UAE health insurance: Residents shell out more as ‘comprehensive’ plans record 10-20% hikes in 2021

uae residents plans insurance comprehensive
UAE
  • Date: 19-Jul-2021
  • Source: Gulf News
  • Sector: Healthcare
  • Country: UAE
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UAE health insurance: Residents shell out more as ‘comprehensive’ plans record 10-20% hikes in 2021

Dubai: Buying an individual medical insurance plan is turning out to be quite expensive for UAE residents, as a combination of high demand and inflationary increases keep pushing rates up. In the first six months, a 'comprehensive' medical plan would require the insured to shell out an average Dh10,000 compared with Dh8,400 in the first quarter of 2020. That's a straight 20 per cent increase, which many in the industry say is quite unprecedented. Even 'basic plus' plans are recording double-digit hikes, with a policy costing around Dh1,150 on average against Dh1,000-Dh1,050 early last year. The only medical cover policies that have remained unchanged are the 'Essential Benefits Plan', which average between Dh550-Dh650. (These are typically for those earning less than Dh4,000 a month, but these days, many above that income stream are picking up these plans.) The increases on healthcare policies are not related to the COVID-19 crisis. "Nothing materially has changed with the terms and conditions post-COVID-19," said Avinash Babur, CEO at InsuranceMarket.ae. "Insurers were required by the regulators to cover COVID-19 expenses last year, and there was also the decrease in claims from elective treatments and outpatient visits. "What has happened is that residents have responded to