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Insurance Q1 2016: At a glance 

Wealth Works Authorised Financial Adviser Craig Smith shares the benefits of having Private Health Cover in New Zealand. 


You may have heard the media debate recently regarding the drug Keytruda not being funded by Pharmac - leaving melanoma suffers who require it having to find the money themselves. Unfortunately this is not a new debate and you may recall we went through similar with the breast cancer drug Herceptin in 2008.  It’s these stories that really bring home the importance of Private Medical Cover. 

We are big advocates of Private Medical Cover at Wealth Works and lots of clients ask us:


Why should we have Private Medical Cover when the public health system in New Zealand is so good?


  • The biggest advantage is the cut down in waiting times for treatment. One New Zealand industry study found that it took on average 100 days longer for surgery if you were on the public health system waiting list rather than on a private one.

  • In the public system, the average time from the first GP referral to having surgery was 224 days; those going private would generally be seen by a surgeon a couple of weeks after the first visit.


Case Study

Good news stories from Private Medical Cover are a regular occurrence in our office. Late last year one of our clients in his early 40’s was found to have a benign brain tumour, which was quickly starting to cause some serious health problems. 

The client was referred to the leading brain surgeon in Australasia. His insurance claim for the surgery was approved the same day it was submitted, despite the rather high cost of around $50,000. His surgery was completed a couple of days later with 100% success. He’s now getting back to normal life with his wife and two young children.


It goes without saying that with all forms of insurance, we hope we’ll never have to make a claim. No one wants their house to burn down, be involved in a car crash or have a loved one pass away.


But insurance is a financial necessity in modern life, as the alternative could be extreme financial hardship. None of us would consider leaving our home or car uninsured, and the same should be true with your health and life which is far more important than any physical possession.

It’s hard to put a price on this kind of medical treatment, but medical cover does come with a cost. With medical costs rising the cost has grown in the last decade. However there are some ways to reduce the cost like:

  • Looking for the most cost effective provider
  • Increasing the excess payable
  • Make sure you're getting bundled discounts where available

  • Re-look at your budget and see if there’s a way to include medical insurance for all family members.


Could you save money by reassessing your insurance? 
Contact us today for a complimentary Insurance Review 09 306 5820
Craig Smith |


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