A lot of people think about taking out medical insurance but are then put off by the cost and thinking that it’s not worth it.
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A report from March 2016 (compiled by TNS New Zealand Market Research) on ‘Assessing the demand for Elective Surgery amongst New Zealanders’ shows that 280,000 people were told by a medical professional that they needed some form of elective surgery.
Elective surgery is the term used for surgical procedures that are not considered life threatening, but left untreated can severely impact work and lifestyle. Of the 280,000 people requiring surgery only 39% qualified to actually be put on a waiting list. Of the remaining 170,000 people (61%), many had to take extended time off work, or have additional help and support to manage their condition, or self-fund the required surgery.
At Foresight Financial we have dealt with 49 claims over the last year from our own clients, with the vast majority of them (39) being medical claims. The cost of the surgical procedures ranged from $43,000 right down to $1,500 and included breast reconstruction, stents, knee surgery, colonoscopy, hysterectomy, with the smaller claims being for major diagnostic tests such as MRI’s, biopsies etc.
With the concern that public waiting lists will only lengthen over the coming years we really need to protect ourselves to maintain our health. If we don’t, we could very easily be forced with the option of having to find the money to self-fund surgery. With even minor surgical procedures amounting to $8,000 to $10,000, this is extremely costly and for many people simply not an option.
To give you an example, for a family of four with a $1,000 excess (dad aged 43; mum aged 40; two children aged 5 and 3), the cost for medical insurance would be $30 per week (Source: Nib). There are higher excess options available that would reduce the cost further but for the price of a family McDonald’s and a cup of coffee you can buy peace of mind.
If you would like to look at medical insurance for you and your family or just have a chat to find out more about it then please give us a call. As always, talking to us is free and without obligation. To get in touch with Mike and Amanda, please call (06) 751 4510 or email [email protected] A free disclosure statement is available on request.