Ever increasing medical expenses and deteriorating health conditions make it essential to have medical insurance cover. A good health policy can protect you and your family against unforeseen medical expenses.
Medical Insurance Checklist
The Dubai Health Advisory has made it mandatory for all Dubai companies to provide health insurance for their employees. The government of Dubai will provide cover for all Emiratis. Although this comes as good news and a relief but the downside is that it only provides cover for employees and not the employees’ families. Buying health insurance that provides cover to your entire family as well is one of the essentials of a good health cover. Here is a list of things to check while buying a health policy
• Cover Amount – Your insurance should be adequate to cover all major and minor unforeseen diseases. Being underinsured is no less than being uninsured. Choose a plan according to your needs.
• Illnesses Covered – Always look into the expenses covered under a said medical insurance policy, such as hospitalization bills, surgery bills, medical bills, doctor visits, terminal illnesses and more.
• Premium – Do not choose a plan based only on the premium amount. Although a low premium might leave more money in your hands, it also might keep you underinsured. Use the premium calculator available online to calculate the exact and most appropriate premium for your cover amount, depending on your own and your family’s health, income, lifestyle habits, etc.
• Information Provided by You – Always provide correct information regarding your health while buying insurance. Tick the smoker column even if you are an occasional smoker. Hiding information about lifestyle habits and existing diseases might diminish your chances of claim settlement.
• Travel insurance – You might plan to travel to other countries for vacations and business purposes. Check if the insurance offers cover for medical expenses that you might incur while travelling.
• Know the Policy – Go through all the terms and conditions of the policy carefully.You can also add riders to your plan at a nominal cost. Riders are additions that enhance the cover by providing benefits not previously included in the plan. Buy medical insurance when you feel you are at your healthiest, preferably as early as possible, because most often health insurance plans do not cover existing diseases.
You can use the financial health calculator available online, which helps you calculate your financial requirements for the future according to your present financial condition and lifestyle.