September 2024 Updates
Stay Protected in Tough Times: Rationale for Reviewing Your Insurance
Welcome to our latest newsletter! We hope the tips and insights we’ve included will help you feel more confident about your insurance choices, especially during these unpredictable times. Remember, we’re here to support you - whether you need advice or just have a quick question, feel free to reach out. Give us a call or send us an email anytime; we’d love to hear from you.
Navigating financial challenges: Is it time to review your insurance?
In today's economic landscape, we’re seeing many individuals and businesses caught in a financial squeeze. With the cost of living high and the economy struggling to get ahead, it's natural to look for areas where costs can be trimmed. Insurance premiums, often come under scrutiny during these belt-tightening exercises. But, before making a decision that could leave you vulnerable, it's important to understand the value of a comprehensive insurance review.
The Danger of DIY Insurance Shopping
The temptation of lower premiums can be strong, especially when faced with rising costs in other areas of life. However, this approach can be short-sighted.
In the age of online comparison tools and direct-to-consumer insurance products, it's easier than ever to find seemingly cheaper alternatives. But as the saying goes, "If it seems too good to be true, it probably is."
Some people come to us with an insurance product that is considerably cheaper than what they already have, but once you look through the fine print, you see big gaps. There's a reason some policies are cheap - but if you come to us, we can make sure you’re comparing apples with apples.
The Expert Advantage: Why Consulting a Specialist Matters
If you're considering making changes to your insurance coverage, your first step should be to consult with an expert.
Comprehensive Policy Review At Insurance Specialists we can thoroughly review your current policies, ensuring you understand your existing coverage and identifying any gaps or redundancies.
Market-Wide Knowledge
We have access to and knowledge of the full range of insurance products on the market, so we can find alternatives that truly fit your specific needs - not just the cheapest option.
Avoiding Costly Mistakes
Even seemingly small details like policy ownership can have significant financial implications. We've heard of cases where people have been advised to place personal life insurance under a business name, so premiums were tax deductible. But when an issue did occur, the payout incurred tax of 33%, which meant the policyholders received over $100,000 less.
Making Informed Decisions in Challenging Times In these uncertain economic times, the right insurance coverage isn't just a safety net – it's a crucial component of your financial stability. Insurance Specialists can help you navigate the complex insurance landscape with confidence, ensuring that your coverage is both comprehensive and cost-effective.
Health Insurance: A must in today’s New Zealand.
When we hear news that Health NZ is losing $130 million a month, it’s hard to have faith in our health system. On top of that, comes a proposal to cut around 4500 jobs – including 470 doctors and 1491 nurses.
Unfortunately, many Kiwis are stuck with a public health system that is severely overstressed. The reality is, if you want prompt, professional healthcare treatment, having tailored health insurance is no longer a 'nice-to-have'—it's a non-negotiable.
The Public System: A Waiting Game
A shortage of healthcare workforce has led to increased waiting times for treatments and specialist appointments. The wait isn’t just stressful. It can cause your health condition to deteriorate over time.
Without Insurance, You Roll the Dice
When you have a health insurance policy, one significant advantage is the freedom of choice. For instance, if you need a knee replacement, health insurance allows you to research and consult with multiple specialists before making an informed decision. Whereas, going through the public system, you essentially get the specialist you are given.
Private Quality of Care
Another differentiating factor is the quality of care. While public hospitals are doing their best under extreme conditions, they often lack the staffing, technical resources, and time to deliver optimal patient care. And with proposed staff cuts, it looks like this situation will only get worse.
Private hospitals, smaller in size and well-resourced, offer a superior patient experience. Your insurance can grant you access to these facilities, ensuring you receive top-notch care tailored to your needs.
Common Treatment costs
Small Print Can Make a Big Difference
Subtle differences in health insurance policies can significantly impact your coverage, especially when it comes to specialised treatments. For example, some insurers cover non-Pharmac drugs (those not funded by the government), which can be lifesaving for patients needing advanced therapies like cancer immunotherapy. Without this coverage, patients may face substantial costs for treatments that could greatly improve their health outcomes.
Other variations, such as coverage for specialist consultations, preventative care, or extended hospital stays, also play a critical role in managing your healthcare. These differences may seem minor, but again, they can have a big impact on the quality, speed, and cost of care – which is why its crucial to carefully compare policies.
Protect Your Whānau for a Small Cost
Last but not least, adding your children to an adult policy can cost as little as around $15 per month. It's a minor expense for the invaluable peace of mind that comes from knowing your family is covered for a range of health conditions and treatments.
Final Thoughts
While the public healthcare system in New Zealand does a huge amount of good, it's also has major issues. A tailored health insurance policy not only gives you the freedom to choose but also ensures that you receive timely, high-quality care. It’s a small price to pay for peace of mind and better health outcomes for you and your family. But before choosing a policy, remember to read the fine print carefully to know exactly what you're covered for.
Contact Details: General vs Life & Health
On April 1, Insurance Specialists formed a partnership with Wealthpoint General Insurance (WPGI). Many of you will have noticed the WPGI name on emails and other paperwork. This is just a quick reminder that contact details for General Insurance also changed, as per below:
For General Insurance Needs:
Phone: 09 972 0470
Email: ashlee.browne@wealthpoint.co.nz
For Life / Health Insurance Needs:
Phone: 09 984 2860
Email: info@islltd.co.nz