Private Medical Insurance

Whether you are young or old if you want to preserve your quality of life, sadly, you must now own Private Medical Insurance

The Public Health System is in tatters.
People are being deleted from waiting lists
‘New’ prioritisation criteria are being created all the time to reduce waiting lists
Transported into hospital by ambulance is the only certain way of receiving treatment
4-6 hour waits in crowded emergency rooms are now commonplace

Your and my tax money has been squandered by successive Governments through incompetent politicians and bloated bureaucracies. The combined failures are too numerous to mention. The outcome – this newsletter.
Whether you are young or old if you want to preserve your quality of life, sadly, you must now own Private Medical Insurance

The Public Health System is in tatters.
People are being deleted from waiting lists
‘New’ prioritisation criteria are being created all the time to reduce waiting lists
Transported into hospital by ambulance is the only certain way of receiving treatment
4-6 hour waits in crowded emergency rooms are now commonplace

Your and my tax money has been squandered by successive Governments through incompetent politicians and bloated bureaucracies. The combined failures are too numerous to mention. The outcome – this newsletter.
 
Through my own brush with death from a heart attack and bladder cancer, I have a first-hand experience with the good and bad of the health system.
My heart attack was a ‘front door’ emergency access, and the system was excellent. Three stents and a balloon, and three days later I was on my way. However, there has been no follow up in seven years and any review has been instigated by me through my GP.
The converse from the private system and my medical insurance policy. Since my bladder surgeries and immunotherapy treatment, I have received regular follow ups. I am in a stable monitoring program instigated by the bladder surgeon/specialists administration staff.
 
If you value your quality of life, you will recognise first and foremost that your health is your real wealth.

My recommendation to all New Zealanders young and old – Buy Medical Insurance

As part of your savings and investment program, you need to now ‘tag’ medical insurance as part of your investment allocation.
You can have all the money in the world, but if you can’t access timely medical services or treatment, you are a poor person.
 
The trifecta of expensive medications, therapies, treatments, and specialist diagnostic technologies, out of control medical inflation and a diminishing labour market of qualified medical staff creating waiting lists and unavoidable delays could impact you and your family’s quality of life.

“Most people don’t realise that their health will determine and invariably control their quality of life”.

Once you are sick or disabled and if you do not have access to medical services, your standard and quality of life will decline quickly.  Most media outlets promote the same gloom and doom headlines. 

Without early access to medical services for specialists and test examinations, the delay can move you from a localised issue to a chronic or terminal problem.  

Within the MTG/KSL business we have identified Medical insurance as the most important product that you can own, You can generally only purchase medical insurance if you are healthy.
Pre-existing conditions are generally excluded. 

The policy MTG/KSL recommend is the NIB Ultimate Health Max. This policy offers:
In-hospital surgical benefits, $600,000
Specialists and tests services, $600,000

Extended to include $300,000 of non-Pharmac approved non-cancer drugs and therapies.

Managing your insurance premiums

By adopting a voluntary excess for your surgical treatments, you can obtain significant discounts. 
Once you are over 60, general surgeries are in the $20,000-$30,000 range and above.
Knees $22,000-$30,000, Hips $20,000-$27,000, Cancer Chemotherapy $15,000-$170,000,
Heart bypass/valve $35,000- $60,000, Radiotherapy $20,000-$37,000.
Up to 45% in premium discounts are available if you elect a voluntary excess. This means you pay the first $1,000 – $6,000 and the insurance company pays the balance. Excess options range from $0, $500, $1,000, $2,000, $4,000 and $6,000.

Some common question I am asked are:

“Where do I find the premium to pay for my medical insurance”

My answer:
Out of your retirement savings commitment, because it won’t matter how much you accumulate if you can’t move around to enjoy it. 

“My premium is getting out of hand as I get older”.

My answer:
Take a voluntary excess. 

I cite the example of my West Coast client:

A client in his late 70’s was paying $1,200 per month for his medical insurance premium.  

I recommended to him that he set up a separate bank account, continue to pay the premium to the bank account and do an automatic payment on the same bank account for the new premium, which was now 45% less because he elected to apply for a $6,000 excess. His MONTHLY premium had dropped from $1,080 to $540 PER MONTH.  
At the end of 12 months, the excess of $6,000 was now in the bank account and the client after just over 12 months would have an additional $400 (approx.) per month to spend on other lifestyle choices.


A recent case study – A client’s mother

A client’s mother had a consultation with her GP and was placed on a waiting list for cataract surgery. Along came Covid, and when she went back 18 months later to check on where she was on the list, further investigation established that she had been deleted. 

Her quality of life in the meantime had meant that she could no longer drive her motor car and needed assistance.  When the GP found out she had private medical insurance (he never asked and she never advised him) through her employer that she took with her when she retired from the firm, he immediately booked her in to a private surgeon who within two weeks transformed her life.  

The surgeon during the operation advised her that “most people, when they contemplate retirement generally arrange their budget and the first item of cost cutting is their insurance program”.  He advised this client’s mother that “most people make the biggest mistake of their life by deleting their medical insurance. Without medical insurance, these minor surgeries, which are deemed elective and non-urgent, are cut from the health budgets with impunity and the quality of life of those sufferers deteriorates rapidly while they await public health service timetables that never arrive on time and when needed”.

The second statement he made was that: “If you want to preserve your quality of life, the most important monthly commitment you make is to a medical insurance policy”


Health is wealth – Talk to us about medical insurance and preserve your quality of life in retirement