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It seems to have been a bad winter for coughs, colds, and respiratory infections. As I sit in the office, we have several staff members who are or have been away sick with the flu, lung infections, and even pneumonia. These are generally a fit & healthy bunch of people!
New Zealand has a publicly funded healthcare system that provides essential medical services to NZ residents and citizens regardless of their ability to pay. Or does it? Have you tried to make an appointment with your GP lately? There may be a 3-4 week wait before you can see them, by which stage your illness may have become much worse, or if you are lucky, you have recovered. Hospital EDs are becoming overwhelmed with those who can't wait to see their GP, or in some cases, they have to close at certain times due to a lack of staff.
If you get sick or suffer from a chronic condition, the NZ health system will help you sooner or later. With the post-covid public health system under so much pressure, the problem may be how much later.
Currently, around 32% of New Zealanders have Health Insurance, while the rest are relying on the public system.
Claims stats for 2022 from one Health Insurance provider, AIA, show that they paid claims worth $121.5 million in the year ending December 2022. Of these, 23% were for Muscular Skeletal conditions, 19% were for cancer claims, and 13% of the claims were for Digestive conditions.
Do you have the money put aside to pay for your treatment? If you do not have health cover, are you able to put money aside for your treatment? Here are some average costs for more common treatments:
Access to non-emergency Care and Private hospitals – essential urgent care is covered under the health system; however, procedures like knee and hip replacements and Hernia repairs are not generally performed through the public system until the condition is extremely severe and debilitating. Having health insurance can mean that you can access these surgeries sooner and have a better quality of life.
Not all policies are the same, and coverages and premiums will differ between providers. Most offer base cover, which will cover general surgery, cancer cover, overseas treatment, and many other supporting benefits. You can opt for additional cover depending on your needs and budget, including Specialists and tests options, GP Visits, Dental, and Optical options.
Any additional benefits will come at a cost, so you need to decide whether to add the cover or put aside some savings to cover these. (Please refer to specific insurance provider wording to confirm what is and is not covered and benefit limits or exclusions under their policies.)
You can reduce the premium cost by increasing the amount of excess you pay; excess amounts can range from $250 up to $10,000. Just know that you will have to pay the excess amount for any approved claim. Some providers now also offer specific cancer cover policies rather than taking a full health policy, which costs less if you are unable to afford a full cover policy.
It's best to take out Health Insurance as early as possible to avoid pre-existing conditions being excluded.
Even if you are young, fit, and healthy, health issues can occur at any age. Having a health insurance policy can give you peace of mind should the unexpected happen and can take away some of the stress of managing a serious or debilitating illness. If you would like to look at your options, please get in touch, and we can discuss your individual requirements.
Tania.
Disclaimer:Tania Crocker (FSP769894) is a Financial Adviser with Velocity Financial(FSP95466). No investment decision should be taken based on the information inthis blog alone. Please see Tania’s disclosure statement on our website.