5 Common Mistakes You Shouldn't Make while buying Health Insurance in the UAE

Looking for a perfect gift for your loved ones? Medical insurance is the best gift one can give to their near and dear ones. Having health insurance coverage ensures that you are not overwhelmed with the anxiety of any unforeseen events that can burn a hole in your pocket. Apart from the emotional agony of dealing with a critical illness, the medical expenses can leave even the most strong individuals shaken.

The above plans and premiums are for AED 1,000,000 Sum insured for 1 Adult of 30 Years for Dubai city.

Medical insurance in Dubai as well as in other parts of the United Arab Emirates has become necessary especially due to the hefty health care costs in the Gulf country. The fast- paced life has left most of us trapped in a cage of stress, health issues, and an unhealthy lifestyle. On top of it, the worsening environmental factors have contributed to our constant visits to the doctor. Keeping in mind the exuberant medical costs in the UAE, it has become imperative to get a health insurance plan. Often times, however, while buying a policy we tend to overlook certain key elements of medical insurance , which we only end up regretting later.

We have tried to compile the top 5 mistakes one makes while buying health insurance so that you can easily keep them in mind when choosing your next policy:

Don’t forget to research your insurance provider:

Researching your insurance company before you buy a medical insurance policy is the obvious first step. But often we tend to get lazy and skip this crucial step. In the world of technological advancement, you do not even have to work hard. All the information you need is just a click away. You can do it from your couch while carefully going through every detail. Pay special attention to what is included in your coverage and what is not.

All of this comes in handy when you have to make a claim. Rather than being shocked when trouble comes knocking on your doorstep, it is better to be informed beforehand. So, remember to read the fine print. Know the coverage, limit, benefits, and the exclusions. Read the guidelines of the policy, the terms and conditions of the Health insurance in-depth before you buy it. Another important thing is to make sure to check the insurance provider’s claims to settlement ratio as it will give you an honest idea of the service provided by your provider. to remember is to read the fine print.

Do not hide your medical history:

The aim of buying medical insurance Dubai,UAE is to protect you from facing a financial contingency when there is an unforeseen emergency. If however, you decide to hide the truth about your health issues, this can backfire.

Insurance companies depend on the information supplied by you while buying a policy. There is an element of trust between you and your insurer. Sometimes people try to hide their existing medical conditions in order to get their application approved or to get lower premium rates. When you make a claim, the insurers take great pains to do an exhaustive check and if it is unearthed that the policyholder has lied to the insurer, the claim can be rejected, leaving you destitute during a difficult time. It might even qualify as fraud, landing you in even deeper trouble.

Do not forget to shop around:

The insurance industry is highly competitive and thus there are many health insurance companies in the market. Each plan comes with different features that vary from one company to another. These differences are important as a tiny difference can end up saving you a lot of money. Henceforth, the best way to get the best medical insurance in Dubai and in the rest of the UAE is to compare and buy the policy that best suits your requirements. For instance, you can choose a plan that includes the nearest hospitals to you. Avoid jumping on the first option that comes your way or choose the one that your parents have. Everyone has different needs and therefore everyone should buy a policy after looking at all the available options.

Do not over-insure yourself:

From a young age, we are taught that it is better to be safe than sorry. Well, it might be true most of the time, it is not always the best course of action. Sometimes you have to prevent yourself from getting too carried away. Not everybody needs to include a dental cover, cosmetic procedure costs, consultation costs of your future hospital visits in their medical insurance plan. It is important to remember that the more add-ons there are in your policy, the more you have to pay in premiums. No insurance adviser will suggest that as it is not feasible in the long run. Insurance is meant for contingencies, emergencies, or other unaccounted costs. They are not meant to take care of health expenses that can be easily taken care of by you.

Do not buy insufficient coverage:

Just like buying too much coverage is not wise, buying insufficient coverage also has its cons. There is no point in buying health insurance policy just because it is cheap as it will most likely not be covering diseases you are prone to. Do your research to find insurance products that fulfill your needs rather than buying those that save you a few extra bucks because this can prove to be a lot costlier in the future. In case of emergencies, this will leave you desperate to draw money out of your savings. So, it is better to look for policies that cover critical illnesses, co-paying percentages, etc with a marginal premium difference.

In a Nutshell

The post-pandemic world has further stressed the need for buying a comprehensive medical insurance plan that is both adequate as well as cost-effective. Keep in mind the above mentioned DON’Ts of buying a health insurance cover the next time you have to give yourself or others the invaluable gift of a safe future. Doing your due research will save you a lot of trouble and unwanted surprises when you find yourself in troubled waters.