In New Zealand we are lucky to have an excellent health system. In the case of an accident, ACC can help cover the costs of our treatment and even compensate us for lost wages.
If we fall ill, we can rely on the care of hospitals and other medical providers with the majority of the cost being covered by our government-funded healthcare system.
As a result, many people decide to forego the expense of personal health insurance and put their faith in the public system.
But despite this, there are a few reasons why we recommend exploring health insurance options.
Not just medical expenses
Health insurance schemes along with income protection policies will cover lost wages if you fall ill and are unable to work. While the public health system may cover your medical expenses, it will not support you financially. This is particularly a problem for families who have dependants and suddenly find their lives turned upside down through loss of income.
Health insurance also comes to the fore in the case of elective surgical procedures. Those are surgeries that can be put off by a week or more and are considered non-urgent. Health insurance can allow you to push ahead with elective procedures immediately in a private hospital.
Another advantage of health insurance is that you can avoid the dreaded waitlists that are necessary in the public health system. One industry study found that it took on average 100 days longer to receive surgery on a public health system waitlist than a private one. If going private, you’re generally in the operating room within a couple of weeks of first visiting the GP.
What about Self-Insurance?
Some people opt to ‘self-insure.’ That means that instead of insuring themselves with an established company and paying premiums, some people choose to instead set money aside in the event of something happening.
This is a big risk to take as we can never be sure exactly what kind of costs we may face. Very rarely do people have enough money set aside to cover every eventuality.
However, it is always a good idea whether you’re insure or not to have an emergency fund set aside as you never know what might be just around the corner.
Getting the best deal out of health insurance
Using a broker to help source your health insurance is always a good start. We weigh up the best options to suit your requirements and can negotiate the best deal.
We also have decades of experience selecting the right health plans for our clients. That means that we know what questions to ask, which loopholes to look out for and can advise on the right policy for your needs.
An insurance broker doesn’t cost anything so if you’ve been on the fence about getting health insurance, why not get in touch with us and see what we can come up with? You might just be surprised!