There is still a lot of confusion surrounding a standard medical insurance and a critical illness policy among the public in the UAE, according to research commissioned by Friends Provident International (FPI).
Out of the more than 1,000 respondents polled in the survey, about 40% said the standard medical insurance provided by their employer offers them full coverage when they get a life-threatening illness, reported Gulf News citing the survey findings.
Mr Chris Divito, Managing Director for Middle East and Africa at FPI, said the results of the study are worrying, because they show that many residents assume that their company-sponsored insurance is sufficient to pay the bill in full when they lose a leg or get stricken by cancer.
He said a health insurance is designed to cover only medical expenses, and the amount of coverage is strictly correlated with the actual cost of medical treatment. If the policy holder needs long-term therapy or home-care services, for example, the standard insurance will not provide coverage.
“Health insurance does not usually provide for long-term recuperation, therapy or home-care services should they be required,” FPI said.
“People should consider critical illness insurance as a vital addition to their mandatory health insurance – especially if they have a family who would be impacted financially if they became seriously ill,” said Mr Divito.
The survey, undertaken by YouGov, was conducted between 23 August and 30 August 2017.
http://www.meinsurancereview.com/News/View-NewsLetter-Article/id/40720/type/MiddleEast/UAE-4-in-10-people-unaware-of-need-for-critical-illness-cover