The health insurance sector in Qatar is growing steadily at an estimated CAGR of 6%.
Out of a total population of around 2.80 million, 500,000 individuals are estimated to be privately insured. The rest, whether Qataris or expats are covered through the public health entities
The penetration ratio doesn’t exceed 1%. This is measured by total written premiums over the GDP, this low ratio is mainly due to Qatar having the highest GDP worldwide.
Insurance density in Qatar is around $618 (ratio of premiums to population) which is second to the GCC
The insurance market in Qatar is growing at an estimated CAGR of 4.70% and is expected to reach around QAR 7 billion in 2026
The new mandatory healthcare system was created under Law No. 22 of 2021 regulating the health services in Qatar
Under the draft law, the Ministry of Public Health (MoPH) will set standards for the provision of healthcare services in government and private health facilities as well as compulsory health insurance and supervision. It will also work on developing and maintaining compulsory health insurance.
Moreover, this law makes it mandatory for expatriates and visitors to have a health insurance for issuance and renewal of visas.
How to Choose the Best Health Insurance
There are numerous factors to take into consideration when buying a health insurance policy
When it comes to selecting a health insurance plan, the premium is the most important factor for many shoppers – especially those who are currently healthy. But price shouldn’t be the only factor upon which you base your selection, even if your primary concern is financial (as opposed to factors such as provider networks, coverage width, and quality ratings).
- Go for the right coverage
While buying a health insurance policy, checking the coverage offered under a plan is important. By coverage, we mean the medical expenses that will be covered under your policy, such as hospitalization expenses, ambulance charges, day care expenses, maternity expenses, etc.
Analyze the health needs of your employees, family & yourself and accordingly, choose a plan that offers you the right coverage. Do not go for a plan that offers way more coverage than you need as it will increase your premium. Instead, you can customize your plan by opting for riders as per your needs.
- Chose the appropriate network
At the time of purchasing medical insurance, choose an insurance company that has a wide range of network hospitals and clinics that suits your needs and has a vast geographical spread
If you are seeking an international cover, find a company that can serve you in different countries
Premiums are the amount you pay an insurance company for coverage. You can agree with the insurance company on the modality of payments
3. Deductibles and co-insurance
A deductible is a flat fee that you have to pay for a medical consultation while a co-payment is the proportion of the medical/hospitalization expenses that you have to pay out of your pocket before you can make an insurance claim
You can opt for a coverage with nil co-payments, however, this might entail a higher premium. It is up to you to decide on the option that best suits your needs
How and where to buy Health Insurance in Qatar:
When you’re comparing health plans, look for useful tools and services that may come at no additional cost and help you save time and money, and support your health such as:
- Websites and mobile apps
- 24/7 customer service teams
- Health information phone line for help finding answers to your medical questions
- Discount programs to help save on health and wellness products and services
Data Source: Alpen Capital ltd and Seib Insurance compilation of data from within the market.