Group Medical Insurance

What is Group Medical Insurance?

Group medical insurance is an employer-sponsored medical insurance plan for employees. Some employers also offer membership to dependents resident in UAE.

Group medical insurance has several features which are different from individual plans. These include:

  • the 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. It tells them you value them and their health. It is also a useful recruitment tool.

Medical insurance is mandatory in the Emirates of Dubai and Abu Dhabi. For a list of companies offering the Essential Benefits Plan, the minimum required for a Dubai residency visa, visit Dubai Health Authority. However, employers who wish to impress new recruits with their degree of pastoral care will need to go beyond the statutory minimum.

Studies have shown healthy staff are more productive. This, in turn, makes the company more profitable.

Why Use A Broker?

Any broker you appoint should be licensed and professionally qualified. Using a broker to source your group medical insurance policy has several advantages:

  • The cost is no more than going direct to the insurance company
  • Research of the market is done on your behalf to achieve the best result based on your needs
  • Analysis of quotes and products is done for you saving your staff time, reducing staff costs
  • Relationship management with the insurer, dealing with any issues arising during the year
  • Technical knowledge of the product and understanding of the jargon used in policy documents

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.

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