Residents of the UAE will pay extra for their health insurance because, in the past two months, around a dozen companies have raised rates by as much as 35%.
“In August 2023, rates began to rise, and they did so again in September and October. Approximately in the middle of October, an insurer revised its rates. Depending on the applicant’s age, the average price has climbed by 10% to 35%, according to Toshita Chauhan, Business Head for Health and Auto Insurance at PolicyBazaar.ae.
Industry leaders claim that because of medical inflation, health insurance premiums have been rising year over year since the pandemic by 15% to 20%.
In the United Arab Emirates, employers are required to offer their employees health insurance coverage, and the requirement was instituted a few years ago. Parents will need to get health insurance for their children since they are sponsored by them if the company does not offer insurance.
Due to its top-notch health insurance industry, the United Arab Emirates has become a popular destination for medical tourists. Last year, Dh992 million was spent by 674,000 medical tourists in Dubai alone, an increase of Dh262 million over the previous year.
According to Chauhan, there has been no change in the minimum premium for employees earning less than Dh4,000 per month under the Dubai Health Authority’s (DHA) basic plan.
However, married women between the ages of 18 and 45 will now pay 10% more for basic insurance if they work for a company that pays more than Dh4,000 a month. According to Chauhan, the pricing has gone up by 20% to 30% for ladies who were sponsored by their spouses.
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