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.

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The Insurance Advice We Give

With over 30 years of experience in the insurance field, our team specialises in problem-solving to ensure your financial independence remains intact during unexpected events and especially during challenging health situations.

In partnership with professionals and your own personal insight, along with trusted Solicitors and Accountants, we can create secure financial structures around your assets, ensuring your long-term plans are safeguarded.

When facing the uncertainties of disablement due to medical conditions, your reliance on earned income can be severely threatened. Maintaining your financial independence and funding amidst health challenges is paramount for your goals and your future. Here are the key factors we focus on to establish and regain control when faced with the disablement process:

1. Swift Access to Medical Support: Private medical insurance ensures immediate access to necessary medical advice, treatment, and technology without delay, providing peace of mind during critical times.
   
   
2. Control Your Debt Arrangements: We can help you be able to continue to service your loans in the early stages of disablement, reducing them significantly if your health continues to deteriorate and finally eliminating all debts in the event of your untimely impending or actual departure. This is where monthly mortgage repayment cover fits, along with lumpsums that pay out when a critical illness/condition is diagnosed, or if your disability becomes permanent.
   
   
3. Securing Artificial Income: Your ability to access a source of income becomes invaluable when earning your own living becomes impossible. This is where income protection fits, providing a stable source of income, enabling you to support dependents, completing retirement savings, and covering daily living expenses, ensuring your long-term projects stay on track.
   
   

Navigating the disablement process can be unpredictable, and it needs a more thorough set of appropriate structures and advice than many people think. By establishing proper structures, seeking expert advice, and selecting suitable insurance options, you regain control. Once control is regained, the Consolidation Stage begins as life continues, allowing your life to be addressed, resourced and funded as it continues.

The truth is that a holistic approach to the disablement process is necessary because, in our experience, the process is never predictable and never unfolds as you might expect. With our long term structured approach and comprehensive claims management we can ensure that your debt payments are met, solvency is established and ongoing needs are provided for. This can involve a complex claims process with multiple steps, which our service helps navigate for you. We take into account every facet of your needs from the lens of experienced industry professionals and help provide you with what you actually need at claim time, with no mistaken assumptions.

We specialise in a personalized approach, tailored to your unique situation. Let's meet to assess your current situation, evaluate existing resources, and discuss tailored solutions. We can and will also review Allied Professional Advice, existing structures like wills, trusts and guardianships, ensuring you and your dependents are well-prepared for the future.

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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.

Attraction and Retention - Solving an Employer Challenge

Small and Medium Sized Businesses (SME’s) are the lifeblood of the New Zealand economy, with over 470,000 SME’s employing over 584,000 staff. Much has been made recently of the staff shortages NZ businesses are experiencing, and the predicted “great resignation’’ once the borders open after prolonged closure. In a tight labour market, employers are always looking for new ways to attract and retain talent. A recent global wellbeing survey indicated that 82% of organisations believe wellbeing is important within their company. However, 'wellbeing' can have can have different meanings to different people.

Two meanings that are universally accepted in relation to it are Health Wellbeing, and Financial Wellbeing.  Employers can provide this wellbeing via “Employee" insurance programs that provide staff with Health insurance benefits so they can get better and back to work faster with insurance benefits that pay cash to staff should they suffer a major illness or disability, relieving financial worry and stress. 

Employee or “Group” insurance places value on employees’ wellbeing and shows that their employers genuinely care about them. If you are an employer with at least 5 employees, it’s a fantastic gesture to build loyalty, retain staff and reward them for their hard work. These plans also have the valuable advantage of providing a higher level of coverage, and at a much lower premium cost than an individual employee could access themselves.

A recent report by the Financial Services Council of New Zealand shows that “Group" insurance for employees is one of the fastest growing sectors of the insurance industry. This is because more and more employers realise the value it holds for employees from internationally mobile staff through to blue collar workers, and what great value it represents on ROI per dollar spent (cost is usually well below 1% of remuneration expenditure). Group medical insurance schemes are also available and are generally an exceptional and cost-effective option that gives your employees medical cover at lower costs than they could access themselves.

To find out more, or to receive a free no obligation consultation or quote you can contact our specialist Employee Benefits adviser to see how we can help you today. 

Peter Wilkening
Insurance Adviser 
(021) 190 5185
peter.wilkening@sprattfinancial.co.nz

Spratt Financial Services Newsletter (Autumn 2017)

Check out the new edition of the Spratt Financial Services Newsletter here.

This edition features:

• The new Cancer Benefit recently introduced to the New Zealand marketplace and how it could be a better option for some than full medical cover.
• How you could have an Insurance Claim waiting and possibly not know about it.
• The top Medical Insurance claims for early 2017.
• Are you entitled to free money from the Government?
• When life changes: Should your insurance change too? A perspective from our professional insurance team.
  

New Cancer Treatment Benefit - Is It Right for You?

In response to escalating cancer treatment costs in New Zealand, as well as the inability of many people to afford both a full medical insurance and trauma policy, a new and specific cancer benefit option has been released. As much as 62% of a major insurer's trauma insurance claims were for various forms of cancer, and with the new Cancer Benefit, New Zealanders now have an effective and quality new option to give them the best treatments available.

62% of trauma insurance claims from a major insurer were for cancer.

The new Cancer Benefit can be added to a Trauma Insurance policy and covers you for $500,000 worth of surgical and non-surgical cancer treatment. Crucially, this new benefit covers both Pharmac and Non-Pharmac approved drugs, giving you more options for cancer treatment and covering new and more expensive treatments such as Immunotherapy. The benefit can also come with an optional add-on Specialist and Tests benefit that will cover additional specialist consultations and diagnostics procedures up to $5,000 per policy. If you have children, they can also be covered with their own cancer benefit for no additional cost until the age of 16, making this a great option for families as well.

The Cancer Benefit allows access to new and expensive cancer treatments like Immunotherapy.

The new Cancer Benefit may be right for you if:

1. The costs of both a full Trauma Insurance and Medical Insurance policy are prohibitive.
2. You wish to gain access to new and/or more expensive cancer treatments in the event of a diagnosis.
3. You have children and wish them to have access to outlined insurance protection.
4. You are looking for a cheaper or more specific option than a full medical insurance policy.
5. You want additional, inexpensive cover in addition to a Trauma Insurance policy to give you more options and funds if diagnosed.

Our team is available anytime if you are interested in the new Cancer Benefit or have any further questions about it. We also offer full claims management service to take the stress out of your hands at claim time. Contact us anytime at enquiry@sprattfinancial.co.nz, use our contact form here or call us at 09 307 8200.

Medical Insurance Offer: Free $150 OPSM Voucher.

Until the 31st January 2017, if you take out a new Southern Cross medical insurance policy (or add a family member to an existing policy) through Spratt Financial Services, you will receive a free $150 OPSM Voucher. Not only that, but you could be entitled to several more benefits as a Southern Cross member including:

• 10% healthy living discount on your premiums.
• An additional 2.5% discount for payments by direct debit.
• A special discount on travel insurance through Southern Cross.
• Free eye tests from OPSM for the duration of your time as a Southern Cross member.
• Southern Cross is a not for profit organisation and all policies are made with the benefit of members in mind.

This is a limited time offer so get in quick. You can contact us anytime about this offer at enquiry@sprattfinancial.co.nz or use our contact form to request a free quote with no obligation to proceed here.

Special Events Clauses - Making Insurance Changes Easier

If you have current insurance, there may be clauses in your policy (life, critical illness, permanent disablement, medical insurance, income protection etc.) that allow you to make changes quickly and easily, without any additional medical tests or screenings. These clauses can be triggered if you have experienced certain special events in the last 12 months. These events include:

• Getting married or finalizing a divorce.
• Having a child (by birth or legal adoption).
• Taking out a new home loan or increasing an existing one.
• A significant salary increase of 10% or more.
• A spouse or partner passes away.
• Other significant financial of personal events.

If you want to take advantage of these clauses or see if you have one that you can take advantage of, you can drop us a line free here.

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Insurance: Why you should get in while you're young.

Among the concerns of life, insurance tends to only come onto our radar when we enter the middle stages of our life. In our middle age, our career is bedded down, perhaps a few health issues are beginning to crop up and getting married and having children redirects our priorities to people in our lives we should financially provide for. But is this too late? Whilst it seems natural in a sense to put off paying for insurance during our younger, formative years, there are actually many good reasons to look at getting insured early.

1. It's vital to get in early with Medical Insurance.

 From personal experience, I could have been in a world of trouble if I didn't have medical insurance by the age of 20. Just after my 21st birthday, I was diagnosed with Crohn's Disease, and since then my medical insurance has saved me close to $20,000 in medical costs that I may have had to pay out of my own pocket. Better yet, since I secured my medical insurance while I was healthy, I had no exemptions and paid normal cheaper rates. If there's one form of insurance you get while you're young, it should definitely be medical insurance. If you leave it too late, you may be unable to get pre-existing conditions covered, or you could pay much more than you need to for both medical treatment and premiums.

You never know what could happen with your health - secure medical insurance early in life.

2. Your health status determines how much you pay.

A great reason to think about life insurance and trauma insurance cover earlier in life is that your insurance policy will be determined by your current state of health. The premiums that you pay reflect your level of risk to the insurer, so if you are young and in good health, you will pay far less than you will if you're older and more infirm. If your health deteriorates too much, you may not be able to get insurance at all. It could be a good idea for you to protect your future dependants now, and not take the chance of your health deteriorating.

Having to pay insurance costs is unappealing when you're young - but it could save you more than you can imagine. Be sure to weigh the costs and benefits to your situation carefully.

3. You'll be covered for any conditions that develop - no exemptions.

If you have any existing serious medical conditions when you secure insurance, there's a good chance you'll either pay a hefty fee to have them covered or the insurer won't cover them at all. If you get in while you're young and in peak health, you can rest assured that anything that develops will be covered AND you won't be paying any extra for it. If I had only got medical insurance after being diagnosed with Crohn's, I could be paying double or triple what I'm paying for premiums or I may have been unable to get cover and had to foot the bill myself. That's not what you want. 

If your medical history is spotless - your policy exemptions will be too.

If you have the ability, Spratt Financial highly recommends the benefits of thinking about securing personal insurance as young as possible. You'll save money, you'll have peace of mind and you won't have to take a chance on your health staying good. If I had taken that chance, I would have gambled and lost. Spratt Financial Group can get you the insurance you need at lower prices than you'll find for yourself, and our services are completely free and no obligation. Drop us a line today for a free review of your insurance needs.

Request a quote on your insurance today!

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NIB Medical Acquires Onepath Medical Business

Late last year, NIB Medical purchased the entirety of Onepath's medical insurance business for $25 million. Onepath will continue selling life and disability insurance unchanged.

Since NIB arrived in New Zealand after expanding from Australia, it has grown into a substantial presence in the medical insurance marketplace. Originally buying Tower's Medical policies, this further expansion solidifies them further as top players in the NZ insurance market. This development will mean that NIB services 200,000 NZ clients, or around 15% of those with health insurance in the country.

For clients with existing Onepath policies, these policies will be transferred to NIB around the middle of the year. They will then be responsible for your claims and changes to your medical policy. Your premiums and the structure of your policy will remain the same. Notifications from both Onepath and NIB will be sent out to you before then. If you have any questions about the transition, you can contact us anytime and we'll be happy to help.

Medical Insurance Special Offer

Spratt Financial and Southern Cross are proud to offer new clients a special deal so that you can get the medical insurance you need. A lot of people struggle with getting medical insurance for their pre-existing conditions. With this deal, once your policy has been in place for three years, nearly all types of pre-existing conditions will be covered! Better yet, we have been able to obtain additional discounts to make medical insurance even more cost-effective.

Features of this offer are as follows:

•             Pre-existing medical conditions will be covered after three years*
•             Receive a 10% discount off your first year’s premiums
•             Receive an additional 10% Healthy Lifestyle Discount – if eligible
•             A further 2.5% discount for payment with Direct Debit
•             This gives a total 22.5% discount on first year’s premium and 12.5% discount thereafter

This offer closes 30^th September 2015, so take advantage of this fantastic opportunity, you can contact us by email here or through our website's easy contact form.

*A few Chronic Conditions may be excluded, which we can discuss with you. 

Crucial Health Insurance Tip for New Parents

If you're a new parent, one thing thing that can be sometimes overlooked in all the joyous hysteria of a new addition to the family is making sure your child is covered. We recommend getting onto it ASAP though, because there are some little known benefits to doing so that can help you hugely in the long run.

1. If you add your child within its first 3 months to a Sovereign health insurance policy (eg. Absolute Health or Majorcare) and you already have one child included on the policy, your premiums will not increase. So you will be getting another child covered under your existing policy without having to pay a cent more.

2. If your health cover is with another insurer, the same advice still applies. If you add your child to your policy within its first three months, any pre-existing conditions your child has will be automatically covered. If you leave it much longer than this, the exemption may not be available.

3. Even in a general sense without the great perks, it's a good idea to get your child covered as quickly as possible anyway. You never know what could crop up unexpectedly and having a newborn, though one of the best experiences of our lives, can be stressful enough without the financial burdens of medical bills.

Making sure your babies are protected earlier comes with considerable benefits you won't get by waiting.

Remember too, that if you have queries about a specific policy you may already have, we can help you out anytime. Good luck and as always, may your children be fit, healthy and happy.

Health Insurance Top Claims 2013

In the past week, Southern Cross has released the statistics for the top five claim areas for men and women in each age band between 20 and 70.

Southern Cross Chief Executive Peter Tynan explains that the results show that people who are taking out health insurance need to check to ensure their policies cover what they need. Each age band was highly different in the type of surgeries or medical procedures that were most common, and knowing this information should inform your health insurance decisions.

Males between the ages of 20-30, whom Peter remarked often felt invincible and in our experience are the group that neglects health cover the most, nonetheless required claims most often for hernia repair, colonoscopy and excision of skin lesions. Women of the same age range claimed most often for freeing abdominal adhesions or ovarian cyst surgeries. These costly procedures required by people so young demonstrate the costs of being un-insured or underinsured, and we urge everyone to bear this in mind. I myself thank my lucky stars I got health insurance when I was young (or more accurately, my conscientious mother insisted on signing me up) because I've actually had to claim for a colonoscopy and a surgery, as well as many specialist visits after the age of 20 which I could never have foreseen.

It is also crucial that you think about medical insurance while you're healthy, as the presence of pre-existing conditions makes things very awkward, complicated and expensive, whilst it is clear sailing if you don't have any at the time of taking out your insurance.

Top 5 procedures, 20-29 age band

Women: Removal of teeth, endometriosis surgery, freeing abdominal adhesions, ovarian cystectomy, excision skin lesion.

Men: Removal of teeth, excision skin lesion, septoplasty, hernia repair, colonoscopy.

Top 5 procedures, 30-39

Women: Endometriosis surgery, hysterectomy, excision skin lesion, cholecystectomy, removal of teeth.

Men: Removal of teeth, colonoscopy, excision skin lesion, hernia repair, septoplasty.

Top 5 procedures, 40-49

Women: Hysterectomy, hysteroscopy, excision skin lesion, colonoscopy, endometriosis surgery.

Men: Colonoscopy, excision skin lesion, hip replacement, hernia repair, coronary angioplasty.

Top 5 procedures, 50-59

Women: Colonoscopy, hysterectomy, hip replacement, excision skin lesion, knee replacement.

Men: Hip replacement, colonoscopy, excision skin lesion, coronary angioplasty, hernia repair.

Top 5 procedures, 60-69

Women: Knee replacement, hip replacement, colonoscopy, cataract, excision skin lesion.

Men: Knee replacement, hip replacement, excision skin lesion, coronary angioplasty, colonoscopy.

Top 5 procedures, 70 plus

Women: Cataract, hip replacement, knee replacement, excision skin lesion, colonoscopy.

Men: Knee replacement, cataract, hip replacement, excision skin lesion, coronary angioplasty.

Contact us for information and the best deals on your health insurance.

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Read how health insurance helped me out when diagnosed with Crohn's Disease.

Why Insurance Matters For Families.

A family unit tends to be just that. A single unit, with many individuals functioning (more or less harmoniously!) as one. Like in a small business, each person fulfills a vital role that the unit can't continue to operate without. Breadwinners go out, work and provide for the family financially, while others contribute to the household, go to school, contribute to the community or help each other out.

Next, let's think about an individual, living alone, providing for his/her own needs single-handedly with no one to take care of but themselves. Most of us are at least a little familiar with the risks of death, critical illness or disability happening to one person. If not, you can read some statistics on critical illness here. When one person is all there is to worry about, for women are facing a one in seven chance of critical illness between the ages of 30 and 60 and for men the chances are one in five (I guess women are more resilient after all!). Protecting yourself against these odds would seem like a worthwhile proposition for most even in this situation. People buy Lotto tickets every week with a one in 100,000 chance of a first division win and think its inevitable it'll happen to them one day, when the chances of a disabling illness are unfortunately hugely more likely!

Critical Illness - Unfortunately much more likely than Lotto.

Unfortunately, for families the situation is even worse. A family is a singular unit that relies on all of its members being healthy and productive for the sake of the group. If both parents for instance are working and require an income to support the family, the chances of one of the pair suffering a critical illness by the age of 60 is an unfortunate one in three. If your family or business relies on three or more incomes, the odds shoot up even further, on to and above 50%. In other words, if you're in a group that relies on the income of 3 or more members, you've got a one in two chance of having one of those members disabled by illness and unable to earn for a protracted period of time, during which regular savings may be insufficient to cover the costs of living and treatment.

So what solutions can insurance provide for families, groups or businesses?  A group medical scheme for instance can be tailored to protect a whole family, paying for any medical expenses that any of its members may need. This option can be cheaper than insuring each family member individually if the right insurer is chosen. Life, trauma and total permanent disablement insurance, through altering the policy ownership details (read more on this here), can be designed to immediately payout to the other members of the group, covering your expenses and creating an artificial income to support you and the rest of the group.

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Critical Illness Statistics.

How to make sure your policy payouts get into the right hands quickly.

Highest health insurance payouts 2012.

"Southern Cross' biggest health insurance payout last year was for a spinal surgery costing $160,000, its latest statistics reveal.

Another spinal surgery cost $151,000 and $100,000 was paid out for a larynx removal.

Cancer, heart disease and spinal conditions were the causes of the highest health insurance claims paid by the association.

All of the patients who made the top 10 highest claims were aged over 64. The oldest was 76.

Chief executive Peter Tynan said it demonstrated the value of insurance. “No one wants to be ill but, if the unexpected happens and you need timely access to treatment, it can be very comforting to have the financial aspect taken care of.”

Those aged under 30 put in a high number of claims for tonsillectomies and dental procedures, for women aged 20-39 endometriosis surgery was common and for people over 50, hip and knee replacements, cataract extraction and skin lesion removals were in high demand.

Tynan said: “If they choose to self-insure, people should have realistic expectations of what they’ll need.”

A survey carried out by Southern Cross last year revealed that 79% of New Zealanders thought they would have to pay for some of their elective healthcare in retirement. But only one in five had started saving and many thought that savings of less than $10,000 would be sufficient."

Original Article Here.

It's always interesting to get a look at figures such as these. Imagine the burden of having to take on those kind of costs by yourself after retirement. The point about self insurance is interesting too, and it plays into a point I have discussed at other times on this blog. New Zealander's sometimes can lack perspective on just how prohibitive illness can be. This is due to a combination of factors, such as inadequate proliferation of the statistics and case studies involved, as well as a strong, independent, yet sometimes wrong headed 'she'll be right' sort of attitude. This attitude has seen Kiwis take on and achieve incredible feats, but it doesn't work so well when applied to your health, your ability to earn and protecting your family or your business from very real risks.

We certainly hope these risks are taken into account and that some of these figures demonstrate that savings of less than $10,000 certainly won't be enough if serious illness rears its ugly head.

Talk to us today about your insurance needs.

How medical insurance spared me from disaster.

This is a story from my own life, about how having medical insurance saved my financial situation during my time of need. I must admit that before this came up, I balked a little at having to pay monthly premiums for something that I at the time was apparently getting no benefit from. Now I know better, and I hope my story can help convince you to get protected too to spare you from the financial hardship that almost befell me.

I am a 27 year old male, living on the North Shore of Auckland. During my years at university, studying for my Honours degree in 2009, I was diagnosed with Crohn's disease. Before this, the only real experience I had with ill health was a moderately severe case asthma during my formative years, and so the shock of dealing with a severe incurable auto immune disorder all of a sudden was intensely disheartening and almost impossible for my young self to have predicted. Within the span of two months, I lost 20 kg due to malabsorption, had severe iron deficiency due to blood loss and I spiralled down to around 55kg at my worst (I am 6 foot 1, so this was scarily thin). I was forced to put my degree on hold whilst I underwent several tests, procedures and eventually surgeries.

Only working a part time job while I studied, through which I was attempting to save to repay my student loan, if I had been forced to pay for my procedures, tests and specialist visits myself, I would have found myself broke very quickly and unable to afford the treatment. In total, in the four years since I have been diagnosed, the medical insurance my mother insisted on me having (Yes, Mums always do know best) has covered the medical bills, MRi costs and surgical procedures, paying out more than $20,000 to help maintain my treatment. Just think about taking that on yourself, and the meagre monthly premiums I complained about will immediately pale into insignificance.

Since then I have regained the weight, remedied the iron deficiency and even though symptoms remain which continually make life challenging, I am considerably better than my darkest days. I don't think this would have been possible without the insurance cover which meant I could get every treatment and exhaust every avenue my specialist reccomended. Thanks to my health improvement, I got my degree and was able to use my savings to repay my student loan, starting off my post university life debt free - a tremendous blessing and relief in today's environment. Before all this happened, I had the regrettable mindset I see a lot. The mindset that I'm healthy and fine and nothing serious medically was on my horizon. Looking back now, my disease was extremely rapid in its onset and I literally went from a normal life to bed ridden, energy sapped, underweight and unable to go about my life within weeks.

When I think about where I might have been without it, I'm passionate about making sure that people know what sort of risk they could be taking by not being covered. I am a single male with no dependants or family, but having one, or people who depend on you financially makes this even more necessary. I hope you don't take the gamble, it's definitely not worth it.

More information on Crohn's Disease.
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Health Insurance FAQ

Here are the questions we have heard most often over the years regarding health insurance (aka medical insurance). Look for future FAQs to deal with questions about other forms of cover.
 

Do I Really Need Health Insurance?

Although it may seem easy to adopt a standpoint of ‘it won’t happen to me’ as it relates to insurance, it is an unfortunate statistical fact that you will require hospitalisation, surgery or medical procedures at some point in your life, in many cases more than once. Within the current medical system, the only way to ensure that you and your family will receive the treatment you need promptly is by taking out health and medical insurance. Although cover may seem unnecessary from a short sighted mindset, the alternative of having to bear the burden of excessive treatment expenses can make the cost of premiums a small price to pay in the long run. Not having it is taking a chance. From my own personal point of view, having health cover has spared me over $20,000 in costs after I was unexpectedly diagnosed with Crohn's Disease. Before that, I was completely healthy with no real health issues. It can happen, and it can ruin lives. Make an informed decision.
 

Which type of Health Cover is best for me?

The primary benefits of having health or medical insurance are guaranteed protection from the risk of having to pay for your own treatment, as well as obtaining the best possible care with the least amount of delay or stress. In general, for most cases, a hospitalisation and surgical, combined with a tests and specialist policy will provide you with a basic and effective level of cover. We also specialise in more specific insurance plans covering optical and dental expenses, and also routine GP visits and checkups. As to which specific plan is the best for you, it will depend on personal factors in your life. Do some research, or get in contact and our advisers can take you through the options completely free and with no obligation.
 

Which company has the best Health Insurance policy?

The answer to this question will vary depending on your own personal needs from your insurance plan. There are a number of factors which need to be taken into account when choosing a provider. Every company is slightly different in the way that it structures its cover. For instance when insuring your family, some companies base their premiums on the age of the youngest adult covered, some have ‘per-child’ premiums, whilst others have a flat rate no matter how many children are covered. Companies also differ in the way they process claims. In general though, both Southern Cross's VIP Plans and Sovereign Assurance's Majorcare can be relied upon as excellent options.
 

Should I choose an excess?

Adding an excess to your policy can have practical benefits in the long run, as most companies offer a discount on the monthly premium for doing so. This saving, over time, can add up to a significant total over the course of several years. Furthermore, it is an unfortunate fact that premiums will continue to increase over time. Adding an excess is one of the options we can provide you in order to mitigate these increases, keeping your insurance costs manageable. In general, an excess of some sort is generally a good idea.
 

How much can I claim?
Your policy will have a ceiling amount that you can claim per operation or procedure, and these amounts are variable based on the type of cover and the company providing the insurance plan. These limits are designed to be high, in order to accommodate almost every possible medical scenario.  

Do I need to remember details of my Medical History?

It is necessary that you can recall as much as you can of your significant medical history. The main thing when completing an application for insurance is to disclose as much as possible of any past medical treatment or consultations. Failure to do so could impact claims on your insurance policy.

Are there alternatives to Medical Cover?

Not really. Although it may be tempting to think that you could save the money you would normally pay into a medical insurance policy for possible future use, the levels of medical inflation means that an investment would need to grow at an unrealistic rate to keep up. Obviously, there is a chance that you could go through your entire life without ever making a claim (which would be a good thing) but there's also the possibility that you need to make several significant claims, even one of which could be crippling to your financial prosperity to pay out of your own pocket. So unless you have significant savings, medical insurance is almost essential.

How much will my premiums increase annually?

Again this will depend on the choice of company. Some have age-related premiums increasing each year, whereas others calculate premiums on five year age bands. Regardless of how often these age-related increases are applied, you can expect to receive an increase every year or so to reflect higher than expected claims (company wide rather than specific to you) or to take the rise in medical costs into account. Factors that contribute to higher claims costs include:

• Restricted access to public health care.
• New medical technology (more costly to provide).
• An aging population (with higher average claims amounts).
• Rising medical inflation (increasing consultation, treatment and equipment costs). Increasing premiums are a necessary fact of life in terms of insurance, however we can provide several strategies in order to lessen these costs. These strategies can include adding an excess, shifting insurance providers or making policy adjustments, always ensuring your best interests are our top priority.

Increasing premiums are a necessary fact of life in terms of insurance, however we can provide several strategies in order to lessen these costs. These strategies can include adding an excess, shifting insurance providers or making policy adjustments, always ensuring your best interests are our top priority.

If you have any questions regarding your insurance, feel free to post a comment below or get in contact with us, we'd be happy to help.

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