Health Insurance

Health/Medical Insurance

While 1.4 million people in New Zealand are covered by Health insurance, this is still less than a third of the population.  While we have a good public health system, there are still many reasons that you may want to have health insurance cover in place.

From our experience most people don't get value from the 'dollar swap' insurance policies, where you pay a premium to cover yourself for doctors visits, pharmaceutical costs, opticians or dental costs, but you may be the exception.

Most of our clients choose to put in place Major Medical and Specialist insurance cover.  This pays for the big bills - if you have to go into hospital to have surgery, and don't want to wait for a long time on the public waiting list, or if you want to have a colonoscopy or MRI without waiting for months, to make sure that there is nothing wrong with you (hopefully!).

There is a big difference in the quality of health or medical insurance cover, and the quality is continuing changing.  Moneyworks subscribes to research to help us keep track with all our insurances, and with health insurance, to make sure that are recommending the most suitable quality of health insurance for our clients. 

We prefer health insurance for our clients that will cover Non-Pharmac approved drugs, and that has guaranteed policy wording, that can't be changed at the whim of the insurer.

It is important that you choose a good policy at the start, as when you have something go wrong, you then have a 'pre-existing condition' and it can be difficult to move health insurance policies, as the condition won't be covered with a new insurer, but should still be covered with your existing insurer.

You can reduce the cost for health insurance by taking an excess.  The higher your excess, the lower the premium, but then you have to remember to have that money set aside to pay for that excess when you claim.

The costs of insurance will increase as you get older, particularly from age 65, so deciding whether to have health insurance in your retirement (or to self fund) is a crucial part of your retirement planning.
The provision of employer provided health insurance is highest preferred employee benefit in New Zealand according to seek, and has some benefits - including being able to sign up your family, and often all pre-existing conditions are covered.  Moneyworks can help you if you are an employer looking to provide this benefit for your team.  Contact us at contact@moneyworks.co.nz or 0800 225 621.

Lost’ Australian Super – first steps to change legislation so that this can be transferred to a New Zealand KiwiSaver (thanks to Chapman Tripp)

Australian ‘unclaimed super’ money gap to be plugged (10th June 2020 – Brief Counsel) The Taxation (Annual Rates for 2020/21, Feasibility Expenditure, and Remedial Matters) Bill, introduced toRead more

Changes to KiwiSaver this year

There have been a number of changes to KiwiSaver this year.  Some of these changes took effect on 1 April 2020: · All members aged 65 years or over can make a retirement withdrawal ·Read more

Things you may not know about KiwiSaver

1.    Get regular withdrawals from your KiwiSaver to fund your retirement spending When you reach the age of eligibility for New Zealand Superannuation (currently 65), you can access yourRead more

What does the ‘KiwiSaver Retirement Projection’ on your KiwiSaver Statement mean?

If you are aged between 18 & 64, from this year, you will receive some more information on your annual KiwiSaver Statement.  This ‘Retirement Projection’ information is a legislativeRead more

It really isn’t possible to ‘time’ the markets – investors with $1.4 billion in KiwiSaver funds learned this in March

When we meet with our Membership Fee clients on an annual basis, we consider the risk profile that their investments are invested in.  As your life changes, this may change.  We encourage our nonRead more

Coronavirus world, economic outlook and investments

This is a newsletter that was sent out on Monday May 11th 2020, to Moneyworks Financial Planning and Investment Clients that we work with on an ongoing basis.  It has quite a lot of interestingRead more

FIF/FDR Tax Regime on Overseas Investments

If you are liable to this tax regime (Your adviser will have told you, and your tax report will have a section with calculations on it as shown below), it is IMPORTANT that you read this guidance.Read more

PIE Tax

Your KiwiSaver and some other investments may be liable to PIE Tax. A PIE is a Portfolio Investment Entity. PIE Tax calculations are quite complicated – the important thing that you need to know isRead more

Tax Adjustments/Package available for indviduals and businesses under the Covid-19 Crisis Environment

The NZ Government has been using the tax system to provide assistance to people and businesses to deal with the Covid-19 Lockdown.  We have outlined the benefits announced to date below. There is aRead more

Questions about your KiwiSaver and Insurance under the Covid-19 environment?

Insurance policies All of the insurers that we work with and that our clients have insurance in place with (Life, Trauma, Income Protection/Mortgage Repayment and Health/Medical insurance) haveRead more

It is time in the market - NOT timing the market - the role of Finology in investing

It is tempting to stop making regular investments into markets when there is volatility and you hear the media pronouncing that the markets have 'crashed', 'plummeted', 'plunged', or even when theyRead more

Investment Markets and Recent Fluctuations

You will have heard comments in the media recently that the stock-markets have ‘had their worst day since the Global Financial Crisis in 2008’.  You may have noticed that your KiwiSaver andRead more
 

This product has been added to your cart

CHECKOUT