88.5 % of Dubai’s population are expatriates, many of whom would love to spend their golden years in the city they spend many years working. Unfortunately the UAE made it very difficult for people over the age of 65 to remain in the Emirates.
Two out of every three expats in the UAE admit that they are not saving enough for their retirement, according to 999 Magazine’s survey of the financial habits of UAE expats.
The survey, featured in the October 2013 issue of the Ministry of Interior’s official English monthly, reveals that a large majority of UAE expats are putting off their long-term retirement goals in view of their day-to-day financial responsibilities.
To help these expats save money for their retirement NBAD Trust Company, a wholly owned subsidiary of the National Bank of Abu Dhabi offers a Wealth Builder Plan. Employers can offer their employees a range of individually tailored investment fund options and payments would be made monthly by the company. Even expats with a modest income would benefit from this scheme, as they would be able to invest in a manner that otherwise wouldn’t be open for them and they will have enough money saved to retire comfortably.
Another new idea to help expats after 65 be able to stay in Dubai is the idea of “Continuing Care Retirement Community”, the project will include independent retirement homes, assisted living homes and nursing homes for Dubai’s elderly – including expats. As this project, part of Dubai Healthcare City’s plan to attract more medical tourism, aims more at people with medical problems who can’t take care of themselves it has to be seen how much it will help expats who are healthy and active and want to enjoy their retirement playing golf or go horseback riding. It might be a perfect place for the elderly and infirm who want to remain close to children or grandchildren who still live and work here.
Health insurance will be mandatory for expatriates who, after retiring, wish to continue living in Dubai. The new Health Insurance Act makes health insurance mandatory for all citizens and residents, said Dr Haider Al Yousuf, Director of Health Financing, Dubai Health Authority (DHA).
A health insurance policy will be required for issuing a residence visa to an expat who has retired, but wants to continue to live in the emirate. Also, visas will not be renewed without health insurance in place for the applicant. If a relative – son, or wife – are sponsoring, it is binding upon them to ensure the applicant has a health insurance package.
According to DHA Director-General Essa Al Maidoor the National Health Insurance Law is coming into effect in stages and has begun with some categories.He added that the law will cover all citizens by end of 2015 and all residents by mid-2016.