A few weeks ago I wrote an article about medical insurance for individuals and families, so this is the companion piece focusing on schemes arranged by companies for their employees.

It was announced recently that it will be a legal requirement for Dubai based employers to provide medical insurance for their employees. As yet we have no details of the requirements or when this will be implemented, but it seems that this time it will really happen. There is little point in speculating, but I would guess that it will not be too different to the situation in Abu Dhabi.

The provision of good medical insurance for the employee and their family is viewed as a significant benefit and so can assist with the recruitment and retention of quality staff, along with other employee benefits like life assurance, income protection and pension schemes. Whilst some employers see the provision of cover for their staff merely as an expense, it has been proven that employee see this as a very valuable benefit and appreciate good quality cover. In addition quality cover reduces absenteeism and promotes healthier living and staff loyalty.

We’re only a small company so can we still arrange a plan?
You certainly can. It is possible to arrange a group plan from just three employees. Although the options will be limited, administration is simplified and as the company grows, the scheme can also adapt.

In addition, there are many small business owners who have personal plans that could be amalgamated into a small group scheme thus saving money or providing better benefits.

Are corporate plans different to personal ones?
They can be and the larger the group scheme, the more options there are and it is often possible to tailor the scheme to accommodate specific requirements. For schemes with 20+ members it is possible to provide cover that does not exclude existing medical conditions, which can be a very valuable option. Direct billing is also available.

What about existing arrangements?
If your company has an existing medical insurance plan, has this been properly reviewed? As plans change and costs alter each year, an unbiased review can be a valuable exercise. In some cases schemes can be rewritten with a new provider to provide additional benefits, reduce costs or improve service. Savings can be made by excluding non-essential benefits, selecting an appropriate level of co-insurance, billing dates. You can even tailor the existing scheme to better suit your company.

Factors to consider
When arranging medical insurance for companies there are numerous issues that we consider when making recommendation including:
• Size of scheme
• Area of cover – local, regional, worldwide and is out of area cover required?
• Deductibles and billing arrangements
• Administration and service
• Reputation and financial stability of provider
• What extras are required? Maternity, dental, optical cover and the waiting periods?
• Compliance with Government requirements
• Are different levels of cover required for senior staff?
• Annual scheme limits
• Hospital and clinics available

When looking at reviewing existing schemes the claims history must also be considered.

How can we help?
When you are managing a company or overseeing employees you want to spend your time doing that, not dealing with other matters. Using a dedicated, experienced and trusted broker can save both time and money. At Holborn Assets we have a number of highly knowledgeable staff who focus on the giving advice to companies. Corporate schemes are different to personal arrangements and it is important to really get it right.

The ongoing administration can be time consuming so we can deal with much of the paperwork when it comes to joiners and leavers, as well as any ongoing issues or handling disputes.

Last, but not least, we can also arrange for ‘extras’ such as vouchers for eye tests and discounts rates for dental work.

What else is available?
Companies can access a number of different plans for the benefits of employees and directors in addition to medical insurance, such as
• Group life assurance
• Income protection
• Keyman insurance
• Share option schemes
• Group accident and travel insurance
• Financial planning assistance for staff – seminars, personal advice

Medical insurance is a benefit for employees that, if set up properly, can also benefit the employer. It is important to get it right with the minimum of fuss and our role is to make the lives of both the employer and employee easier by providing the very best service and advice.

For details about arranging or reviewing medical insurance for your company, please contact me on keren@holbornassets.com