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30 Apr 2019

Taking out Health Insurance or self-insuring?

Thinking about having Health Insurance, but worried about the cost, or whether you need it? We can help with those concerns, and help you decide what the right structure is for you.

Is it worth it?
New Zealand generally has a great free public health system. But sometimes having to wait months for treatment – especially if you are unable to work – can be disheartening.

Generally speaking, the public system is set up to deal primarily with emergency care (and does it very well). However, it can be less structured when it comes to issues that, albeit acute, are not immediately life-threatening.

Having Health Insurance can give you access to specialists and hospitals outside of the public system, meaning you can be seen a lot quicker, with waiting lists (if any) a lot shorter.

How much does it cost you?
Like most types of covers, the cost of Health Insurance depends on the level of coverage you have, what is covered and your age. And even then, you can still adjust the premium by taking on more of the cost yourself, or by removing the extras you don’t actually need.

So how do you take on more of the cost yourself? You can select a higher excess, which is the amount of any claim you agree to pay. The higher your excess, the lower your premium can be. Think about how much you could reasonably afford to pay if you did need major surgery, or to see a specialist.

What about the differences in policies?
Some policies will only cover surgical and specialist costs, while others will allow you to claim back an amount for doctors and dentists’ visits. There are also other options to include or exclude from your total cover. By thinking about your needs (how many times a year do you actually go to the doctor), you can tailor a Health Insurance package that meets your needs and your budget.

If you want to keep your rainy-day fund for financial emergencies, not medical needs, talk to us today about how Health Insurance can form part of your overall Insurance plan.

And if you already have Health Insurance, and would like to know what you can claim on, please get in touch. We will be happy to answer all of your questions – no matter how big or small.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice.

A full disclosure statement for each Insurance Link Adviser is available on request and free of charge.