Top 3 tips for choosing health insurance

We are pleased to work alongside Inform – proudly a 100% independently owned NZ business that began life in Wellington in 2001 with one simple aim: to help New Zealanders to better manage life’s unexpected twists and turns.

Inform offers online ease, combined with the reassurance of expert advice – so you get all of the convenience without sacrificing any of the confidence.

Here we offer their three top tips for you to consider when choosing healthe insurance.

1. Get high limits for surgical and non-surgical hospitalization
Make sure any plan you’re considering offers 100% cover for larger hospital costs. This should include surgical and non-surgical costs (an example of a non-surgical cost is treatment like chemotherapy). Also, check that the plan covers “major diagnostic” costs like angiograms, MRI scans, etc. These can really add up, and so a plan needs to protect you well for these.

Comparing different plans can be hard – so ask if the plan you’re considering has been featured in any independent research. Most plans have, and this will give you a good look at how its cover really performs!

2. Don’t get cover for GPs/prescription costs
It’s just doesn’t add up. Look closely at the plan’s fine print and claim limits and you’ll see that the cost of a “GP cover” add-on is basically equal to the amount you can claim back! (In other words you might be paying $500 a year, but can only claim back $450 a year).

The best option is to get a good major medical health plan, and then pay for the smaller costs yourself. You could even start your own “health fund” by popping a bit of money into a dedicated bank account regularly. If you need to dip into your health fund it’s there, and if you don’t it will build and grow for you (not the insurer!).  

3. Get cover before you need it
NZ health insurers are very strict on “pre-existing” health issues (which is basically a health issue that emerged before you started your health insurance). Some pre-existing issues can be covered after a “stand-down” period or if you pay a higher premium, but most can’t. So make sure you start your health insurance well before you need it – once a health issue emerges it’s usually too late.  

This information was supplied by inform.co.nz  For more please visit their health insurance page.

You can also complete their online fact finder by following the instructions here