The Importance of Medical Insurance: A $169,000 medical claim case study

In the unpredictable journey of life, unforeseen medical emergencies can quickly become financial disasters. Private Medical/Health Insurance is invaluable to have when faced with the exorbitant costs associated with comprehensive healthcare and getting you back on your feet. Spratt Insurance Brokers recently processed a medical insurance claim that exemplifies the significance of having adequate coverage, providing a stark reminder of the potential financial devastation without it, one of the highest claims ever processed by our agency (specifics and personal details have been withheld). The claim in question involved a myriad of medical and surgical procedures, a hospital stay, recovery and scans each carrying a substantial price tag. The breakdown of the expenses serves as a testament to the diverse and expensive nature of the care you may need at any time that you may not be able to afford out of your own pocket:

• Firstly, a Magnetic Resonance Imaging (MRI) was performed, incurring a cost of $2,870. This diagnostic tool is crucial for detailed imaging and diagnostics, but its expense highlights the financial challenges patients may face without insurance coverage.
• A Computed Tomography (CT) scan came with a price tag of $850. These imaging techniques are essential for accurate diagnosis and treatment planning.
• The heart of the claim lay in the surgeon's fee, a whopping $58,650. Life-saving surgical interventions can be financially crippling without insurance, making it clear that comprehensive coverage is indispensable in times of medical crisis.
• Intensive Care Unit (ICU) expenses amounted to $2,405.01, underlining the fact that even brief stays in specialized units can lead to astronomical bills. The peace of mind offered by medical insurance becomes apparent as it shields individuals from such financial strain during critical periods of recovery.
• The anaesthetist fee, totaling $30,797, showcases the multifaceted costs associated with surgical procedures.
• Implants, costing $5,995.61, and hospitalization expenses, including room and medical supplies, amounted to a staggering $68,000.26.

Spratt Insurance Brokers, understanding the significance of robust coverage, ensured that the entire medical bill of $169,567.88 was paid in full. This example serves as a poignant reminder of the financial protection that medical insurance provides, alleviating the burden of healthcare expenses and allowing individuals to focus on recovery rather than financial distress. If you are interested in sourcing the best in medical insurance for yourself, your family or a group scheme, our professional adviser team would be happy to assist.

Visit our official website for more information. Request a free quote or meeting on your Insurance needs.

Understanding Trauma Insurance: Types, Benefits, and Coverage in the New Zealand Marketplace.

Trauma insurance, also known as critical illness insurance, is a type of insurance policy designed to provide financial protection in the event of a critical illness or major health condition. In New Zealand, there are various types of trauma insurance policies available, each offering unique benefits and coverage. This article aims to shed light on the types of trauma insurance, their benefits, and the typical conditions covered in the New Zealand marketplace.

Types of Trauma Insurance

• Standalone Trauma Insurance: This policy solely focuses on critical illnesses and conditions, providing a lump-sum payment upon diagnosis of a covered condition.
• Trauma Insurance as a Rider/Addon: Some life insurance policies allow the addition of a trauma insurance rider, providing coverage for critical illnesses alongside the primary life insurance coverage as part of an overall bundled insurance policy. Sometimes securing multiple types of insurance under the same policy or from the same provider can result on better deals on premiums.
  
  

Benefits of Trauma Insurance

• Financial Support: Trauma insurance offers a tax-free lump sum payment upon the diagnosis of a covered condition. This payment can be utilized to cover medical expenses, rehabilitation costs, debts, or any other financial obligations during a difficult period.
• Flexibility in Usage: The lump-sum payment received from trauma insurance can be used at the policyholder's discretion, providing financial freedom to seek alternative treatments, hire caregivers, or even make lifestyle adjustments.
• Peace of Mind: Having trauma insurance offers peace of mind, knowing that you and your loved ones are financially protected against the potential financial burdens that may arise from critical illnesses.
  
  

Typical Conditions Covered

Trauma insurance policies in New Zealand typically cover a range of critical illnesses and conditions, including but not limited to:

• Cancers: Coverage for various types of cancer, such as breast cancer, lung cancer, prostate cancer, and more.
• Heart-related conditions: This includes heart attack, coronary artery bypass surgery, and cardiac arrest.
• Stroke: Coverage for a significant stroke resulting in permanent neurological deficit.
• Major Organ Transplant: Coverage for procedures involving the transplant of major organs, such as heart, liver, kidney, or lung.
• Paralysis: Coverage for conditions resulting in permanent and irreversible paralysis.
• Loss of Vision, Hearing, or Speech: Coverage for the loss of sight, hearing, or speech due to illness or injury.
• Various major surgeries or procedures: Make sure that you check your specific policy wording whenever you undergo any medical procedure or receive a diagnosis, as in some cases, in our experience people with active trauma cover have often been able to make a significant claim and not known about it.
  
  

Trauma insurance plays a crucial role in safeguarding individuals and their families against the financial implications of critical illnesses. In the New Zealand marketplace, there are various types of trauma insurance policies available, offering benefits such as financial support, flexibility in usage, and peace of mind. Understanding the coverage and conditions included in trauma insurance can help individuals make informed decisions about their insurance needs and secure their financial well-being if anything severe does go wrong with their health.

Sometimes people can make the assumption that a severe health event will result in either a recovery or an unfortunate passing, but from 30 years in the Insurance Marketplace, this is not often the case. In fact, the most likely outcome is a protracted period of disablement during which you may no longer be able to continue earning an income. With a lump-sum trauma insurance claim though, your financial worries will be alleviated, allowing you to focus on your recovery and continue to provide for your loved ones and dependants.

*Please note that the coverage, conditions, and benefits of trauma insurance may vary between insurance providers. It is recommended to consult with a qualified insurance advisor or provider to understand the specific details of a policy before making a purchase

Health and Fitness News Updates

Good health and fitness isn't just a great idea for your life and for your future, its also a great idea for your finances. Especially in the insurance world that Spratt Financial works in everyday, better health can mean more cover, lower premiums and more money in your pocket at the end of the day. If your insurer knows you're in good health and that you work to maintain that, they are inclined to reward you with lower costs and higher levels of cover with far less hassles or hoops to jump through. Less risk to them means more reward for you. Hence, Spratt Financial is proud to present the latest news from the world of health and fitness to help keep you in peak condition.

1. New Zealand's use of antibiotics rises, heightening concerns about growing bacterial resistance. - Stuff.co.nz

Our antibiotic consumption is among the highest in the developed world, but is this putting us at unnecessary risk as bacterial resistance grows?

2. Why artificial sweeteners could be worse for you than sugar. - Rodalewellness.com

Many sweeteners used in place of sugar are much sweeter than sugar, diluting the effect of sweetness and overstimulating appetite.

3. Is your health suffering due to a poor relationship? - Stuff.co.nz

In a multi-year study, angry spouses were at a higher risk of chest pain, high blood pressure and heart problems. In contrast, people in happy relationships/marriages have longer lifespans on average.

4. Healthy smoothie recipe to combat inflammation and detox the body. - Stethnews.com

Over time, a build up of inflammation in the body can lead to heart problems, arthritis and more. This recipe could help mediate these issues and a healthy way.

5. Surprisingly, scientists tell you why making your bed could be bad for your health. - Fitness-48.com

Find out why making your bed could be aiding the production and health of dust-mites contributing to an unsanitary sleeping environment.

6. Five unusual ways coconut oil can improve your health. - Fitness-48.com

Unexpected benefits of coconut oil, including an aid for weight loss, mental functioning and more.

7. Do fitness apps really work? Apps put to the test? - Stuff.co.nz

Several fitness apps described and put to the test, including Charity Miles, Yoga Glo and Zombies, Run!

Do you need trauma insurance?

Did you know:

1. 52 people are diagnosed with cancer everyday in New Zealand.

For many of us who only have basic life insurance or medical insurance, this could be a catastrophic event not only healthwise but financially. Lost income through work and the cost of care spiral upwards quickly, especially if you are the family's sole breadwinner and savings can be rapidly depleted. Upon diagnosis of a critical condition like cancer though, trauma insurance will pay out its entire sum assured to help you and your family financially through your tough times. For this reason, we recommend considering it thoroughly.

Furthermore,

2.  Although cancer rates are increasing, deaths due to cancer are decreasing.

The rate of death from cancer has fallen 16.2% in the period between 1999 and 2009. This reflects the continuing advances in treatment. As our population ages, the increase in cancer will continue, with a great proportion of those surviving the disease which is great news. However, once more, it brings into focus how costly a battle with cancer can be for an individual or family.

3. Between the ages of 30 and 65, one in five men and one in seven women will suffer a critical illness which trauma cover could insure them for.

This means that a working couple has a one in three chance of having one its members suffer a serious malady before New Zealand's current retirement age. Are you prepared?

4. 1 in 20 New Zealand adults have been diagnosed with heart disease. That totals a huge 165,000 New Zealanders.

5. A considerable number of less serious conditions and procedures entitle you to a full or partial trauma insurance claim payout.

Whilst you can certainly claim upon your full trauma cover for diagnosis of serious heart disease or when you undergo a major heart operation, many can be unaware that less serious procedures or conditions can be partially covered too. A friend recently found to his surprise that he was entitled to a payout of half of his sum assured for having a stent inserted into his artery (a relatively common procedure). The surgery itself was covered by his health insurance, so the trauma payout helped him pay outstanding bills and provided an unexpected boon to his finances. Read more about his story here.

6. The average age of a Trauma Insurance payout is 47.

This is considerably younger than most people expect to go through a serious health condition. As an average figure too, many payouts occur even younger than that.

7. 21 New Zealanders a day have a stroke.

Approximately 35% of stroke victims are aged under 40.

Visit our official website for more information.

Get a competitive quote on your trauma insurance - send a request today!

Staying Healthy: Can Chocolate Prevent Obesity and Diabetes?

I know, just by reading that headline you must be excited. I know I am! But is it too good to be true? Or is it the legitimate, scientific reason to eat a bunch chocolate that we've all been waiting for?

In a mouse study, led by Andrew P. Neilson at Virginia Polytechnic Institute and State University,  the researchers found that there was a certain antioxidant in cocoa that for all intents and purposes prevented mice from gaining weight. It also significantly lowered their blood sugar levels. Even better, this isn't the only study that's out there that suggests the benefit of chocolate for your health. 

Medical News Today recently reported on a study claiming that eating 70 g of dark chocolate every day could reduce the risk of atherosclerosis, the medical term for the thickening and hardening of the arteries. Other research claims that hot chocolate could be useful in preventing memory decline in old age. The paper concludes by finding: 

"There is a strong correlation between neurovascular coupling and cognitive function, and both can be improved by regular cocoa consumption in individuals with baseline impairments. Better neurovascular coupling is also associated with greater white matter structural integrity."

Yum. And healthy? It seems so, in moderation at least.

What is it about chocolate that contributes to weight stability and helps prevent diabetes, and how can we maximise that effect? The data from the study at first suggested it is the flavanols that chocolate contains that help provide this benefit. However, study participants then consumed both dark chocolate and regular chocolate with added flavanols and both displayed the same effects. This may suggest that another ingredient or bodily reaction to the chocolate is helping cause these effects.

In any case, I doubt that many of you need an excuse to eat chocolate, but here's as good of one as any. Best to stick to moderation though, these benefits were shown in human subjects with a consumption of 70g of chocolate per day.

Other articles in our Staying Healthy series:

Weight loss tips from the experts.

The incredible health benefits of honey.

How to lose that troublesome belly fat. 

www.sprattfinancial.co.nz

Staying Healthy: Weight Loss Tips

Trying to lose weight? Here are some info and resources that can help.

- Take Vitamin D. Obesity has been linked by research to low levels of Vitamin D, which acts as a support for metabolism and insulin secretion. It also promotes healthy absorption of calcium and phosphorous and improves the communications of cells throughout your body. Vitamin D is different from other vitamins as it is the only one the human body can manufacture itself with the aid of exposure to sunlight. Sources other than supplements include milk and fish such as salmon or sardines.

- Replace refined sugars. More natural alternatives include honey, which helps your body digest fats more effectively. If possible, change from consuming white bread, white rice and white pasta to brown bread with grains, whole grain pastas and brown rice.

- Ensure you aren't potassium deficient. Potassium deficiency produces fatigue and muscle weakness, which can prevent you from burning the calories you need to start dropping the kgs. Potassium also has numerous other benefits to your body including brain function, bone health and maintaining healthy blood pressure.

Citrus fruits are an important source of potassium, as well as avocados, bananas, grains, salmon and chicken.

- Tracking the amount of calories consumed versus the amount burned is surprisingly fun and motivating. Aim to burn 500 more than your intake for the day to produce effective results. A great source of information on most foods and their calorie count is here, and a handy tool for calculating the amount you've burned is this calorie burn calculator. I've used both in the past and they definitely help. Weight loss for me just doesn't have enough numbers to it beyond the scale. Knowing for sure what you've taken in and what you've burned gives you a sense of progress and accomplishment even when you can't see the results visually straight away.

- Become an '80/20' eater. If you can make 80% of the foods you consume beneficial healthy foods and keep 20% reserved for the fun stuff you're craving, you can achieve a good balance which will promote weight loss if maintained.

- Sleep a lot. No, seriously. Sleep has a massive impact on your body, weight loss, storing fat and your general weight maintenance. Do your best to get at least 8 hours a night.

Don't set that alarm too early. Good sleep is imperative for weight loss programs.

- Do your level best to snack on low calorie foods. Packets of chips and the like can be tempting, but even the small ones have 200+ calories. This is a cool and handy list of foods only have 40 calories or less. Try some of them out.

Other Entries in the Staying Healthy Series:

How to Lose that troublesome belly fat.

The awesome health benefits of honey.

Can chocolate reduce the risk of diabetes?

Staying Healthy: The Health Benefits of Honey

One thing that insurance brokers often do not focus on (and perhaps should) is how to keep their clients and their potential clients healthy. The healthier you are, the less loading you will have on your life and medical insurance policies and the cheaper your insurance will be. More importantly, staying healthy is just as important in all your other areas of life; work, play and achieving your goals. So we're putting together a series that will keep you updated on the latest medical discoveries and advice on how to keep yourself in tip top shape.

First off, since everyone usually kicks up up a stink about unrealistic and untasty diets that health professionals sometimes demand, here's something we all like. Honey!

Honey has been around thousands of years, with even ancient cultures apparently aware of its health benefits.

The use of honey in medicine and treatment goes back a long way. Four thousands years plus actually, when honey was used in ayurvedic medicine by early societies to balance material impurities in the body. In Ancient Egypt, honey was applied to treat wounds, there is mention of it in the Quran and in the records of the Ancient Greeks as a food which could improve longevity. Now, modern science is coming to the same conclusion.

Here is a typical honey profile, according to BeeSource:

• Fructose: 38.2%
• Glucose: 31.3%
• Maltose: 7.1%
• Sucrose: 1.3%
• Water: 17.2%
• Higher sugars: 1.5%
• Ash: 0.2%
• Other/undetermined: 3.2%

The slightly acidic pH level of honey (between 3.2 and 4.5) is what helps prevent the growth of bacteria, while its antioxidants get rid of free radicals.

So how can honey help?

- There is anecdotal evidence of its efficacy in treating burns and wounds.

- Alleviating allergies - one conducted study showed that it was significantly more effective than a placebo at alleviating ocular allergy.

- A study published in the journal Microbiology revealed that Manuka honey is effective at treating chronic wound infections and may even prevent them from developing in the first place.

- A study published in the journal Pediatrics, which compared honey to placebo in helping children with cough during night time, found that honey was superior.

- Honey is great for your skin and can be used to smooth and remove skin impurities.

- Honey is all natural and a healthier dietary option than synthesised, artificial spreads.

Other articles in our Staying Healthy series:

How to lose that troublesome belly fat.

Can chocolate help prevent obesity and diabetes?

Weight loss tips from the experts.