Why is long term health insurance the most important investment for you?
Dubai boasts arguably one of the best healthcare systems around the world, with state-of-the-art technology, an abundance of hospitals, and a large pool of medical experts. Recently, it was reported that the Dubai Health Authority (DHA) would launch a rating system for all local public and private hospitals, as well as daycare health centers, in 2019. This scheme will further cement the Emirate’s already robust healthcare system.
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Given the quality of medical resources here, alongside the mandatory health insurance law applicable to all Dubai residents, it might seem that you’ve already acquired enough protection come what may, but is this true?
In actuality, you may still fall prey to hefty medical bills if you’ve secured a poor insurance plan. Whether the plan was well-chosen or not can make a world of difference to your medical expenses. There are a host of factors you should consider when opting for healthcare plans, and stability is probably the most crucial one.
To address this issue comprehensively, our team of specialists at Pacific Prime Dubai have curated The Guide to Obtaining Long Term Health Insurance – 2018. Click here to download a FREE copy now!
Alternatively, if you’re just looking for a brief overview, we will also discuss the reasons for buying and ways to purchase long term health insurance plans in this feature.
Why should you consider health insurance for the long term?
Cover your healthcare costs now and in the future
With short term insurance policies, you’ll naturally have to switch to different insurers every year. One major downside to this approach is that, any health conditions you’ve developed when you were with the previous insurer would be regarded as pre-existing by the new insurer.
While the Dubai law mandates all insurers to provide coverage for pre-existing conditions, they have the right to impose a six-month waiting period in your insurance policy, during which you will have to pay out-of-pocket for any related expenses. To learn more about pre-existing condition coverage in Dubai, check out our dedicated page on the topic here.
On the contrary, long term health insurance gives you the peace of mind, so you need not fret about pre-existing conditions and maximum age limits.
The right coverage will move with you wherever you go
When purchasing long term health insurance, you can opt for plans that are globally portable. These plans provide coverage virtually anywhere across the planet. Perfect for international assignees and frequent travelers, they also offer access to top medical facilities of your choice.
Protect yourself from long term financial loss
Some insurers might use low premiums to entice customers at the beginning. Yet, they impose premium hikes dramatically in the next few years to compensate for their initial losses. Therefore, you should pick healthcare plans that charge a relatively higher, but much more stable premium.
Constant access to reliable, quality healthcare
Long term health insurance tends to include a wider provider network. Thus, you can gain access to more medical facilities and select doctors of your preference.
Enjoy auxiliary coverage benefits
Some long term health insurance policies will go the extra mile and provide extra, supplementary benefits such as the right to a second medical opinion, medical evacuation, assistance for major terror issues, and 24-hour service hotline.
How to identify suitable long term health insurance?
There are a vast amount of long term health insurance products available in the market. It is hard to select the right one without knowing what the key qualities are. Below we will illustrate some criteria for choosing an ideal healthcare plan.
Benefits vs price
As mentioned above, price should not be the sole factor you consider. This is because plans with low premiums may have a limited provider network, low benefit limits, high out-of-pocket costs, and erratic premium increases. You should read the service terms carefully to ascertain that what you’re getting is enough to protect you. The rule of thumb is to strike a balance between price and benefits.
Quality of customer service
Customer service plays an essential role in your experience; covering everything from consultation to claims to renewal. It is advisable to avoid less established insurers, as they tend to spend less resources on customer service.
Is the insurance provider well recognized by hospitals?
When seeking inpatient treatment, insurers have to issue a Guarantee of Payment (GoP) to confirm that they will settle bills on the behalf of policyholders. Hospitals can reject the GoP if they deem that the insurer is untrustable due to a poor record of settling claims.
Who is the underwriter?
The underwriter assesses the risks of insuring potential clients, determining coverage, premiums, and ultimately whether to insure an applicant or not. Many insurers outsource their underwriting process, so it is useful to know who the underwriter is. A reputable underwriter means that you are less likely to encounter problems further down the line, such as the inability to renew your policy.
How long has the insurer been in the market?
More established insurers usually have a longer history. It is less likely for them to run into profit issues, or run out of business.
Number of insured members
More sizeable insurers tend to have more insured members to defray the medical costs of the less healthy. They have a larger risk pool so that your premiums are more secure and predictable.
Portability of plans
Portability means that you won’t have to look for another insurance policy even if you go abroad.
Premium increases at renewal
As mentioned above, a certain percentage of premium increase annually is acceptable as long as it is reasonable and stable. Download our health insurance inflation report here to look at the premium increase patterns of eight major insurers over the past eight years.
How does the insurer increase premiums?
Less established insurers might increase premiums, or consider your renewal, based on the number of claims you’ve made in the past year.
How is the broker-insurer-customer relationship?
A certified, professional broker can act as an intermediary to facilitate relationships between insurers and the clients. They can even exert their influence on the insurers to fight for the best terms for the clients.
Keep informed and stick with the pros!
Pacific Prime Dubai is an established insurance brokerage with over 18 years of experience and seven offices around the world. We will lead you through every step in securing health insurance, from selection, purchase, and administration to claims and renewals. You can rest assured that you and your insurance are in good hands. Contact us today to get a free quotation and plan comparison!
His expertise encompasses a broad range of areas including international health insurance, employee benefits solutions, motor insurance, life insurance, and various other forms of general insurance. This breadth of knowledge enables him to distill an array of complex insurance concepts into a series of progressive, easily understandable articles.
Anthony earned his Bachelor of Arts degree from Lingnan University, majoring in Translation and minoring in English. He also studied at West Virginia University in the United States as an exchange student.
When he’s not working, Anthony can typically be found on the badminton court, in the gym, or at the cinema.
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