A lot of things can happen in a year, medically or otherwise. With your health insurance renewal notice acting like an annual review of your UAE health insurance, your notice period is a good time to reflect on that, and a great time to look at your coverage and premiums including the added bonuses of staying with your insurer. While you mull over how your insurance has benefited (or disappointed) you over the year, keep these 5 things about your renewal notice in mind:
1. It’s on you
Although it’s in the interest of the insurer for you to continue on with them, the onus of renewing your policy is on you; your healthcare, your responsibility. With it becoming a government mandate, there is the potential for this one-sidedness to change with insurers becoming more involved with renewals. Nevertheless, for the meantime, if you want to capitalize on staying on with your insurer you’ve got to get in contact with your broker or insurer, citing your policy number, a month before your insurance expires.
2. Review your benefits
Renewal periods are a time of reflection where you can review your current benefits, the cost of your premium, as well as the doctors and clinics in your network. Before you proceed with a renewal, consider if this plan is still relevant for you. Has a new illness cropped up? Are you into sports – and therefore, more likely to see an injury? Have you moved outside your usual network for clinics? It’s important to look back on the past year and seriously consider if your current benefits and coverage are working for you.
3. Read through your new plan
In most cases, your renewal notice has information about how your plan will work in the upcoming year. If you’ve been hit by a new illness, or find yourself filling out more claim forms than your insurer would like, there’s a good chance your premium will go up. You’ll also need to review changes in your deductibles – the amount you pay before your health insurance kicks in – whether your out-of-pocket max number has increased or decreased. Another factor that’s important to check (but certain to change month-on-month in the UAE) are the hospitals and clinics in your network.
4. New year, new benefits
If you’ve decided to reinsure with the same provider chances are there are some added benefits, or new ones added through strategic partnerships and the like. Be sure to check out if your plan covers things like gym discounts, weight loss programs, free annual physical exams, discounts on eyewear, or dental.
5. Decision making time
If you’re content with your plan renewal and think that there are definite benefits to sticking with what they offer, give the ok to your insurance broker to go ahead with the plan, or contact your insurance company to renew. In some circumstances, you may not need to do anything – the renewal is automatic once you call and confirm.
However, if you’re looking for a change, or want to shop around for a different plan, there are a couple of things you can do, the easiest of which being research. Check online for comparison sites that gives you quotes on your select insurance plans. This will give you an idea of what’s out there, and what you can get for your money. If you want more concrete information about the current insurance landscape, call UAE health insurance experts like Bayzat who will connect you with the right policy.
There are plenty of options and dozens of insurers and plans to pick from. The most important part is enrolling in a new plan prior to the first month you want to start your insurance coverage. So, if you are toying with the idea of a move from your current insurer, be an early bird and do your research before your current UAE health insurance policy runs out.