Getting group medical insurance right means achieving a balance between two aspects. Firstly, it is getting access to healthcare when it is needed. Secondly, it is decreasing the need for healthcare by increasing workplace wellbeing and general health. Below are some of the most important things to know about group medical insurance.
What Is Group Medical Insurance And Who Needs It?
Group medical insurance is healthcare that a company provides to its employees.
Health insurance is essential in the UAE because you cannot obtain a visa without having health insurance. It is the responsibility of the company or sponsor to have this insurance in place. Failure to do so will result in fines for that sponsor.
The benefits of these insurance policies will vary greatly, but there are some mandatory minimums requirements that they all must meet.
What Should HR Managers Look For When They Are Selecting Insurance?
The most suitable insurance will depend on the unique wants and needs of each company. An insurance broker can be very helpful here to identify the best options for a company.
These are the most important factors to consider when selecting insurance:
- The insurance provider – are they international/regional?
- The network that the insurer works with – is it a suitable network for employees?
- The area of cover – does it match the needs of employees?
- The premiums
Why Should HR Professionals Engage An Insurance Broker?
Insurance brokers are experts in the field so they can provide HR professionals with added value by offering knowledge, experience, and additional services to enhance the employee experience.
Insurance brokers provide the following roles:
- Quotation stage – market review
- Onboarding – support, review documents, limit the back and forth
- Account management – provide ongoing support
At each of these stages, brokers add value by offering impartial advice, product information, industry knowledge, and education.
How Can We Help Organisations Manage Claims And Premium Increases?
Firstly, by finding the medical insurance plan that best fits the needs of a company. Doing so will optimize both claims and premiums.
Secondly, through education of the healthcare members. If members are well-educated on how to use the policy and how not to use it, they can be accountable to help decrease the number of unnecessary tests, medications, and hospital visits. Telehealth is a great option where doctors can be contacted via video call instead of in-office appointments. This can all greatly contribute towards managing premium increases and claims.
How is Workplace Wellbeing And Medical Insurance Related?
Workplace Wellbeing and general health are directly related to medical insurance. Well-being leads to health which leads to fewer medical claims and thus less risk to an insurance company.
Education and awareness are again the key areas of focus. Employee well-being must be discussed with all companies to highlight the importance of preventative measures like biometric health screenings, surveys, education, and wellness activities.
Safe Hands is also available to all clients – they are amazing corporate wellness experts with qualified nurses to advance the awareness and implementation of wellness.
There’s a lot of talk about the rising demand for mental health provision and workplace wellbeing, how is the insurance industry adjusting to account for this?
The mental health of so many has been put under a lot of pressure recently and both the insurance industry and the UAE government has responded accordingly.
The psychiatry benefit has been made mandatory on all insurance policies. Insurers have also made it much easier for members to get the appropriate mental health treatment.
There is also the Employee Assistance Program (EAP) which offers counseling and mental health assistance through an easy-to-use mobile app.
Through continued education, awareness spreading, and wellness programs we can improve workplace well-being. At the same time, we can connect with each company to understand exactly what their needs are and then match them with the perfect medical insurance.