How much would private Health Insurance benefit you?
Private Health Insurance is a type of health coverage provided by private companies (rather than the government) to help individuals or families pay for medical expenses. In NZ some of the most popular and well-known brands for health insurance include Southern Cross, NIB and Partners Life.
Private Health Insurance typically covers a variety of health-related services, such as doctor’s visits, hospital stays, specialist appointments, surgeries, prescription medications, and preventive care. The exact coverage and costs vary depending on the plan, but we’ve pulled together some of the general benefits you could expect to receive:
Shorter Wait Times
- Faster Access to Treatment: Private health insurance will often provide quicker access to healthcare services. For example, individuals can avoid long waiting times for specialist consultations, surgeries, or elective procedures that are common in public healthcare systems.
Choice and Flexibility
- Access to a Wider Range of Providers: With private health insurance, you typically have a broader choice of healthcare providers and facilities – including specialists. You may be able to choose your doctor, get a second opinion, or seek treatment at private hospitals or specialist clinics.
- Customised Plans: Private insurance plans can be tailored to individual needs, offering more flexibility in coverage, including dental, vision, mental health services, and alternative treatments like physiotherapy or chiropractic care.
Enhanced Comfort and Amenities
- Better Facilities: Private healthcare facilities often offer more comfortable amenities, such as private rooms, better food, and more personalized care. These can be important factors for those seeking a more comfortable treatment experience.
Broader Coverage
- Additional Services: Public healthcare systems may not cover all medical needs, such as certain types of surgery, treatments, or prescription medications. Private health insurance can fill those gaps by offering coverage for services like dental care, physiotherapy, and specialized treatments not covered under public plans.
Access to Advanced or Experimental Treatments
- Cutting-Edge Technology: Some private health insurance policies offer coverage for the latest treatments and technologies, which may not yet be available in the public system.
Prevention and Wellness Programs
- Focus on Preventative Care: Many private health plans offer programs focused on prevention, such as health checkups, screenings, vaccinations, and wellness coaching. This can help catch health issues early and improve overall health outcomes.
Avoiding Public System Limitations
- Comprehensive or Supplementary Coverage: Private health insurance can supplement what the public system covers, filling in gaps for medications, therapies, or specialised treatments that the public health system may not fully cover.
Peace of Mind
- Security in Emergencies: Private insurance gives individuals some peace of mind, knowing they have additional coverage for emergencies, surgeries, or long-term care that might not be fully covered by public services.
Considerations
It’s worth noting that private health insurance is not always necessary or the best option for everyone. Some people may find the public healthcare system to be sufficient for their needs, especially if they don’t have complex medical conditions or require frequent healthcare services.
The decision should also consider factors such as cost, personal health needs, and the quality of the public healthcare system in a given country.
To understand your options and whether this type of insurance cover would suit your need and budget, book a chat with our Adviser team who can offer some guidance.
