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What you can do to manage medical insurance premium inflation

By Damien Walsh - September 10, 2020

It’s here again already?

Time to renew your company medical insurance.

It’s a headache you likely don’t want to face.

And with medical inflation set to increase premiums by 13% - the cost is going up.

You likely feel frustrated and confused.

Over the years, I’ve looked after scores of successful businesses in Dubai.

Our team thrives on happy clients and the difference we make.

But it's frustrating many businesses don’t receive the level of information needed to make a well-informed choice.

Few firms fully understand the inner workings of an outdated insurance industry hellbent on rewarding themselves, not you.

You may have concerns like;

How can it continue to go up at this rate?”

“We haven’t made many claims this year!”

“We’ll have to offer a reduced level of cover to be able to afford the inflated price”

Your current brokers may not seem able to explain the cost increase or how to limit it.

“It’s just how the market works” you’re told.

Does this sound familiar?

Maybe you want to offer the same quality cover as last year, but now you’re being quoted significantly more.

Is it better to look after the well-being of your employees or manage your bottom line? After all, COVID-19 has affected both.

You’re at a crossroads.

And it doesn’t feel fair.

Without a long-term, sustainable plan you will continue to be at the mercy of ‘market’ pricing.

Quality healthcare is more important than ever, as discussed in my new 2020 report.

The organisations I see best managing inflating costs are focusing on prevention not cure.

They’re taking the time to understand their employees’ health and well-being, by looking at their claims data and addressing the root cause of issues.

Mandatory health insurance is here to stay.

It’s tempting to bury your head in the sand and hope it goes away.

Bluntly, it won’t.

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It’s also tempting to rein in your benefits and cover to achieve short-term financial gain.

The problem with this is you’re not addressing the problem itself.

You’re only delaying it.

To remove the feeling of uncertainty, you need more control.

As I cover in my UAE report, providing basic insurance alone is not enough for employees.

The best talent expects more.

Demand for additional support is only going to grow to reflect the importance of services like mental well-being or telemedicine.

I’m passionate about helping organisations make sense of all the options.

My advice to HR directors, business owners and finance directors who feel frustrated, confused or anxious about their health insurance, is to ask for a second opinion.

It shouldn’t be complicated and take your focus away from what really matters.

It all starts with a plan.

This will form part of an overall strategy that's designed by an expert adviser.

By doing this, your business will thrive and keep employees healthy, productive and motivated.

It will help you reduce your premiums and increase your benefits with the cover of top-level insurance.

Knowing your workforce, addressing the specific impacts on their health and identifying those most in need of support is now the sustainable approach to insurance cost management.

Download the UAE Medical Insurance Report 2020 today and discover if you can save costs without compromising on quality...