If COVID-19 persists, and forces insurers to restrict coverage, Lifecare International Insurance Broker explains why you’ll want a policy with strong core values in your corner
In times of financial strain, we look to cut costs. If your health insurance policy is due for renewal in the coming months, you might be drawn to cheaper, lower level coverage, which will save you money now. But what about when you need to use it?
This short-term mindset can have massive financial impact in the longer term, which is why the team of insurance consultants at Lifecare highlights essential points for your consideration, before you make the choice to downgrade.
Are you covered for COVID-19?
That depends. The World Health Organisation (WHO) has declared Novel Coronavirus (COVID-19) a global pandemic, which has prompted the UAE’s Ministry of Health and Prevention (MOHAP) to release legislation that all cases must be covered by insurance. But that does not mean that every element of treatment will be covered, and this is where unexpected costs, technicalities and added stresses emerge.
Outside the scope of health insurance
In extreme and unprecedented circumstances, insurers may look at ways to deem a claim outside of the scope of health insurance benefits, and this is to avoid crippling and unsustainable losses to their own business.
In Lifecare’s experience to date, insurers in Dubai and Abu Dhabi are demonstrating their support for policyholders in today’s testing times, as per regulatory advice, but it is important to note that this may not be sustainable if the need for medical care surges further. In this case, insurers can and will enforce cost-sharing, scrutinise networks and Tables of Benefits and/or reject claims for all or part of treatment, based on policy types.
In the majority of cases, the higher tier your insurance provider and coverage falls within; the more you’ll be shielded.
Look for core values
The more insurance companies pay out for COVID-19 related treatments, the more they may look for clauses of exemption. And this is where their wider commitment to health and wellbeing comes into play.
Lifecare works with a family of insurers with strong core values, those which find ways to support their members and provide solutions, not added stresses, when you really need them.