Financial Adviser for Medical Insurance
With so many Health Cover providers and options in the marketplace, working out what is best for you and your family can be overwhelming at times. To navigate this sometimes-complex landscape, the help of a specialist Financial Adviser can be invaluable – especially when it comes time to claim.
Read more below on Health Cover and how a specialised and trusted Financial Adviser can be your biggest ally when applying for Health Cover.
What is Health Cover and Why Do I Need It?
Health Cover is a form of insurance that can contribute to the cost of medical care, such as surgery or specialist diagnostic testing. In most cases, having Health Cover will allow you access to medical treatment and give you more treatment options – an advantage when considering the current wait times and stress on the New Zealand public health system.
There are various options when it comes to Health Cover. Some plans provide large benefit maximums whilst some only cover a percentage of medical costs. Also, some plans will have generous non-pharmac funded medication benefits, whilst others will offer none. As Health Cover is generally a type of cover that is best not to be moved between providers too often (due to pre-existing condition coverage), it is important to carefully consider your options and ensure you are comparing apples with apples.
Can I Still Get Health Cover if I Smoke?
In short, yes. As a smoker you will be viewed as being more at risk than a non-smoker and as such, the cost of your Health Cover will be more. However, if you give up smoking for an extended period of time (usually more than 12 months) you can apply to have your Health Cover premiums reviewed and most likely see a reduction in your premiums.
Should I Get Health Cover Through a Financial Adviser?
Everyone’s situation and Health Cover requirements differ. For some, they may be wanting to have additional expenses covered, such as GP and dentist visits, or diagnostic testing. Also, there are various excess level options – an excess is the amount you will pay when you make a claim, and you can select a value as low as zero all the way up to $10,000. This is where the help and advice from a Financial Adviser can be worth its weight in gold as they will be able to show you a comparison of Health Cover premiums associated with different excess levels and advise what level may be best for your situation.
Can I Trust a Financial Adviser?
In New Zealand, all Financial Advisers are regulated under the Financial Markets Conduct Act 2013 and must be registered on the Financial Service Providers Register (a public register maintained by the Companies Office). These regulations, along with the requirement to comply with a recently updated Code of Conduct, ensure that Financial Advisers in New Zealand are competent, knowledgeable, and meet the industry standards required when giving advice to clients.
Are All Financial Advisers the Same?
While all Financial Advisers in New Zealand are regulated, not all Financial Advisers are the same or have the same experience. For example, there are advisers who specialise in helping people secure mortgages, advisers who specialise in investment and KiwiSaver advice and those that specialise in insurance advice. When speaking with a Financial Adviser for the first time, the adviser should be able to tell you what type of advice is within the scope of service.
I Have Been Declined Cover – What Are My Options?
Health Cover is most commonly declined due to the health status of the applicant and being perceived as too risky from the point of view of the insurer. However, that does not mean that you cannot reapply in the future with the help of a Financial Adviser. The benefit of using a Financial Adviser to reapply for cover is that an experienced adviser will more than likely know which insurer would be open to considering your application and they will also be able to use their experience to ensure your application and the information provided is presented in the most effective way. This will give you the best chance at having your application accepted by the insurer.
If you would like us to connect you with an adviser that can give you advice in the area you want, take the online assessment and we will put you in touch with a suitable online adviser – we can show you the top advisers near you.
Important: All information on this site is of a general nature only. When you compare or complete the assessment online, we will connect you with an advisor who can give you advice at no charge. All advisers who are authorised to use this site, for their marketing purposes, are authorised financial advisers. A full list of advisers and what they can advise on is listed here under our terms & conditions of this site usage.
WHAT DO MEDICAL PROCEDURE COSTS?
