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At HealthCarePlus, we believe that your insurance should work for you, providing peace of mind and protection tailored to your unique needs. However, achieving this requires more than just setting up a policy and forgetting about it.
In this blog, we'll share an article written by our partner, Monument Insurance, about some important considerations to ensure you are making the most of your insurance cover.
1. Avoid the 'Set-and-Forget' Approach
Simply setting up your insurance and forgetting about it can lead to significant downsides. You might overlook certain benefits of your policy or, worse, miss out on a claim because you were unaware of the coverage details.
"My policies had not been reviewed for 10 or more years. I was most impressed with my discussions with Pierre about how to structure the policies to better meet my needs now that I am in my late 60s. With a few changes I have saved a considerable amount per month. I am delighted with the very prompt follow up by Anita and of course the savings that I have made." - Robyn J, HealthCarePlus Member.
2. Regularly Review Your Coverage
As your life and circumstances change, so do your insurance needs. Regularly reviewing your coverage ensures that it remains aligned with your current situation. This proactive approach helps you avoid the risks of being under-insured, over-insured, or stuck with an outdated policy that no longer serves your best interests.
“I am a teacher in Feilding. I've had HealthCarePlus since I started out and it has been well worth having. Pierre and Anita have pointed out savings and benefits I didn't know about. They also helped us review our other policies to ensure they were still relevant to the needs we have now - we've saved a huge amount thanks to that review. Pierre and Anita are well informed, made it easy to understand and work through the process, and are friendly and personable. Booking an appointment to find out more about HealthCare Plus, or reviewing where you're at is well worth your time; whether you've just start out or been in the game for ages. ” - Wendy T, HealthCarePlus customer.
3. Understand Your Insurance Policy
Take the time to thoroughly understand your insurance policy. Knowing the specifics of your coverage, exclusions, and terms can prevent unpleasant surprises and ensure you are fully aware of the protection you have in place.
"I was doing a review with a client a while ago and she mentioned that she had plenty of time to talk as she was having a few weeks off work because of a broken ankle. She had income protection but the wait period was longer than the time she would be off work so she hadn’t even thought about making a claim. She didn’t realise that her insurer had a Specific Injury benefit, but I sure did. We were able to get over $8k paid out to her."
- Kim Mason, Monument Financial Adviser.
4. Make the most of the Annual Insurance Review Process
The annual insurance review is a valuable opportunity to reassess your coverage. Our team is here to help you evaluate your current policy, identify any gaps, and make necessary adjustments to ensure you are adequately protected.
We understand that many people may associate professional reviews with additional costs, similar to consultations with lawyers or other professional advisers. An annual insurance review by your Monument Adviser is a complimentary service. There are no fees or charges associated with this review.
The purpose of the annual insurance review is to:
- Assess your current insurance coverage and ensure it aligns with your evolving needs.
- Identify any gaps or overlaps in your coverage.
- Provide recommendations for optimising your insurance portfolio.
- Discuss any changes in your personal circumstances that may impact your insurance requirements.
"HealthCare Plus has been amazing for us for a number of years. They made sure that we were covered in a way that suited our needs and wants. They always listened to us and offered sound and useful advice. We felt that they really cared and had our best interests at heart. Pierre was wonderful at helping us to review our policies, while leaving us to make decisions clearly explained the options for us. His advice was invaluable. When my husband passed away recently, the help that I received from Anita was incredible. She went beyond her job description to help me in every area that was possible. And having HealthCare Plus, and the ease in dealing with them, was great in trying circumstances. Pierre also assisted me in the reviewing of my policies in light of my new circumstances. I cannot recommend them enough to anyone that is considering joining."
- Julie S, HealthCarePlus Member
5. Ask for help from your adviser
Navigating the claims process can be complex and time-consuming. The Monument team are available to provide expert assistance, support, and guidance ensuring that you follow the correct process when making a claim with your insurance provider.
By staying engaged with your insurance coverage and making informed decisions, you can ensure that your policy works for you, providing the protection and peace of mind you deserve. If you have any questions or need assistance with your policy review, please do not hesitate to reach out to our team.
“The child of another client of mine unfortunately needed surgery recently and the whole family has Private Medical Insurance. In this case, the wait for the surgery was about the same in the public system as it was in the private system so to avoid paying the Private Medical Cover excess, the client went through the Public Health system. While this was a very worrying time for the family, the surgery outcome was great, however there were a good few nights spent in hospital. I was able to advise my clients of a couple of benefits they could claim for that they otherwise would not have known about. Their policy had a Public Hospital Cash Benefit and we had $3,000 paid out to the client for this. We also had the last 12 months of premiums for the child refunded because of the Public Hospital Credit Benefit.” - Kim Mason, Monument Financial Adviser.
As a HealthCarePlus Member, you can talk to a nationwide team of Monument financial advisers who can provide you with personalised advice on Health and Life Insurance.
Monument has been our appointed business partner since the early 1990’s to provide financial advice to our members on life and health insurance products (HealthCarePlus is not legally able to provide financial advice).
They are the experts and can talk specifically about your individual needs. Plus they have access to all the main New Zealand insurance providers so can explain which of their many plans are best suited to your needs.
So to speak directly to your local Monument adviser, please click the button below to book a free, no obligation chat with them.
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