Cheap Health Insurance – Is It Worthy of Your Investment?

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

Finding a cheaper alternative for something you want to buy, which is as good as the more expensive option is an endless race that most of us are running. The field of insurance is no different. You want to secure your health, life and your assets but saving money is also something that you cannot ignore. But an alarm keeps going off in the back of our brain when buying the cheaper alternative – is it really worth it? This is especially the case when you are buying something as important as health insurance. Cheap health insurance plans are available in the market to suit everyone’s budget but it is often daunting to figure out whether you are making the right investment and decision when buying them. Let’s figure out how you can score yourself the cheapest health insurance in Dubai and if it is worth it?

Is Buying Cheap Health Insurance Really Worth It?

To tell you the truth, the answer to this question is circumstantial. Whether a health insurance plan is worth the investment you make in it depends on how useful it is for you. A cheap health insurance plan can be worth its price in some specific situations. If you are healthy, free of any major health issues, get plenty of exercise, and lead a healthy lifestyle, health insurance could be just a means to handle unexpected emergencies such as accidents. But if you are at risk of a certain illness, due to your lifestyle or genetic history, buying a cheap health insurance plan may not be worth it. Being affordable, these plans do not offer a very high assured sum limit for expense coverage. This can land you in a pickle if you are hospitalized for something like asthma. The same logic applies to expensive and hence more comprehensive health insurance plans. Buying an expensive health insurance plan which is out-of-budget will not be worth it for someone who never gets to utilize all the benefits.

In addition to that, having an affordable health insurance plan does not make a difference in the quality of medical care you receive when required. The procedures remain to be the same, whether at the hospital or with the insurance company. The quality of services is never compromised. So, cheap health insurance plans are worth it if you want to buy coverage that fulfills the mandatory health insurance requirements in the UAE, comes in handy in emergencies, and helps manage preventive health care expenses, cheap health insurance plans could be worth the investment.

How to Get the Cheapest Health Insurance in Dubai?

We have established that cheap health insurance plans can be worth your expense but it is not easy to find the cheapest health insurance in Dubai that offers optimum coverage. So, it’s highly unlikely to just stumble upon a cheap medical insurance plan. Following are the top ways you can use to get a cheap health insurance plan in the UAE:

First and Foremost – Compare

Comparing your health insurance quotes is your best bet to score the cheapest health insurance plan in Dubai. Obtain a few health insurance quotes and compare the benefits offered along with the price. Even though there won’t be a huge difference in the prices due to the regulation set by the Insurance Authority of the UAE, you can still find something that’s more suited to your pocket. Compare properly and choose the best options out of everything that’s available.

Keep a Track of Seasonal Promotions and Discounts

Almost every insurance company announces seasonal discounts and offers for festivals and other special occasions. Many offer additional discounts on online purchases. Make sure that you keep a track of these promotions and take full advantage of them. These offers can make a huge difference in helping you find the cheapest health insurance in Dubai.

Buy Short-Term Policies

Short-term health insurance plans are a good option to go with if you are looking for a cover for a few months only. It makes sense to look for a cheap health insurance plan when you are looking for a temporary health cover. These plans can come in handy when you are in-between jobs or taking a break from work and don’t have your employer-sponsored plans. Short-term plans can last from a few days to few months.

Choose Higher Deductibles

Getting higher deductibles for your health insurance plan is a great way to reduce the premium amount of your health insurance plan. Higher deductibles mean that insurance companies will have to offer lesser coverage when you submit a claim. Choose this option when you are sure that you won’t be submitting a lot of claims for a while.

Opt for a Co-Pay

Co-pay options further decrease the insurance company’s liability towards the policyholder. After the payment of deductibles, the remaining claim amount is further divided into the amount that the policyholder pays i.e., co-pay, and the rest that the insurance company covers. Taking on co-pay can further decrease the price of premium making for the cheap health insurance that you want.

Essential Benefit Plan

The Essential Benefits Plan or EBP is a scheme run by the UAE government. Residents with a salary under AED 4000 can opt for this special health insurance plan. It comes with an assured sum of AED 150,000, the set minimum limit for health insurance coverage. Other important benefits are also covered including hospitalization, pre and post-hospitalization services, etc. The network list of this plan is quite limited though, it is the cheapest possible health insurance in the UAE. But the included hospitals, clinics, and doctors are all of the top quality.

In a Nutshell

Getting cheap health insurance in the UAE is not impossible, given that you have all the information and tools you need. And buying cheap health insurance can be worth the investment for as long as you are sure about what you need from your health insurance plan. While looking for a cheap health insurance plan, make sure that you are not compromising on the payback. As long as you are set with the benefits offered at a certain price, cheap health insurance plans could be just the thing you need.