New Zealand has a comprehensive and robust public healthcare system designed to provide quality medical care. However, despite the wide availability of this service, there are many benefits of having private health insurance in place. In this article, we look at the benefits of having health insurance, and provide tips to ensure your policy supports your personal needs.
The benefits of having health insurance
One of the main benefits of a private healthcare policy is the faster access to some medical treatments. With private health insurance, patients can avoid lengthy public healthcare waiting lists, and receive attention from medical professionals faster. This is especially important for people who have chronic conditions or who might need urgent treatment or diagnosis from a specialist.
Perhaps most importantly, having private health insurance can simply provide peace of mind. Knowing you're financially protected and have easier access to specialist healthcare with your policy, can provide the security that you're also protecting your own well-being.
Finding the right fit
When reviewing an existing, or considering a new health insurance policy, it’s important to first assess your reasons for doing so, and what options you may need. Take some time to assess your personal health situation, both in the current and long term. Here are some things to consider:
Does the policy fully cover what you need? Check the details of your insurance plan to understand whether it fully covers any treatments or diagnostics you may require, and what treatments are covered within the policy.
Read the fine print: Review your policy’s terms and be sure to understand the conditions and exclusions.
What is the policy’s excess? Know how much you'll pay out-of-pocket for different kinds of claims, and your excess options.
Are there any additional benefits? Some policies may also offer discounts on services such as mental health support, gym memberships, and wellness programs.
Keep in mind that, even after purchasing private insurance, the public healthcare system will still be available to you for acute medical needs. Your cover acts as protection from lengthy waiting lists and expensive treatments, offering peace of mind for those covered by the plan.
Taking control of your policy
It's a good idea to regularly check-in on your policy to ensure it’s still providing the right level of coverage for you and your loved ones. A regular review can help identify any potential gaps in coverage and make the necessary adjustments to bridge those gaps.
Changes in your family structure, or employment situation may call for a policy update. You may also want to reassess your policy if you've experienced a significant change in your life, such as getting married or welcoming a new family member.
Please get in touch if you have any questions – after all, it's important to find a policy that fits both your needs and budget. As financial advisers, we’re here to help. We provide personalised guidance to support your needs and goals for a healthy future.
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 developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
