Industry analysts predict that healthcare expenditures in these areas will be lower, resulting in significant financial savings for companies and citizens.

Nabil Shanwani, Assistant General Manager for Life and Medical Insurance at Al Buhaira National Insurance Company in Sharjah, discussed the planned adjustments.

"With just three months to go, Sharjah and the Northern Emirates are set to introduce affordable basic health insurance, similar to the Dubai model, while aiming to reduce costs for employers," Shanwani stated at Thumbay Healthcare's Insurance Summit 2024.

The event was well-attended by worldwide and regional insurance companies, as well as government authorities such as the Dubai Health Authority. The seminar acted as a starting point for basic instruction on the country's mandated health insurance program, which is slated to go into effect next year.

Shanwani also stated that government ministries in Abu Dhabi and Dubai are analyzing insurance programs in order to create a platform that will provide employers the freedom to increase benefits as needed.

The UAE intends to create an obligatory health insurance system for private sector employees and domestic workers beginning January 1, 2025. The proposal intends to provide inexpensive healthcare to individuals who do not have employer-sponsored health insurance, as part of the government's efforts to develop the country's comprehensive healthcare system.

One of the system's primary goals is to keep insurance premiums low in comparison to those now in place in Dubai, in order to prevent putting further financial strain on businesses, particularly small and medium-sized ones.

According to Shanwani's words, excessive medical insurance prices can be a substantial strain on the region's business climate, thus keeping costs low is a priority to ensure the continuation of a sustainable and healthy economic environment for businesses.

Sharjah residents get reduced costs for mandatory health insurance scheme

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