Following the success of compulsory health insurance policies in other Gulf countries, the Sultanate of Oman embarked on the implementation of its national program in this field, which, according to experts, is expected to revive the insurance market in the Sultanate.
The form of the unified health insurance policy was unveiled in the Sultanate of Oman in late March and is a model that paves the way for the implementation of the mandatory health insurance project "Damani" for private sector workers. , visitors and residents in the country.
The Capital Market Authority, in cooperation with the Oman Chamber of Commerce and Industry with its branches in the governorates, will start organizing informational meetings over the next period targeting business owners and business owners in the states and governorates of the Sultanate. The policy is expected to provide health care to up to 2 million private sector workers and their families, and is expected to begin implementation later this year.
Omani citizens and expats working in the private sector, as well as non-working visitors, must obtain health insurance through a limited number of service providers authorized by the Capital Market Authority. In turn, these providers will be obliged to extend coverage to the dependents of the insured.
The unified health insurance policy form requires companies to pay insurance premiums for their employees and specify the minimum essential benefits to be covered, including inpatient and outpatient services, emergency care, medical fees, diagnostic services, medicines and ambulances. The program will fund up to 3,000 Omani riyals ($ 7,791) for hospital services and up to 500 Omani riyals ($ 1,299) for outpatient services, including exams, lab tests, and pharmacy fees.
However, this policy will not cover the treatment of pre-existing conditions, injuries that occur outside the workplace, addiction to alcohol or drugs, sexually transmitted diseases or the use of alternative medicines, while services related to pregnancy, childbirth , dentistry and eye care will be provided through negotiation between individual employers and their employees.
On the other hand, the unified health insurance policy will be introduced in phases, according to the size and willingness of the employers responsible for providing coverage, and will eventually be extended to include smaller businesses and domestic workers.
Sheikh Abdullah bin Salem Al Salmi, Executive Director of the Capital Market Authority, said: "The implementation will take place gradually during the years 2019 and 2020, starting with international companies and major local companies."
In late April, the CMA announced a tender to create an online platform that enables online health insurance transactions between insurance companies, healthcare providers, outside officials, and regulators. The platform aims to make the implementation of the standard health insurance policy model more efficient for all parties by allowing money transfers, approval requests, insurance coverage verification, and data storage.
Ensure sustainable growth
The new compulsory health insurance system is expected to deepen positive trends in the insurance market by promoting premium growth and increasing the attractiveness of investors in the Sultanate and abroad.
According to Rajesh Vanquetiswaran, Senior Vice President of Vision Asset Management Company, Oman's insurance market is becoming more attractive to insurers. The growth associated with the unified health insurance policy will support and diversify the sector's revenues, which have long been driven by life and auto insurance policies.
"The cost of health care is increasing and so is the level of private involvement in this sector," Vanquetiswaran said. He stressed that "the government wants to stop being one of the main providers of health care."
This step to partially privatize health insurance supplies will generate great opportunities for companies included in the list of insurers approved by the Capital Market Authority - which have not yet been disclosed - as well as for domestic and foreign reinsurers. of the country that can cover the local market.
The policy announcement follows a recent record of growth in the healthcare sector. Compared to insurance premiums, the share of health insurance in the comprehensive insurance mix increased to 33% in 2018, down from 26% in 2016.
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