As you may already know, it has been announced that the June 30th insurance deadline is extended until the end of the year. This change didn’t apply to businesses and is only for individuals with dependents. So if you have a spouse, maid or children you have an extra six months to find and purchase the most suitable insurance plan.
However, for companies below are a few pieces of advice about buying the perfect plan!
Should I hire an insurance broker?
A well-informed insurance broker will help keep your costs down. For example, at beneple will do the required research, which can save you up to 50% on your insurance premiums. We will carry out in-depth research about your employee’s ages, needs and home location. So, if the majority of your employees live around the Marina then we will recommend insurance packages with hospitals such as Saudi German. This helps avoid additional premiums in the future as visits to hospitals not included in your insurance package can cost the insurer up to 60% extra. In addition, Beneple has a convenient online portal which provides all the relevant information your employees need to access regarding their insurance package -including available clinics and treatments.
Should I opt for co-insurance pay?
Many insurers offer the option of a co-insurance payment. An employee will pay a percentage per visit to the clinic and prices can range from 25-100 AED. This type of payment system can help prevent instances of malingering or “doctor shopping” which can skyrocket premiums. Use of a co-payment system helps beneficiaries to consider whether treatment is a necessity thereby reducing premiums across the board.
What about critical illness cover?
There are three different options for companies when it comes to critical illness cover. You can either take out a company wide policy that covers all employees, which works out cheaper than asking for employees to cover the cost individually. Alternatively, you can simply offer the option to each employee at an added cost. Or, the company can take out critical cover for key employees. Critical illness cover is vital to consider not only from an ethical point of view but also to reduce future premiums if an employee is on sick leave for a prolonged period of time this can escalate your costs. But it is important to remember that critical illness cover must be taken out before the onset of illness or it will not be covered.
Danielle Suchley is the Managing Director of Blue Sky Thinking Group, a Dubai based holding company which includes Safe Hands, a first aid company; Finsbury Associates, a wealth management company and Beneple, an HR & corporate insurance business.
Danielle has 13 years leadership experience managing businesses across the finance, insurance, tech and wellness space. For 2 years running, she has been recognised by International Adviser as one of the Top 100 influential people globally within the Financial Services space.