Insurance News for Real People

Inflation and medical inflation what is the difference

Inflation and medical inflation what is the difference

This is a question often asked by clients, especially those with medical insurance.

Inflation loosely termed is the change in buying power $1 has today vs. a point in time in the past. The Reserve Bank is under instruction from the government to keep this in a band between 1% and 3% per annum.

The best lever for the Reserve Bank to use to manage this is the interest rate, which is why it gets a lot of focus.

Inflation rates help drive the decisions the Reserve Bank makes on interest rates. (In a very simplified way)

What does this really mean?

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What if you are disabled through a non-accidental event or medical disability?

What if you are disabled through a non-accidental event or medical disability?

Good question as most people struggle with an example of a disability that is not a trauma or an accident. A degenerative back condition is one, no event as such so not ACC. Though there is another, I have seen which was more surprising.

Who would have thought a change in regular management medication would result in not being able to work? Well it can happen, not only once but a recent clients father has had a similar experience too and the similarities are quite surprising. Let’s just call them both Peter.

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How do you insure your new baby in New Zealand?

How do you insure your new baby in New Zealand?

There are a number of ways to insure babies and children. Let us start at the beginning, pregnancy and conception.

In New Zealand currently, assistance with conception is limited to what is publicly funded. Private medical insurance does not cover conception issues; it can cover some pregnancy issues though.

What can you have covered once you are pregnant?

The public system is well equipped for dealing with pregnancy. It is unlikely you will need additional assistance that requires funding if you have a normal pregnancy.

If you do have complications with your pregnancy, then there are provisions under most medical insurance policies specialists and tests benefits to assist with private specialist costs. What you do need to consider are the finer points of the policy, this is where your adviser comes in.

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Breast cancer and breast reconstruction after mastectomy

Breast cancer and breast reconstruction after mastectomy

This article was current when posted on the 13th of March 2014. Since then the insurer discussed in the following news article has made positive changes to address the issue raised. This blog post was updated 10 July 2014, updates to the original article posting are noted in ()

Topical article this week, 13th March 2014, on breast reconstruction after breast cancer surgery, one insurer got a pasting, but not all insurers are alike. Also not all medical insurance policies with the same provider are alike, as also demonstrated in the article.

The article, which you can read here, only mentioned 4 of the 10 providers of medical insurance benefits in the New Zealand market, which does the market a dis-service as it does provide valuable benefits to policy holders in need.

What do you need to know

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Medical Insurance changes, is it time to look at your coverage?

Medical Insurance changes, is it time to look at your coverage?

Two medical insurers have changed or added to their products this month. NIB the insurer who took over Tower Medical last year and the largest medical insurer in the New Zealand market, Southern Cross.

So what have they done?

If you are familiar with Tower Medical they had Premier Health and Easy Health in their product range. NIB have added Basic, Mid, Ultimate and Ultimate Max policy options to their mix. Making it both more flexible in building the medical insurance products for you but also making it more complex to understand the nuances of the different policies, which is where we as advisers come in.

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Pharmac funding - do you really understand what this means?

Pharmac funding - do you really understand what this means?

This is an area of health care often mis-understood until you are in the thick of your treatment and you find out things may not be as you expected.

Pharmac is the governments answer to managing health care costs and getting the best deal for New Zealanders health care dollar. The challenge is that health care dollar, which is funded from your taxes, only goes so far.

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