If you've decided, you can afford health insurance there are a few things you need to think about when choosing a provider:
- The reputation of the insurer. Is it trusted and respected? If you have not heard of the insurer ask a financial adviser about the insurer and their reputation.
- Its range of plans. Does it have what you need?
- Its financial stability. Will it be there when you need it?
- Its customer service especially claims service.
- Sustainability of the insurer. Remember if the deal looks too good to be true it probably is.
There is no one best health insurance policy, but the best one for you will depend on the type of health insurance you need and your budget so shop around and remember it’s about YOU and not your neighbours or friend’s experience.
Choosing the right plan and how much cover depends on your stage in life and general state of health. You need to think about whether you want cover for major medical costs, like surgery and hospital treatment, or also want to claim for day-to-day things like visiting your doctor and dentist.
But here are six things to consider when looking around:
- Your Pre-existing conditions and how the health insurer will deal with them
- What can you afford – ie size of premium vs size of the excess and this is not only today, but what about in 10 years’ time when you may really need the cover?
- The level of Cancer Cover: Surgical and Medical Cancer Treatment
- Non-PHARMAC Drugs covered or not
- Guaranteed benefits and future upgrades
- Are you eligible for any “special deals” via your Union or other organisations that you or your partner is a member of?
These questions will help you to work out what kind of health insurances are most important to you when you’d be badly affected by a loss – even one that is not very likely to happen.
In addition to doing that, we have compiled a handy checklist and glossary of terms that can be found in our new Health Insurance Guide that will help you make better decisions and have better conversations about Insurance.
Finally, we have a nationwide team of Financial Advisers, so if you’d like to talk to one of them from your area, you can book a time for a free no obligation chat about your circumstances and what could be right for you: