Why Health Insurance is Important for Employees?
Things are changing in the UAE, and companies must adapt or risk falling victim to an increasingly volatile work market. The days of generous migrant packages appear to be over, and workers are increasingly looking for better opportunities. That means it's time for businesses to get inventive with their benefits packages.
You might wonder if your company covers medical costs if you suffer from an injury or if your child visits the pediatrician. Certain Emirates in the UAE have made it mandatory for companies to provide health insurance to their expatriate workers. Yet, specific rules and regulations govern employees' and their families' medical insurance coverage.
In this article, we will explore the necessity of employee medical insurance Dubai.
What Precisely is Employee Medical Insurance in Dubai?
Providing health insurance as an employee perk is one of the most basic but effective ways to reward and attract talent. Health benefits can also assist enhance efficiency, and confidence, and also help establish a positive workplace culture.
As a result of mandatory health insurance, companies are able to attract and retain good employees. The extent of the protection you offer has become crucial because everyone must now include medical insurance as a component of their employee benefits package.
The basic goal of an employee medical insurance plan is to safeguard and support employees' health and well-being so that they can stay active and productive members of your organisation. Employee medical insurance, along with financial assistance or education benefits, is often the most popular benefit added to a salary.
Advantages That Your Employees Will Truly Appreciate
In companies that collaborate across boundaries, "people power" has a lot of meaning. As a result, our employee benefits protect your most valuable asset—your employees. Choosing a benefits partner that provides great coverage options and a personal touch can be highly beneficial because expatriate employees value the chance to give back.
Employee benefits are additional perks offered to an organization's staff members over and beyond the pre-set income or wage. These perks may come in the form of monetary or non-monetary elements that raise the overall pay that employees get. Here are a few typical samples of employee benefits:
• Employees’ Provident Fund
• Health Insurance For expatriate employees
• Paid leaves
• Leaves for maternity and paternity
• Allowances like a travel allowance
• Payment of mobile and Internet service fees, etc.
Employee Benefits Provided by UAE Companies
• There is no obligatory global minimum wage or pay for immigrants in the UAE.
• In the UAE, the minimum wage and salary for UAE nationals depend on their level of education.
Social Security Benefits: In the UAE, every employer is obligated to pay 12.5% of the employee's gross pay for social security benefits. In addition to 5% of gross remuneration, 2.5% belongs to the government.
Particularly for individuals who cannot afford individual health insurance, an employee health insurance policy is a big benefit. The cost of the premium for this plan is not covered by the employees. On behalf of the employee, the employer pays it. The employees get free health insurance coverage in this way.
Employment and Retention
Employee health insurance is now a standard benefit offered by people-oriented businesses. It has been a significant benefit for a very long time. If you don't offer healthcare benefits, you risk losing them to a rival.
Preventive Health Care
Modern health insurers are prioritizing strategies for preventive healthcare. They are not only limited to performing physicals but also fitness tracking software, incentives for good behaviour, discounts on gym memberships, etc. are other examples of such efforts. Such preventive actions can support the worker's continued activity and, as a result, productivity.
The function of Third-party Administrators (TPAs) in Employee Health Insurance ensures that managing claims is not a burden for the business/employer. The claims process is now smoother than it was ten years ago because of digitally improved technology.
Less Waiting Period
The majority of individual insurance policies include pre-set waiting periods. This is the time period during which policyholders must wait to file a claim and handle their own expenses without support from the insurer. Yet, there are no waiting periods for employee health insurance.
Expatriate Employee Benefits in the UAE
Both nationals and foreigners are eligible for employee compensation and perks in the UAE. With the exception of a few specific benefits that are only available to UAE citizens, every employee in the country receives all required employee benefits.
Every employee in the country receives all of the statutory employee benefits, with the exception of a few benefits that are only available to UAE nationals.
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