UAE health insurance: Businesses will have challenges to get their costs under control

UAE health insurance: Businesses will have challenges to get their costs under control

Dubai: Don't go by the dip in healthcare costs during the COVID-19 year – they are all set to shoot up again. In fact, cost of accessing medical treatment could be higher than general inflation rates by as much as three times – that's according to the global insurance brokerage firm Marsh. It will add up to quite a cost for UAE businesses as well, when it comes to providing mandatory health cover or employees. Based on Marsh's estimates, the cost spike derives from the "cancellation of many elective procedures and a fall in preventive/emergency treatment has led to worsening health conditions in the immediate and long-term". So, all the - non-COVID-19 - medical expenses that did not happen in 2020 were only getting postponed, not written off altogether. Many businesses have shaken up their workforce numbers, by letting go during the pandemic phase. And when the time came for insurance renewals, they cut down on several medical benefits that employees had access to in their previous plans. All in the name of cutting their costs to size - "Businesses are urgently seeking ways to economise and improve efficiencies in their health-related plans," said a statement from Marsh.