Living and working in the UAE, including Dubai and Abu Dhabi, has a legal requirement for medical insurance, which is why, as a business, it is of high importance to offer the best insurance to your employees as possible. Many individuals living and working in the UAE will see your business group medical insurance as a perk of the job, especially because it offers their family protection too. It can also be a great way for businesses to attract the best employees.
At IAE Insure, we are medical insurance specialists committed to helping you find the right policy for your business and employees. Our complete guide to group medical insurance for UAE businesses below should help you on your way.
What is Group Medical Insurance?
Group Medical Insurance is an employer policy that gives employees access to healthcare both within the UAE and while they travel or work outside the UAE and GCC. The way it works is, as the employer, you fund the group medical insurance plan’s premium as per UAE federal law and cover all the member’s medical insurance within the group.
This type of medical insurance policy is a highly attractive perk of the job so ensuring that you pick the best policy can make all the difference to employee retention. Group medical insurance also typically provides coverage at a lower cost, since the risk to medical insurers is spread across all members in the plan.
Why, as a Business, you Need Group Medical Insurance
It is a legal requirement when living in the UAE to have medical insurance, however, for expats, finding the right insurance can be difficult. Offering insurance through your company, that cares for employees and their families, takes the stress out of their hands, including the monthly fines they can receive for not having any.
For employees within the UAE, joining a company that has group medical insurance ensures you are immediately covered and often comes with additional benefits geared towards your and your family’s needs, offering innovative protection.
Benefits to Employees and Businesses in the UAE
Group medical insurance in the UAE has many benefits for your business and your employees, including:
- Family Member Coverage – one of the biggest draws in attracting the best employees is that group medical insurance covers family members also.
- No Waiting Period – unlike most single policies, employees are covered as soon as they join your business allowing immediate reimbursement or cashless medical assistance and treatment in emergencies.
- Pre- and Post-Hospitalisation Cost Coverage – almost all medical insurance plans in the UAE offer this benefit, meaning financial strain is kept to a minimum for the employee.
- Direct Billing – takes the stress out of receiving treatment for the employee as direct billing through the correct network hospital is automatically paid by the insurer.
- No Required Medical Check-Ups – no medical assessments or check-ups are needed for the employee before being accepted onto your company’s group medical insurance policy.
- Promotes Wellbeing and Attracts Talent – medical insurance can be a huge draw to your company for employee wellbeing.
- Lower Costs – this type of medical insurance is typically cheaper for businesses since the risk to the insurer is spread across all members of the plan.
A ‘How To’ in Purchasing Group Medical Insurance for your Business
Top tips from a medical insurance specialist in the UAE on finding the right group medical insurance in Dubai, Abu Dhabi, and other areas of the UAE.
Regularly Review and Compare Plans
Your workforce demographic changes continuously, therefore their needs and healthcare will change constantly too. It’s important to keep up with the changing landscape to ensure that your employee’s needs are met.
Understand the Available Coverage.
It’s important to understand what is covered for each person on the group plan to ensure they can access the necessary treatments and medications they need, and that the policy has guaranteed renewability.
Plan for Each of Your Group Member’s Needs.
Ensure that everyone who’s part of the group, i.e. the diversity of your workforce is accounted for and that their specific needs are met.
Understand Medical Networks.
Research which hospitals and clinics are covered under your plan and ensure that your workforce understands them so that if an emergency arises, they can be safe in the knowledge that their medical care costs are covered.
Get to Grips with the Terms and Conditions.
Terms and conditions are lengthy, but they are there to outline the specifics of the coverage, the inclusions, and exclusions, and ensure that they meet the needs of your workforce.
Finally, Why You Should Use a specialist like IAE Insure
IAE Insure offers Group Medical Insurance plans that are flexible and allow a choice of coverage dependent on the required needs of your business and its employees. From cost-efficient basic packages to completely tailored and comprehensive policies, IAE Insure will support and guide you in identifying the right plan.
Come and talk with one of our experts if you have any questions or are unsure which plan best suits your or your employee’s needs.
