What is it?
Group medical insurance is employer sponsored medical insurance for employees. Some employers also offer membership to dependents resident in UAE.
Group medical insurance has several features which are different to individual plans. These include pro-rated refund of premiums when employees leave service, less stringent medical underwriting and lower premiums per head.
How Can It Help Me?
A good quality group medical insurance plan sends a positive message to existing staff and also potential recruits.
What type of medical insurance is provided will not be the only employee benefit question asked during the interview process but investing beyond the statutory minimum into staff health shows that the company looks after its people.
Studies have shown healthy staff are more productive making the company more profitable.
Why Use A Broker?
Using a broker to source your group medical insurance policy does not cost the firm any more than going direct to the insurance company. In fact, due to the wholesaler effect, brokers can often secure deals that would not be available to direct clients.
Additionally, using a broker saves the time of the employee who’s task it is once a year to obtain quotes from a dozen insurers analyse them and then put forward a recommendation to management.
A broker is a qualified professional who undertakes this task far more frequently and has a better understanding of the products, services and jargon of the insurance industry.
What Else Should I know?
Group schemes have a few rules which do not apply to individual schemes. The primary one being that membership is compulsory for all eligible employees. Further, regulators do not permit employees to pay for their medical insurance premiums, although employers can claim back costs of dependents.
Most insurance companies require a minimum of 5 employees before they will offer group terms.
What Should I Do Next?
Please contact us to discuss your group medical insurance renewal.