With several types of 10-year visas now available, an increasing number of expatriates are spending more of their working life in the UAE. The previous model of short-term assignments has been replaced by people making the Emirates their "forever home".
With the launch of retirement visas, it is now possible – and for many people, highly desirable – to spend your golden years in the UAE.
And it's not just existing workers who are choosing to retire here. The UAE is becoming a retirement destination in its own right: “Forget Florida. Retirees are settling down in Dubai,” read a headline in the Robb Report last year.
However, to get the most out of your golden years in the Emirates, which could involve specialised support services and health care for seniors, retirement health insurance is essential.
The UAE’s success in building a world-class array of medical services has enabled it to attract a high volume of skilled professionals and investors to live and work here, contributing to a vibrant society and economy, and that increasingly includes retirees.
However, encouraging retirees to stay in their latter years can be challenging, because healthcare access and affordability can change when you retire.
For many retirees, physical well-being is their highest priority. Accessing timely medical care, preventive screenings and essential treatments are often fundamental to a quality retirement.
Knowing that advanced health care is readily available and affordable, so that healthcare costs do not erode precious retirement nest-eggs, could make all the difference.
Research by the UAE Ministry of Health and Prevention shows a significant proportion of expatriates lack comprehensive healthcare cover when they come off employer-sponsored plans and enter retirement.
The risk of being exposed to unplanned medical expenses can become a deciding factor in people moving when they retire, taking their investment capital and spending power with them.
Policymakers have recognised the healthcare coverage issues facing expatriates and are working towards solutions for equitable access to comprehensive insurance.
What's needed is a broader range of insurance products that cater to retirees to give them the confidence and assurance to continue their with lives in the Emirates.
Employers could support their employees' retirement by offering retirement healthcare benefits or access to retirement insurance plans.
By moving from a single-payment end-of-service gratuity to a more holistic employee benefit approach, employers can empower their staff to plan for a secure and fulfilling retirement.
Additionally, raising awareness among expatriates about the importance of retirement healthcare planning is paramount.
Through educational initiatives and outreach programmes, people can better understand the benefits of proper healthcare coverage and take steps to safeguard their future. Insurance companies could play a key role by rewarding and attracting early premium allocation for retirement.
Ensuring access to retirement healthcare insurance for UAE expats is not just a matter of financial prudence but a fundamental aspect of promoting health, security and dignity in later life.
By recognising the unique needs of expatriates and implementing policies and initiatives to address them, the UAE has an opportunity to create a future where everyone can retire with confidence, knowing that their health and well-being are protected.
Renee McGowan is chief executive of Marsh McLennan India, Middle East and Africa
