact us today for all your health insurance needs.