Surgical Waitlists in NZ - Health Insurance

Surgical wait lists

Due to the effects of COVID, closed borders and a staff shortage, New Zealand is currently experiencing a crisis of long waitlists for elective surgeries in public hospitals. 

Moreover, they are now growing longer and longer with the increase in COVID and Flu cases in the winter months. Hospitals around the country have also slashed elective surgery theatre operations due to the pandemic. And even those that are scheduled, many are cancelled or deferred at the last minute as a result of staff illness or hospital bed shortages.

In early May the wait list had grown to 27,000 for planned, non-acute treatment, up from 8000 in February 2020 before the first Covid arrivals in NZ and subsequent lockdowns took hold. One Christchurch based surgeon said there are over 6000 people waiting for elective hip. Over a recent 8-week period he would have expected to have completed over a dozen hip or new operations – in reality he performed just one.

It is certainly true that the Private Health care system and hospitals aren’t immune from delays in the current taxing environment, but they still do provide much more certainty, which means a good private health insurance plan remains the best way to ensure that you get the treatment you need with the minimum possible delay if something goes wrong with your health. 

With numerous individual and group plans available for you, your family, your business or your employees, we can help you get covered at the best prices today with a free, no obligation consultation on your insurance needs. Don't get waitlisted, let us help today.

Contact us for a free, no obligation quote today.

Why You Need an Insurance Plan

Insurance works best when it is used as the foundation for a plan that will protect a business, family or estate that is confronted by the disablement process. If you already have an insurance package (or you're looking for insurance) and you want to know whether your insurance will really be sufficient for your needs, here are the questions you should know the answers to:

1. What do you really need the Insurance for?

We recommend that you grab a pen and paper and write down what your insurance claim proceeds will need to be used for when it is paid out. If you can't do this now before tragedy strikes, then you may be facing trouble later. Also, having this list in place can give you a reminder of where the money needs to go when it comes time to claim. With insurance, it's always better to be safe than sorry.

2. Will you be able to claim soon enough?

Life Insurance pays out in the event of actual or impending "medical death". However, in 94% of cases in New Zealand, deaths are due to medical conditions not accidents. 65% are these are due to degenerative medical conditions such as cancers, heart disease and strokes which can kill slowly over what may be an extended period of time. During this time, unable to work and unable to support yourself, your family or your business, you will be facing tremendous financial strain which your insurance may not cover for. Will the bank or your creditors wait until you are terminally ill before your life insurance cover pays out? This is perhaps the most crucial consideration to take into account when assessing your insurance. We can help you ensure that you are fully covered financially in the face of these worrying statistics as unfortunately, basic life cover is most of the time, simply not sufficient.

3. Is the Sum-Assured of your Insurance policy enough?

It may sound strange, but a $250,000 insurance claim may not be enough to repay a $250,000 debt. You may have additional interest payments, penalties for being in arrears and you may need to pay a Solicitor, Trustee or your Accountant to carry out these transactions for you. It is crucial that you set your sum assured at the right amount to cover your debt and provide adequately for your family and dependants should something happen to you. Take into account all factors, costs and if necessary, talk to our professional team and we can help you determine the amount you need.

4. Do you know the right type of Insurance you need?

If you have income protection insurance - do you have the right kind? If you have health insurance - what does your health insurance actually cover and what do you need it to? If you have permanent disability or critical illness insurance - how are these insurances structured within your overall portfolio of insurance, and how will they work if something happens to you? The bottom line is, you need to figure out what risks you are most likely to face, take into account your lifestyle and your financial situation and then select the right insurance to meet your individual needs. This is why it's so important to have robust insurance advice from insurance professionals like Spratt Financial Services - we can find out what's right for you. Sometimes having the wrong kind of insurance is almost as bad as having no insurance at all.

5. Are you making unwarranted assumptions about your Insurance?

Making assumptions about your insurance without proper and solid research and planning is always a mistake. Even assuming that you or someone close to you will be physically, mentally and emotionally capable of applying the claim proceeds to your predetermined targets is not supported by our experience of dealing with hundreds of insurance claims. Question everything, and get a second opinion from insurance professionals to make sure you've got it right.

6. What should you do?

We recommend wholeheartedly that you use our experienced professional advisers to not only design and review your underlying insurance plan, but to execute it and carry out the tasks they are best suited to handle. If you don't have a plan now, prepared with clear-headed purpose, then any insurance you do have may well be insufficient or not adequately fit to your unique needs. Use our experienced professionals if you need guidance or advice - our service is completely free and no obligation, so you have nothing to lose!

Contact our team for a free, no obligation chat today.

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Tips to save money on your insurance #3

3. Review your insurance regularly.

Once you have insurance in place, its vital that you take the time to review your cover regularly. At Spratt Financial, our policy is to conduct annual reviews of our clients' insurance along with them to ensure that they really are getting the best insurance for them.

Things naturally change in life. Life changes can hugely affect what you need out of your insurance and what you need protected. Taking the time to review and not being afraid to make adjustments as necessary is crucial to getting the best deal on your insurance. As a guideline, you should try to review your insurance when the following events happen in your life:

- Getting married or divorced, or entering into a civil union.
- Having a child.
- Taking out a new mortgage or a significant debt.
- Paying off a mortgage or making significant progress to doing so.
- Beginning to take care of a friend or relative.
- Getting a new job or a raise.

Looking at these events can give you a good guideline as to when you should be reviewing your insurance cover. Even if you don't end up saving money on premiums, you can be more assured that your insurance will be covering your real current circumstances. That could save you a ton in the long run.

You can ask us for a free, no obligation insurance review at any time here.

Tips to save money on your insurance. #2

2. Consider your waiting period and/or excess.

Waiting Period: Increasing the waiting period on your insurance cover is one way to lower the cost of your insurance. The waiting period is the amount of time you must wait after fulfilling the conditions of your insurance before being eligible for the claim payment. For instance, with a 6 week wait on an income protection policy, you will have to wait 6 weeks after stopping work to become eligible for your claim payments.  The higher your waiting period, the more discounts you will get on your insurance premiums. Therefore, if you have sufficient savings to cover the wait period if something unfortunate does happen, a higher waiting period can be a great idea for savings in the long term.

Excess: For certain types of insurance like fire and general or medical insurance, you can select a higher excess to achieve the same savings. An excess is the amount of costs or damages that you must cover on your own before your insurance kicks in to cover the rest. A $1000 medical insurance excess means that you will pay the first $1,000 of any medical procedure you need and your insurance will cover the rest. We recommend taking a balanced approach between saving on premiums and having an affordable excess if something happens, but if you're taking a long term approach, increasing your excess can be a good move.

Not sure where to start? Ask us for a free and no obligation insurance review today.

Tips to save money on your insurance. #1

The experienced insurance team at Spratt Financial Services has a number of tips to help you save money on your insurance, whether you have existing policies or you're looking to get insured:

1. Make sure your sum assured is not unnecessarily high.

Selecting the amount of insurance you need is one of the most crucial areas that people need to spend more time considering. It can often be too tempting to just pick a round figure that you assume is correct for your needs and go with it. When we give advice to new clients, we take the time in helping them go through their debts, their needs and what exactly they need provided for. Let's say you discover that you need $150,000 of life cover to adequately cover your debts. By doing this instead of blindly selecting say $200,000, you've instantly saved a considerable amount on premiums. Picking the amount that you need and then revising it as necessary as changes in your life occur is one of the best ways to be sure you're not spending too much on your insurance.

Not sure where to start? Ask us for a free and no obligation insurance review today.

Insurance Advice and Tips

Insurance works best when it is used as the foundation for a plan that will protect a business, family or estate that is confronted by the disablement process. If you already have an insurance package (or you're looking for insurance) and you want to know whether your insurance will really be sufficient for your needs, here are the questions you should know the answers to:

1. What Will You Need The Cover For?

We recommend that you grab a pen and paper and write down what your insurance claim proceeds will need to be used for when it is paid out. If you can't do this now before tragedy strikes then you may be facing trouble later. Having this list in place can give you a reminder of where the money needs to go when it comes time to claim. With insurance, it's always better to be safe than sorry. 

2. Will You Be Able To Claim Soon Enough?
Life Insurance pays out in the event of actual or impending "medical death". However, in 94% of cases in New Zealand, deaths are due to medical conditions not accidents. 65% are these are due to degenerative medical conditions such as cancers, heart disease and strokes which can kill slowly over what may be an extended period of time. During this time, unable to work and unable to support yourself, your family or your business, you will be facing tremendous financial strain which your insurance may not cover for. Will the bank or your creditors wait until you are terminally ill before your life insurance cover pays out? This is perhaps the most crucial consideration to take into account when assessing your insurance. We can help you ensure that you are fully covered financially in the face of these worrying statistics as unfortunately, basic life cover is most of the time, simply not sufficient.

3. Is The Sum-Assured of Your Insurance Enough?
It may sound strange, but a $250,000 insurance claim may not be enough to repay a $250,000 debt. You may have additional interest payments, penalties for being in arrears and you may need to pay a Solicitor, Trustee or your Accountant to carry out these transactions for you. It is crucial that you set your sum assured at the right amount to cover your debt and provide adequately for your family and dependants should something happen to you. Take into account all factors, costs and if necessary, talk to us and we can help you find the amount you need.

4. Do You Have The Right Insurance?
If you have income protection insurance - do you have the right kind? If you have health insurance - what does your health insurance actually cover and what do you need it to? If you have permanent disability or critical illness insurance - how are these insurances structured within your overall portfolio of insurance and how will they work if something happens to you? The bottom line is, you need to figure out what risks you are most likely to face, take into account your lifestyle and your financial situation and then select the right insurance to meet your individual needs. This is why it's so important to have robust insurance advice from insurance professionals like us - we can find out what's right for you. Sometimes having the wrong kind of insurance is almost as bad as having no insurance at all.

5. Are You Making Assumptions About Your Insurance?
Making assumptions about your insurance without proper and solid research and planning is always a mistake. Even assuming that you or someone close to you will be physically, mentally and emotionally capable of applying the claim proceeds to your predetermined targets is not supported by our experience of dealing with over 200 insurance claims. Question everything, and get a second opinion from insurance professionals to make sure you've got it right.

6. What Should You Do?
We recommend that you use experienced professional advisers to not only design and review the underlying plan, but to execute it and carry out the tasks they are best suited to handle. If you don't have a plan now, prepared with clear-headed purpose, then any insurance you do have may well be insufficient or not adequately fit to your unique needs. Remember that if in doubt, you can always use our experienced professionals if you need guidance or advice - our service is completely free and no obligation, so you have nothing to lose!

Visit our official website for more information.

Contact us if you need help with your insurance.