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Navigating Health Insurance Terms
Oct 16, 2019
Insurance can be confusing and understanding what all the terms on your policy mean can be confusing.
As insurance brokers it is our job to find the policy that is best for you and your circumstances and we do our best to make your health insurance journey simple and clear for you, in a language you understand.
With that in mind we have put together a list of the common terms you will find in your insurance policy documents that you might want to understand a little better.
Premium
Your premium is the amount you pay for a policy. Your premium is based on a range of factors:
- Age – premiums are calculated by your age and increase every year between the ages of 20 and 80.
- Number of plans – the more extensive the cover you select, the higher your total premiums.
- Excess – the higher the excess, the lower your premium will be.
- How many people are on your policy (partner and/or dependents).
- Smoking status.
Excess
The excess in your health insurance policy is the amount of money you need to pay towards the total cost of any claims you submit. There are different excess options that help make your premiums cheaper which we can help you choose which is best depending on your circumstances. The higher the excess, the larger discount on your premium. Increasing your excess is a good way to save on your premium.
Pre-existing conditions
A pre existing condition is any sign, symptom, health condition or health event that happened before you started your policy. Health insurance is set up to cover the unexpected, so it is important when taking out any health insurance that you disclose pre-existing conditions, current or previous. Not all pre-existing conditions will be excluded from your cover, however to be able to tell you what isn't covered you will need to be honest about your medical history in your application form.
Exclusions
Unfortunately, there are some medical conditions or treatment that insurers are not able to cover so there are some things that we have to exclude from cover. As such there are two types of exclusions that apply to everyone.
General exclusions
- these are general things such as a medical condition or service that an insurer has decided they will not cover for anyone who has the same type of policy. These are listed out in the what's not covered section of your policy document and apply to every person who has that policy.
Personal exclusions
- these are specific to an individual and are based on their medical history (pre-existing conditions).
Not all pre-existing conditions will require an exclusion, however our team do need to know about all previous and current signs, symptoms and conditions for your application. Personal exclusions are excluded for different lengths of time (from 1 year to life) depending on the medical condition, and will be listed on your membership certificate under each individual.
If you need help decoding your current insurance policy or help with taking out a new health insurance or Life insurance policy then we are here to help!
At Ask we focus on what you need and help you understand what your insurance will do for you.
If you need help with arranging insurance cover in Christchurch then give us a call or get in touch.
Just Ask
A study co-authored by Dr Caroline Shaw from the University of Otago and Professor Alistair Woodward at the University of Auckland has found that Wellington is New Zealand’s ‘fittest city'.
Wellingtonians, it was found, walk more and take more trips by public transport than other New Zealanders.
The ‘Fittest City’ study has been released as part of the New Zealand launch of the world’s largest health and wellbeing programme, AIA Vitality.
“New Zealand cities vary widely, not only in geography, but also in urban planning and transport decision-making. There are consequences for population health, greenhouse gas emissions and local air pollution,” says Professor Alistair Woodward.
Levels of walking, cycling and public transport were used to estimate the effects on health and the environment in the six largest New Zealand cities.
Wellingtonians, it was found, walk more and take more trips by public transport than other New Zealanders.
The ‘Fittest City’ study has been released as part of the New Zealand launch of the world’s largest health and wellbeing programme, AIA Vitality.
“New Zealand cities vary widely, not only in geography, but also in urban planning and transport decision-making. There are consequences for population health, greenhouse gas emissions and local air pollution,” says Professor Alistair Woodward.
Levels of walking, cycling and public transport were used to estimate the effects on health and the environment in the six largest New Zealand cities.
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An insurance broker is a professional adviser, an expert in understanding insurance and risk management. Our job is to find you the right insurance with the right Insurer and help you with any claims. But responsibility for the risk associated with your policy sits with the insurer.
In practice this means that while we work to pair you with the Insurer who’s right for you and work with you if you have to claim, we’re not the ones who pay out when a claim is made.
Life insurance is one of those topics which can seem pretty daunting! There are so many different types of cover out there and it can feel like a never ending list of things to consider. That's why it’s always a good idea to talk to an adviser for help understanding your options - but more about that later! For now, here is a breakdown of what you need to know.
What are your goals? Paying off your mortgage, savings for retirement, health, a beach house?
Think about it for a moment – if your health failed, how would that affect your financial future, or that of your family. Suddenly all of your dreams and plans for the future would need to be seriously revised or may no longer be possible.
The good news is that with the right life insurance you can still protect what you value most – lifestyle, family, health, even the home you live in, no matter what.
