The UAE has a highly competitive business environment, with many high-paying companies wanting to attract and retain the best potential employees. Medical insurance is a necessity when living and working in Dubai and Abu Dhabi, with other emirates quickly following suit, so by offering comprehensive medical insurance as part of an employee’s role, you will rank yourself above the competition.
If you’re a business operating in the UAE and considering changing your current medical insurance offering, then keep reading to find out the top five benefits the right group medical insurance can offer your business.
What is Group Medical Insurance?
Group Medical Insurance is an employer policy which provides medical coverage for its employees. Any company with over three employees can obtain group medical insurance, allowing you to add to it as your employee count grows. It gives employees access to medical care both within the UAE and while they travel or work outside the UAE and GCC. Employers will fund the group medical insurance plan’s premium as per UAE federal law and cover all the member’s medical insurance within the group.
Group medical insurance covers all employees under one plan, often making it an attractive option for businesses looking to increase employee benefits. There are varying coverage options, ultimately the better the coverage, the more attractive your company will be for potential employees, especially if it’s comprehensive and extends to family members.
Why Do Businesses in the UAE Need Group Medical Insurance?
Firstly, it’s a legal requirement within Dubai and Abu Dhabi to have medical insurance when living there, but finding and securing the right coverage can be difficult. Offering comprehensive medical insurance through your business takes the stress out of individuals finding it themselves. It often ensures immediate coverage for the individual and their family and avoids any fines or penalties your business could obtain by not offering any.
Secondly, the added benefits of offering comprehensive group medical insurance to your employees and their families means that you potentially increase your standard of employee and the length of time they stay with you, reducing absenteeism, and increasing productivity and well-being.
What are the Main Benefits of Group Medical Insurance in the UAE, for Businesses?
There are five main advantages to offering comprehensive group medical insurance through your company, both to your employees and your business.
Cost Effectiveness
Covering multiple employees through a group medical insurance plan is cheaper than funding individual medical insurance. With group medical insurance, premiums are often lower due to risk pooling. This means that the bigger the group, the lower the risk to each individual, ultimately lowering business costs.
Increased Employee Well-Being and Retention
Group medical insurance can be used as an effective employee retention tool, by signalling to current and potential employees that they are valued. This can improve productivity by boosting staff morale and decreasing staff turnover rates, reducing the cost of hiring, onboarding, and training.
Better Coverage
Group plans tend to provide better coverage for the same or a lower premium than individual policies. This is again due to the lower cost of insuring a group of employees, meaning that a more comprehensive insurance policy can be offered, as it costs the business less.
Adherence to Legal Compliance
Mandatory medical insurance in Dubai and Abu Dhabi means that businesses must provide insurance to their employees, failing to comply can result in hefty penalties and fines. Complying with these legalities ensures that your business is operating soundly, your employees have access to quality medical care, and you can offer business-related insurance such as group life insurance and business liability insurance at a reduced cost.
Attract the Right Talent
Offering quality, comprehensive medical insurance can set your company apart from the competition, meaning you acquire the right people for your business. Employees value medical coverage resulting in a higher chance of attracting skilled professionals.
How Can a Medical Insurance Specialist Help Your Business with Group Medical Insurance?
At IAE Insure, we offer flexible group medical insurance that allows a choice of coverage from cost-efficient basic packages to fully tailored and comprehensive policies. Our team of medical insurance specialists will support and guide you through understanding your needs and identifying the right policy for your business.
Group medical insurance can provide coverage for family members, coverage for pre-existing conditions, inpatient and outpatient services, no waiting periods, and direct billing.
IAE Insure: Medical Insurance Specialists in Dubai, Abu Dhabi, and Other Emirates of the UAE
IAE Insure offers innovative protection policies geared towards your group’s needs. Our policies can include a comprehensive, bespoke range of additional benefits to suit your business budget, ensuring you can offer top-of-the-range services for your employees and their families.
We work with leading medical insurance providers throughout the UAE, and we are positive we can obtain the best possible policies for our clients. Talk with one of our medical insurance specialists today.
