Is medical insurance worth it ?

Forums › Health and fitness › Is medical insurance worth it ?

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Martynnz

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#3003159 29-Nov-2022 16:29

As someonw who works in healthcare these are my thoughts:

Stay away from 80/20 plans. Many people underestimate the cost of surgical procedures. The cost of a 2 hour procedure is often around 30-40000 so you are looking at your 20% being $6000. Unfortunately a lot of people then can't afford this on top of their insurance and miss out (meanwhile the insurer is laughing all the way to the bank).

The other thing to be careful of is investigations. A MRI is around $1500. A lot of plans will only pay for the investigation if it results in a procedure. Not all scans need to be acted on (or have something that can be done for them) and so the patient ends up paying for it.

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#3004851 2-Dec-2022 19:28

JPNZ:
duckDecoy:

Off topic but might help someone reading this thread.

Some insurance companies occasionally offer short recruitment drive windows where they will take on new customers and NOT exclude pre existing conditions. That's how I got myself onto SX despite a chronic condition. We contacted a broker about our health insurance and then out of the blue he came back and let us know SX were doing this to get their numbers up. Signed up that day.

5 or so years ago when SX approached my workplace to move the 50 odd staff over from Accuro they offered us cover for all NOT excluding pre existing. So they do offer it from time to time. Its very generous particularly with an older aged workforce.

For those think about Accuro: https://www.geekzone.co.nz/forums.asp?forumid=86&topicid=302568

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Handle9

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#3004922 2-Dec-2022 21:25

Tinkerisk:
Health insurance as the basis of social legislation has been a legal requirement here in Germany since June 15, 1883 - fortunately.

New Zealand charges for public health insurance as general taxation rather than tagging it as health insurance. It’s effectively the same thing.

MikeAqua

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#3005844 5-Dec-2022 10:19

Martynnz:

A MRI is around $1500. A lot of plans will only pay for the investigation if it results in a procedure.

That's true of my plan. But, I'd rather risk $1,500 and then get treatment if I need it, than wait for the public health system to accommodate me. That is, when my symptoms get really bad and it's too late for surgery. Then public can get away with only offering palliative care. A cynical part of me thinks this is actually a deliberate strategy to limit resource expenditure ...

Mike

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#3005975 5-Dec-2022 13:03

Well, I need another round of MRI, a CT Scan and more xrays. This on top of the first round of MRI and xrays.

So yeah, good to have the health insurance.

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heavenlywild

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#3005980 5-Dec-2022 13:15

Absolutely if you can afford it.

It also gives you a peace of mind knowing you can test and scan whatever you feel you need to to stay healthly.

I remember going to a specialist and then being charged $800 for 15 minutes of consult. At that point I realised how important health insurance was.

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MikeAqua

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#3006011 5-Dec-2022 14:25

heavenlywild:

Absolutely if you can afford it.

It also gives you a peace of mind knowing you can test and scan whatever you feel you need to to stay healthly.

I remember going to a specialist and then being charged $800 for 15 minutes of consult. At that point I realised how important health insurance was.

That's because the specialists colleges only admit enough new fellows to replace those who have retired or died. Thus artificially constraining supply. Then there is the difficulty of overseas trained doctors being able to work here at all, including those from OECD countries with similar values. Then there were the specialists who conspired to keep an overseas specialist out of the field, by refusing to supervise them (they were prosecuted by the comcom and convicted).

Basically NZRs are being gouged as taxpayers, premium payers and private patients by a number of cartels masquerading as specialists' colleges.

Mike

ezbee

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#3006988 7-Dec-2022 16:58

MikeAqua,

I gather there are parts of New Zealand that could do with visit from Fred Hollows Foundation to do simple cataract surgery.

This has big impact on quality of life and productivity.
Apparently also life changing falls by elderly can be avoided, providing net care saving.

Not that this should be needed if there was sharing of resources between us and Australia?

Naturally, local eye specialists have in past blocked rivals, even Australian surgeons.
Yeh Australia it's a primitive place can't trust their standards.

Dratsab

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#3006999 7-Dec-2022 17:22

Martynnz: The other thing to be careful of is investigations. A MRI is around $1500. A lot of plans will only pay for the investigation if it results in a procedure. Not all scans need to be acted on (or have something that can be done for them) and so the patient ends up paying for it.

I'm having an MRI on Friday. It was quoted as $2000 and the bill will go directly to my insurer as they've pre-approved it.

hamish225

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#3007002 7-Dec-2022 17:31

After living in france and experiencing their health system, New Zealand's needs a LOT of work and health insurance might just be part of that, but it needs to be strictly regulated and controlled, but that's another thread entirely, just thought i would add this thought onto the discussion.

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MadEngineer

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#3007009 7-Dec-2022 18:20

Martynnz:
As someonw who works in healthcare these are my thoughts:

Stay away from 80/20 plans. Many people underestimate the cost of surgical procedures. The cost of a 2 hour procedure is often around 30-40000 so you are looking at your 20% being $6000. Unfortunately a lot of people then can't afford this on top of their insurance and miss out (meanwhile the insurer is laughing all the way to the bank).

The other thing to be careful of is investigations. A MRI is around $1500. A lot of plans will only pay for the investigation if it results in a procedure. Not all scans need to be acted on (or have something that can be done for them) and so the patient ends up paying for it.

this is exactly what I’m on. I figure if I need 40k worth of surgery I’ll either go public or be happy to pay the 6k if private is justified. Benefits of a split paid off floating mortgage where I’ve got half the value of the house as available funds. The next up 100% plan under SX is surgery only - doesn’t cover GP visits or prescriptions.

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#3007010 7-Dec-2022 18:23

My plan doesn't cover GPs and medicines but covers specialists, imaging, surgeries, radiotherapy and chemotherapy.

I am not fussed about GP cover. And this last month alone it's been using all that I've paid recently. So I am happy with that.

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#3010925 16-Dec-2022 16:01

Having received the quote for surgery being done late January, I can say that $ 96k covered by health insurance is a bargain compared to what I have paid in premium since I moved to New Zealand 25 years ago.

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jm3

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#3010972 16-Dec-2022 18:50

Recent cost of open inguinal hernia surgery was just shy of 10k.

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#3010975 16-Dec-2022 18:53

jm3: Recent cost of open inguinal hernia surgery was just shy of 10k.

And I have had two of those already so add to the cost of the surgery I mentioned a couple of replies above.

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