Designing a health insurance package is time-consuming and for companies who are new to the insurance game, it can get complicated. In the past, health insurance was provided to key employees as an added benefit. However, since the introduction of mandatory health insurance a few years ago, the sector has become commoditized which has led to increased demand. 

Almost 98% of the Emirates population has signed up for health insurance. With such a high demand for insurance plans, we have seen insurers offer a wider range of add-ons and benefits for different packages. The unintended consequence of this is that sorting through insurance packages has become increasingly challenging. With so many additional provisions,  identifying viable plans has become time-consuming. 

Health insurance plans can be tricky and often times lead to confusion between employer and employee expectations. To best ensure that every employee is safeguarded against illness, an employer has to take the necessary steps towards adopting an insurance plan that allows them to pay only for the benefits required and nothing unutilized. Health Insurance isn’t the only aspect of the benefits package an employer offers but is arguably the most important. Failure to comply with UAE regulations can lead to massive penalties. 

Here are a few tips to help businesses tackle the challenge of buying a suitable insurance plan without spending on unnecessary add-ons. 

  • Evaluate and Access Business and Individual Requirements

One of the most important decisions you need to make about your business is what kind of insurance plan you are going to offer. It is imperative to evaluate each individual working at your business to ensure that any medical and health conditions are noted and covered. This goes for pre-existing conditions as well. Full transparency between employers and employees will save the company future headaches and will allow for a more efficient safeguard in the future should an employee get sick with a health-related illness. Companies who already offer insurance plans to their employees can gather data about claims and insurers to better evaluate what kind of plan is most suitable for them. Using existing data to make a comprehensive decision can save businesses time and money. This type of internal research can shed light on ideal coverage for an individual, the most common types of ailments employees suffer from, and the average number of claims an individual makes per year. 

  • Identify The Right Plan

Employees without small business health insurance statistically get less annual check-ups or visit the doctor when sick. This can directly affect productivity and general happiness. As such, it is very important to identify and adopt a plan that works for your business and all the individuals working in it. Having to manually contact different insurers is time-consuming and frustrating. With so many add-ons and provisions, it becomes difficult to filter out viable insurance plans from unwanted ones. Using a comprehensive, up to date platform can save you time, money and any confusion about what requirements you might need. This is the most efficient way to single out a plan that benefits all employees whilst allowing the business to be cost-effective. 

  • Consider an Online Provider

E-health has come a long way since the UAE government ruled that insurance is mandatory. Online health insurance portals have simplified the process so that packages can be bought and maintained online. Employers who have signed up for an online provider can access and manage their package without having to speak to anyone. This kind of digitalization is continuously evolving as online providers seek to provide a digital strategy best suited for businesses and individuals alike. 

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Health insurance is becoming more expensive every year in the UAE and globally. Businesses are struggling to maintain a cost-effective plan for all employees. By signing up for a comprehensive group health insurance plan, businesses can better manage their costs whilst providing long term health solutions for all their employees.