health insurance premium – CompareInsurance.ae Blog

Knowing which insurance provider to go with and plan to choose can be tricky in the first place. And once you’ve gone through the tedious process of choosing one it can be tempting to stick with it for longer than you necessarily should. As our needs change, so does the type of insurance plan that we require.

Is it time for you to compare cheap health insurance plans? Here is a list of warning signs to look out for.

Your health has changed

If you have previously been a generally healthy person who rarely sees the doctor but have recently had a new diagnosis, or are experiencing ongoing symptoms and suspect that they will need medical investigation and potentially treatment, you should consider looking at your plan again to check that it still meets your needs. This means you will be covered for all instances.

Your risk has increased

With the current COVID-19 pandemic, everyone is more at risk. This is not just due to the dangers of the virus but because public health services around the world are now under intense strain. It’s currently much harder to be seen at the local clinic for something that previously would have been addressed and treated quickly, such as a common ear infection. Unless your condition is an emergency, it can take weeks to get an online appointment and prescription. Private cover can help to speed things up.

You’re paying a large premium for cover you never use

You are struggling to pay your monthly health insurance premium and have only claimed for coverage a minimal number of times over the last few years. We never suggest getting rid of your health insurance, however, there is no harm in exploring other options and shopping around.

You never seem to be covered when you need to be

If you often find yourself using services that are not covered by your plan, this is a telltale sign that your current health insurance plan isn’t working for you. Your plan should enable you to access a wide range of services in your area, that are near to your home, easily accessible and without additional cost. This is more important now than ever with social distancing restrictions in place and limitations to how far people can travel.

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What are the key factors which affect your health insurance premium?

One of the most common things for people around the UAE to take out is international health insurance. Having a comprehensive health plan in place not only gives you peace of mind that you are covered in the case of any emergencies but also that your family is too. Of course, the key thing is to shop around for the best health insurance package which gives the cover you need. The cost which any cover incurs will usually be decided on by insurance companies after finding out a few important details about you.

But what are the most important factors which could affect the price of cover?

Pre-existing conditions

Health conditions prior to opting for an insurance policy have a major impact on the health insurance premium. Some insurers provide 100% cover for the pre-existing conditions based on the severity of the health declaration and at a higher premium than standard policy whereas there are other insurers who cover pre-existing conditions only after a certain duration of waiting period, which is in most cases 6 months.

Hospital Network

Insurance companies operate a network of healthcare providers in the country of their operation. Network of hospitals and clinics have a major impact on the health insurance pricing as most insurers have a tiered network list. The different tiers of hospitals are separated by level of service, reputation & pricing. In order to avail direct billing services, the chosen hospital / clinic should be in the network list of the insurer against that health plan. For any treatment which is not in the network list of hospitals, the treatments are done on a cash reimbursement basis. It is therefore, highly advisable to choose an insurance company that covers major hospitals in their network to avail direct billing services.

Deductibles / Co-insurance

This is the amount that the insured person pays each time they avail the medical insurance benefits. The higher the contribution of the insured person, the lesser is the health insurance premium. It is usually either Nil, 10%, 20%, 20% max. AED 50 or AED 100.

Age & Gender

The health insurance premiums are rated on an age basis with elder people being quoted a higher premium amount. Older people also require more health care than younger people and so could cost insurance companies more.

Females usually having a slightly higher premium band owing to potential maternity claims.

Smoking

One thing that can really bump up health cover for UAE residents is whether you smoke or not. Those who do smoke cigarettes or use tobacco products will normally pay more for their cover. This is not only applicable if you currently smoke in many cases but if you have done so within the last 12 months. The reason for this is the greater chance people who smoke have of getting serious conditions like cancer which could then incur costly treatment.

How many people are covered

Many people with families will often take out a plan which covers everyone. This makes sense as you will often pay less than taking one out for each person individually. Putting more people on your health insurance though will bump up the monthly cost. This is because there are more people being protected on the plan which insurance companies may have to pay out against.

Compare health insurance in the UAE

Now you know what type of factors can influence how much you could pay for UAE health insurance, you need to find the best deals around. Rather than manually trawling the internet for hours though, why not let Compare Insurance help? We bring together all the most attractive health insurance plans around the UAE in one place for you to consider.

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