Health Insurance supports and allows you to skip the long waitlist, typically more than 4 months, to see a specialist and get medical care/surgery. Medical drugs can be grouped into two categories in New Zealand. Pharmac is a NZ government corporation that decides what medicines are government funded with cheaper prices compared to Non-Pharmac drugs that are not government funded therefore will cost more and not accessible to the majority of the population.
There are a number of choices when it comes to Health Insurance. Diagnostic and surgery cover. Specialist covers. General Practitioners (GP) cover. Vision and Dental/Optical cover. Choose the best cover that is best for you and stay protected.
More than 1 million of your fellow Kiwis currently have some level of Health Insurance. Though typical visits to your doctor, physiotherapist or the dentist won't cost much but any major treatments like cancer or expensive knee and hip replacement surgeries can cost up to $20,000 to $30,000. You wouldn't want to pay for it alone. We think you should consider Health Insurance for the big nasty health surprises that will disrupt your lifestyle and finances, by choosing the level of cover that's best for you, giving you control over your health.
First, pick a Health Insurance company or check with your employer to see if they offer any. These include Southern Cross, Accuro, nib, Partners Life and even banks like BNZ (through uniMed). Look across a few of these to get a better idea of what is covered and at what price.
Second, think about what you’d like to get covered. Will it just be the big nasty health issues and medical treatment or are you looking to claim your doctor visits? Consider your current and future health condition and how often you use healthcare services.
Third, have your details ready including information about both you and your family's medical history. Answer the questions truthfully so that you can make claims for your policy without any issues.
Fourth, pick your Excess. Typically Excess options usually range between $500 to $1,500. The higher the Excess the cheaper the premiums (ongoing cost of insurance). Excess is the amount you pay to make a claim. This reduces the risk that the insurance company takes on and they reward you with a cheaper premium. Make sure you’ve got enough in your bank account to pay the Excess to make a claim. Putting the Excess on your credit card is expensive!
Lastly, check that your insurance cover is still right for you every 12 months or if you have any changes to your family, income or lifestyle. If you have valid reasons to believe your health condition may change in the future, adjust your Health Insurance to suit.
Quashed is an online platform that makes it easy for you to manage and track all your insurance in one place. You’ll be prompted at the right time to check on your insurance and it helps you keep track of how your premiums are increasing each year.
Health Insurance is a little different than other insurance types when it comes to personal factors. The Human Rights Act 1993 forbids insurers to treat each individual differently based on person factors such as age, gender and medical history, but for Health Insurance and the nature of this environment there are general rules that all follow in determining costs. Generally it will depend on your risk of health complications and how much your policy covers for, including additional benefits and add-ons.