Some of the top insurers with offices in Dubai may soon roll out medical insurance plans designed just for those with Golden Visas and their families. Some pre-testing has been carried out by a few of these insurers to get feedback from potential customers and healthcare professionals.
These insurers are also waiting to take their cues from the way Abu Dhabi’s health insurer Daman is handling its own dedicated Golden Visa medical package. “There will be first-to-market advantages for those insurers who can launch these Golden Visa packages – but they will have to show these are different from the typical health insurance policies in the market,” said an insurance industry source.
In the next few months, the rush for Golden Visas will begin anew, as word of the initiative reaches more potential investors/residents planning to base themselves in the UAE. Health insurance is mandatory for all visa issuance/renewals in the UAE.
As of now, more than 65,000 Golden Visas have been issued, and in the next few weeks those property owners who have assets of Dh2 million and more too will be eligible for these visas. And they will need supporting medical insurance too…
“A basic health insurance plan is good only for those who just have the Golden Visa and the UAE is not their primary location to live,” said Leena Parwani, CEO of LPH Financial Services. “Then, the individual with no health condition can take the Basic plan, which is cost-effective. But if it’s someone living in UAE, then the current options are the same individual plans available from all the providers.”
This is what insurers are trying to change, to come up with tailored plans, some of which could carry a higher premium. Given the demographic mix of the current Golden Visa holders (and of their dependents), insurers are most likely to have policies that are linked to ages.
“The Golden Visa policies may state their entry level premium is a certain amount,” said Leena. “But the actual pricing would be based on the age of the insured, and will only be offered by the individual submitting a declaration about their age.”
Non-renewals
Even as UAE insurers still work out what an ideal Golden Visa health cover should be, visa holders need to make sure their existing policies are being renewed. In Abu Dhabi, visa holders not renewing face a ‘significant’ fine, and which extends to each of his/her dependents as well. This is calculated on a monthly basis, and which makes it imperative that medical insurance gets renewed at the end of the term. (This applies to corporates too, if they are the ones to have issued the Golden Visa on behalf of their employees).
According to sources in the insurance business, this may also be strictly enforced in Dubai. The health insurance certificate must be uploaded in order to receive a Golden Visa, according to Leena. “And we are observing corporates not renewing the medical insurance for up to three months, and occasionally longer. Even after the 30-day grace period has passed, people still don’t bother to renew on time. These people run a very real risk of being without insurance coverage just when they might need it.
