November 2023 Updates
Health Insurance: A must in today’s New Zealand.
In a perfect world, the need for health insurance might be debatable. But for Kiwis facing an overstressed public health system, characterised by severe staff shortages and long waiting times, the debate practically settles itself.
If you want fast, professional healthcare treatment, having tailored health insurance is no longer just a 'nice-to-have'—it's a non-negotiable.
The Public System: A Waiting Game
The New Zealand public health system, while robust, is currently under immense pressure. The healthcare workforce is experiencing significant shortages, leading to increased waiting times for treatments and specialist appointments. This wait can not only be stressful but can also potentially worsen your health condition over time.
The Freedom to Choose
When you have a health insurance policy, one significant advantage is the freedom of choice. For instance, if you need a knee replacement, health insurance allows you to research and consult with multiple specialists before making an informed decision. Conversely, going through the public system restricts you to the specialist you are given, limiting your ability to choose who treats you.
Private Quality of Care
Another differentiating factor is the quality of care. While public hospitals are doing their best under strained conditions, they often lack the staffing, technical resources, and time to deliver optimal patient care. Private hospitals, smaller in size and well-resourced, offer a superior patient experience. Your insurance can grant you access to these facilities, ensuring you receive top-notch care tailored to your needs.
The Subtle Differences That Make a Big Impact
At times, it's the subtle differences in health insurance policies that can have the most substantial impact. Take the case of Keytruda, an advanced anti-cancer drug that strengthens the immune system to combat cancer. Keytruda is not funded by Pharmac, and its manufacturer, Merck, Sharpe & Dohme, only assumes payment responsibilities after 10 months. This leaves non-insured patients with a staggering $70,000 bill for the initial treatment.
However, not all health insurance policies cover the cost of Keytruda. It's therefore crucial to read the fine print of your policy to ensure you're adequately covered for such treatments. For example, insurer NIB offer policies that include coverage for this life-saving medication.
Protect Your Whānau for a Small Cost
Last but not least, adding your children to an adult policy can cost as little as around $15 per month. It's a minor expense for the invaluable peace of mind that comes from knowing your family is covered for a range of health conditions and treatments.
Final Thoughts
While the public healthcare system in New Zealand does a huge amount of good, it's not without its flaws. A tailored health insurance policy not only gives you the freedom to choose but also ensures that you receive timely, high-quality care. It’s a small price to pay for peace of mind and better health outcomes for you and your family.
Before choosing a policy, remember to read the fine print carefully to know exactly what you're covered for. The current healthcare landscape makes it abundantly clear: a well-chosen health insurance policy is not just an option; it's a necessity.
Reminder Notice: Is your jewellery and art valued and registered?
We’ve touched on this topic before, but we still see clients getting caught out. (Hence, our timely reminder now).
If you have specific jewellery items valued over $5000, they need to be valued and registered with your insurance provider. In the event of loss or theft, the maximum payout for a single item is $5000. This means that if you own a $20,000 ring and it is loss or stolen, you can only claim up to $5,000.
Similarly, if you have a combined value of your jewellery exceeds $15,000, each item needs to be itemised and registered with your insurer. For example, if you have 10 items each valued at $4000, you can only claim up to $15,000 in the event they are all stolen.
TIP: Keep your valuation safe and secure.
We had a recent case where a client kept their jewellery and the registered valuation in a safe. While they were on holiday, the whole safe was burgled – missing valuation has caused major headaches on the claim.
If you have a Registered Valuation, make copies and give us your original to hold on to.
Need cover for your summer toys? Plan ahead!
Treating yourself to a shiny new toy this Xmas? Whether it's a jet ski, boat, motorcycle or any other big-ticket item – don't forget to get it covered!
P.S. Just a heads-up – the Insurance Specialists Team will also be enjoying a well-deserved summer break. So, we won't be around to set up any last-minute policies if you happen to forget! Plan ahead to ensure you're covered.
A new arrival!
A round of applause and warmest congratulations to Ash and Mike on the arrival of baby Lexy! Wishing you a lifetime filled with love, joy, and countless precious moments. Ash will ease her way back into work during November and all things going to plan, will be back fulltime in March 2024.
New staff too!
We are thrilled to announce the newest additions to our team—Andrea and Natalie! We're incredibly excited to have you both on board and look forward to achieving great things together.
Need emergency accommodation?
Sometimes life throws a curveball and we just have to do our best to get by. In case of emergency accommodation, or even temporary accommodation for summer, we recommend talking to the guys at Cabin Crew – they have a selection of high-quality portable cabins available for hire.