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.

How do New Zealanders see their retirement future?

This survey of 15,519 adult New Zealanders was carried out from 2018 -2019 by the CCFC (Commission for Financial Capability - which was the Retirement Commissioner).  The Key Findings are: 1. MostRead more

The value of working with an adviser - new New Zealand research

The value of financial advice - Money & You research The Financial Services Council 2020 research project looked at how New Zealanders think about money and how it affects their decisions andRead more

Ethical Investing – how do we know what our fund managers are doing?

There are a number of factors that we take into account in our process, which will be built on over time. 1.    Are the Fund Managers Signatories to UN PRI and or/RIAA 2.    What publishedRead more

Ethical Investing – the different terminologies

Ethical Investing is the short hand for many different types of approaches to understanding what and how the companies that you are investing in are carrying out their business. Since the IndustrialRead more

Ethical Investing – Moneyworks approach

Since 2017 Moneyworks have been analysing the ‘ethical investing’ approach that the fund managers that we recommend take.  Having investments that don’t ‘do bad’ is important to us atRead more

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
 

This product has been added to your cart

CHECKOUT