Finding the right health insurance plan for a company can be difficult given that there are many different members who will be affected by the decision.
Many parties involved in the organisation are significantly impacted by the medical benefits strategy your firm adopts. Cost control is undoubtedly a motivator for every business owner; however, department managers prioritise budgetary accountability. Since employee benefits play a significant role in attracting and retaining talent in the UAE, where over 50% of workers see the benefits package as a key element of workplace satisfaction, this may conflict with the HR department’s commercial objectives.
When it comes to group health insurance, there is a significant human element as well because the selected coverage will have an impact on both employees and their families. For a HR professional, appeasing all these groups who appear to have opposing interests can seem like an overwhelming undertaking. Here are a few things to think about when selecting a medical insurance policy.
#1. Start with Locations
Every insurance policy has a network of hospitals and clinics where patients can receive direct billing services. Staying inside this network benefits employees as it can help to keep claims low, which will in turn help keep the employer’s renewal premium low.
There is typically a premium network with many hospitals and clinics in it. Premium networks typically contain services from Mediclinic, Medcare, Saudi German Hospital, and more as opposed to the standard network. Finally, a limited network option is typically available, consisting primarily of locations in Al Qusais, Al Quoz, Bur Dubai, Deira, and Jebel Ali (such as Aster and NMC).
Depending on the network, medical insurance premiums can vary greatly. An insurance policy with the premium network may cost more than twice as much as an insurance policy with the ordinary network.
Why is this significant then? The majority of workers will eventually go to a hospital close to where they live. Employees who live in Discovery Gardens, for instance, could not truly benefit from the premium network because many of the hospitals are on the opposite side of town. Of course, the employer may still offer fantastic perks, but they need to be sure to take into account where their employees reside to prevent paying too much for group health insurance.
#2. Think of the Benefits
Employers need to consider which benefits are most important to them. Narrowing down the priorities can help to make a decision because it’s almost impossible to find the ‘perfect’ health insurance plan. For instance, having global coverage may be crucial if the company’s staff travel for work frequently. Pre-existing condition coverage is one to take into account. Employers will discover that although some plans automatically cover pre-existing diseases, others have a 6-month waiting period before employees are covered.
#3. Speak with a Broker
In the UAE, there are numerous insurance brokers, so pick wisely. In order to locate the best solution for the business, a trustworthy insurance broker like IAE Insure will conduct all the necessary research and compare possibilities from various insurance providers in the United Arab Emirates. In general, using a broker rather than approaching an insurance company directly results in better prices for businesses. Employers can navigate the application procedure more easily with the help of a broker.
#4. Compare the Plans
To make the greatest choice, like with any product or service you purchase, it is vital to consider all of the possibilities.
#5. Client Experience is Important
A comprehensive medical insurance plan for staff members will have little impact if they do not also receive the kind of customer service that goes along with it. That is easier said than done in the UAE. IAE Insure not only guarantee that each policyholder receives the level of customer service they deserve, but they also give employees access to a robust technology platform that makes it easier for them to comprehend their health insurance coverage.
#5. Think Long Term
An employer should never put themselves in the position of having to lower employee medical benefits due to excessive renewal expenses. In the UAE, unfortunately, this occurs rather frequently. Many businesses that come to IAE complain that their premiums have gone up because their claims ratio was too high the year before the insurance. A wonderful initial step in lowering the claims ratio is to assist company personnel in comprehending the details of their health insurance coverage. Instead of a last-ditch attempt, this must be a continuing practice throughout the entire year. Of course, technology has become one of the most efficient methods to do this with the widespread use of cellphones.