Especially with the rising cost of medical treatments. Whether you’re on an individual, family, or corporate plan, understanding how to optimise coverage can save time, money, and stress.
Know Your Plan Inside Out.
The first and most important step is to know your plan inside out. This will require careful reviews of policy documents, making sure to pay attention to the limits, exclusions, and sub-limits (for example, maternity, dental, and outpatient care). ‘This might seem obvious’ says Ian Featherstone, CEO of IAE Insure ‘but you’d be amazed how many people don’t fully familiarise themselves with the limits and exclusions in their policies. It’s only when the worst happens that they find out what their policy actually covers. And finding out at this late stage can be very costly.’
Another important thing to be aware of when examining a medical insurance plan is the co-payments and deductibles. These affect a policy holder’s out-of-pocket spend. These are the expenses that a policy holder pays for with their own money and are later re-imbursed for. For this reason, it’s a vital part of the policy to be aware of to ensure peace of mind and to know how much each visit or admission will cost.
One final, common pitfall that many people fall victim to when they take out a medical insurance policy in the UAE is to not understand the waiting periods in their policy. In insurance, waiting periods are a specific timeframe during which a policyholder must be insured before certain benefits are covered. For policyholders who aren’t familiar with these waiting periods, it can be a costly mistake as they won’t be covered for some of the benefits that are in their policy. Waiting periods are common in medical insurance, especially for things like maternity benefits and pre-existing conditions.
To find out more on Individual Medical Insurance in the UAE, visit our page for detailed policy breakdowns.
Use In-Network Providers.
Staying in-network will be another great way to maximise medical insurance benefits in the UAE. Choosing hospitals and clinics within the insurer’s network ensures full coverage and ensures that the policy holder benefits from the negotiated rates. This will require the policy holder to check their provider’s directories to make sure they have up-to-date facility listings. Luckily, many insurers now have apps or websites which contain this information.
For policy holders who need hospitalisations or planned treatments, it will be a good idea to get approval in advance to avoid any possibility of claim rejections. This is called pre-authorisation and it’s particularly important for expensive or complex treatments, like surgeries. Sometimes pre-approval is even a requirement for certain benefits, but this will vary between different plans. ‘Pre-approval can save a lot of money’ says Ian. ‘For people who undergo a medical procedure without pre-approval, there’s a chance that the insurance provider won’t cover the full cost of the treatment, leaving the patient to pay out of their own pockets. However, pre-approval can also help policy holders to avoid unnecessary medical treatments or procedures. This is because insurance providers review the medical treatment plan and determine whether or not it is medically necessary. For those that aren’t, insurers will suggest alternative treatments that are covered in the existing policy.’
Maximise Preventive Care and Keep Good Records.
For policy holders who take good care of their health, it will be easy to get the most out of their medical insurance policy. For example, annual check-ups are fully covered in many plans. By utilising this benefit, policy holders maximise their chances of early detection, which avoids costly treatments later on. The same is true of making the most of outpatient benefits like GP visits or physiotherapy. However, it will be important to stay within annual policy limits to avoid gaps in care.
Just as preventative care reduces the risk of issues that may arise later, keeping good records also makes sure that any issues associated with a claim can be resolved more easily. It will be of vital importance to collect documents by maintaining a file with relevant referrals, invoices, prescriptions, hospital discharge summaries, and payment receipts. Similarly, by keeping copies of any paperwork in the form of digital scans, policy holders can make sure that they do not lose records if paperwork is misplaced.
Keep the Policy Updated and Understand Add-Ons.
Keeping policies up to date and making sure that they grow with you is one of the most important things to do when trying to maximise medical insurance benefits. This means good communication with insurers to maintain coverage continuity for those that are expanding their families or moving emirates. Annual check-ins will also ensure that plans still meet health requirements and benefits.
Insurance brokers like IAE Insure are able to help with this and can be vitally important for maximising policy benefits. This is particularly the case with add-ons like maternity cover or dental and vision add-ons. Expert insurance brokers can help policy holders to decide if they need these add-ons and to understand the waiting periods and annual limits. It can be difficult for people to be objective about their circumstances and evaluate the coverage vs the cost based on their needs, whereas insurance brokers are familiar with all sorts of different cases and can help to navigate what can be a confusing world.
Conclusion.
Maximising medical insurance benefits in the UAE comes down to understanding your plan, staying in network, using preventive services, managing claims, and selecting the right add-ons. With these steps, you protect both your health and finances.
For those ready to explore their options, speak with one of IAE’s specialists today to find the best plan for your needs and budget.
