By: Souqalmal: Prominent comparison website in the Middle East that lets you compare financial and insurance products.
It’s common knowledge that health insurance isn’t optional in Dubai anymore. There are dozens of insurance companies vying for your business with products ranging from plain vanilla to premium. To make things easier, UAE residents earning up to AED 4,000 per month ($1090)also have access to the Essential Benefits Plan, which is a basic insurance cover for healthcare services and medical emergencies.
While most people understand the importance of having a robust health insurance cover, a striking majority does not ask the right questions while insuring themselves and ends up getting stuck with the wrong cover.
Souqalmal.com has shortlisted the basic mistakes you might be making while purchasing your healthcare policy and how you can avoid them.
Opting for inadequate coverage
Since health insurance coverage is an additional expense with no immediate or tangible returns, most of us end up buying a basic no-frills plan, which may not cover a plethora of medical exigencies. You should always review the annual coverage limit as well as specific coverage limits for drugs, maternity services and such, before signing up.
If you can afford a higher level of coverage, it may be a good idea to explore other health insurance products available in the market. Plus, you would find that all it takes is just a few extra hundred Dirhams to get much more extensive coverage which can make all the difference when it matters the most.
Yes, over-insuring yourself is also a possibility and there are a lot of people out there who are paying hefty premiums every year without getting their money's worth. Since top insurance plans offer a bouquet of additional benefits, coverage under comprehensive health policies can reach up to AED 10 million ($272,000) in the UAE. Naturally, higher the annual coverage is, higher the premium.
Make sure that you review an insurance package before purchasing it and get rid of extras that you do not require. For instance, some insurers would offer add-on dental cover that provides for services like a consultation, extraction, root canal treatment, etc. However, emergency dental procedures would already be a part of your comprehensive package so it may not make sense to attach an expensive add-on unless you visit the dentist very frequently.
Not being honest about medical history
Lying to your insurer due to fear of rejection is a big ‘No-No’. Unfortunately, some of us end up learning it the hard way. First, insurance companies wait for a few months after the policy start date before they add critical illness benefits to your policy so there is no point hiding any existing condition. Secondly, insurers go through every detail while processing your claims and it is very likely that they will find out about any hidden information. Eventually, any misrepresentation at your end could lead to the cancellation of your policy and that's a lot of money that you will never see again ever.
Skimping on the research
Most folks are admittedly quite lazy when it comes to buying a health cover and hardly make any effort to dig deeper. Make sure you do your homework before purchasing a health insurance plan. Evaluating the features, benefits and exclusions under multiple insurance plans and looking out for deals and introductory discounts can all help you secure the right cover at the right price.
An established insurance comparison platform like Souqalmal.com can help you evaluate the pros and cons of multiple policies. You can get multiple quotes within seconds and complete your policy purchase within one hour, without ever having to step out of your home or office.