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.

Romance Scams and how to avoid them

There was a recent article in the New Zealand Herald (premium subscription) headed up ‘Catfished: Kiwi loses $840,000 to online romance scams’. This was the largest reported loss in a long termRead more

Ethical Investing and New Zealanders opinions

very year Mindful Money – the New Zealand charitable trust created to help people monitor the ethical allocations of their New Zealand investments and RIAA (the Responsible Investment AssociationRead more

Buying a property at auction - a personal experience

Call me old…. But I haven’t been involved with the purchase of a property for nearly 20 years.  Peter and I built our dream home in Cambridge, and loved the process, and sold our properties inRead more

More financial scams about - BEWARE

This information is from the FInancial Markets Authority - and we are repeating the message in case we can save at least one person from being caught in a financial scam.  PLEASE pay attention to thRead more

Three big changes in a post-pandemic world

This information is copied from a recent Fortune magazine newsletter that we received.  Given that 2020 has been a big year, we thought we would share the information with you - as an indicator asRead more

Generate KiwiSaver actively engaging in 'impact investing'

Moving towards an 'ethical approach to investment' for those of our clients that want this approach means that we are talking to our existing and future fund managers about how they are investing,Read more

The Six Stages of Ethical Investment Awareness

At Moneyworks, we are undertaking our international certification and education to become 'ethical/responsible/sustainable' advisers.  Part of this is understanding the different 'claims' to ethicalRead more

The purpose of New Zealand's retirement income system

New Zealand Superannuation is a cornerstone to the retirement income system in New Zealand, and as we often say in our seminars, it is one of the most generous public pension schemes in the westernRead more

What is the ideal age to retire?

Obviously the ideal age to retire is when you are ready, and retirement doesn’t need to mean sitting around all day doing nothing.  Your retirement might involve spending more time with your famiRead more

What is a typical lifespan in New Zealand today?

Answer: Much longer than it used to be!  What does this mean for your retirement planning?  The current life expectancy in New Zealand is 82.21 years And interestingly, while the lifespan in NewRead more

3 Psychological tricks to help you save money

We have heard from people that with Covid lockdowns (and the lack of travel opportunities overseas) that they have more money in the bank.  Of course, we don’t want to have another lockdown. ARead more

Stolen or hacked credit cards – a hassle, but what is the real story about how much it costs?

Over the last four months quite a few of our clients have had their credit cards stolen or hacked.  While there are some protections provided for your funds through your bank when your credit cardRead more
 

This product has been added to your cart

CHECKOUT