The UAE has the finest healthcare infrastructure system in the world. It draws expats from all over the world. In providing a high quality of life, health insurance plays a great role. It is mandatory to have a healthcare support system for every individual in Abu Dhabi and Dubai.
Having a healthcare system that supports after retirement from the job is very good to have as it secures your future. Health Care plans for retirement are specially designed for senior citizens who are above the age of 60 years. Generally a medical check up is conducted to identify any pre-existing ailments. After the medical check up is conducted, the insurance plan is sold to the customer.
Things to remember before buying Health Insurance plans for retirement
Below is the list of things that you have to keep in mind before buying a health care plan for retirement.
Hospitalisation- Find out the hospitalisation benefits that different insurance companies provide. The network hospitals benefits may be different and the number of network hospitals may be different from insurance company providers. You have to do your research on the benefits provided by the insurance company.
Pre-existing illness- The clauses on the pre-existing illness may be tricky so find out in detail about these aspects from the insurance provider. You have to make sure you read each and every clause of the insurance. Check the terms and conditions related to the pre-existing illness.
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Waiting Time- Prior to buying the insurance policy check out the waiting time period to get treatment for your illness. Waiting time can restrict you from getting the coverage benefits. In the UAE, the waiting time period is around one to two years once the policy time period lapses the policyholder can get the coverage.
Payment clause- Check the payment clause to find out the percentage of co-payment in the policy whenever applicable. Generally, the co-payment can be 10% or sometimes 20% of the sum assured based on policy terms.
Assured Amount- The sum assured is different for different citizens when you are comparing with general health insurance policies. As senior citizens are more prone to illness, the risk associated with them is higher. Find out the insurance policy which provides a higher sum assured amount.
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Age factor- The age of the policyholder makes a lot of difference when you are choosing the insurance policy. The premium amount will be higher when you are buying an insurance policy.
Finding the best Health insurance for retirement
Compare the different health insurance plans and choose the best plans according to your requirements. Below are a few areas that you are to explore health insurance for retirement.
Find out the plan for senior citizens and go through the list of plans to identify which one is best for you according to your requirements. Do an online research and short list the plans based on your requirements.
Consider your medical history and plan for a policy that will suit according to your medical needs. Pre-existing illness will have an impact on your insurance premium amount.
Remember to do all your paperwork correctly when you are buying an insurance plan. When you are in medical assistance, if differences arise about your details the insurance companies or hospitals will hesitate to provide support.
Choose the right plan according to you and your partner’s requirements. There are many parameters that you have to check such as ambulance allowance, in patient treatment, medication facilities and others. Compare policy plans through the online or offline modes and choose the right plan.
Take away
More than 80% of health insurance companies have set the age of 60-65 for purchasing health insurance. Plan your healthcare insurance considering the age factor and the benefits that you are going to get. Many insurance providers have additional terms and conditions for coverage after the age of 50 years.
Since it is a legal requirement to have health insurance in the UAE, do not buy insurance plans hastily for the sake of having it. Consider the benefits of an insurance plan and purchase insurance which will support you after your retirement.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
