A large number of New Zealand families have health insurance.

While it can be a great foundation to take care of your wellbeing, there are other insurances that can also give you valuable peace-of-mind and wellbeing protection, too.

Here are some things to think about if you are considering how other forms of insurance might help support your health protection plan.

Health insurance is important

Health insurance is a very useful option for New Zealanders who want a little more control over their health treatment. Our public system can provide very good treatment for acute health needs, but people sometimes stay on waiting lists for a long time for procedures that are deemed less urgent. Private health insurance can help avoid that, as well as offering some support for costs not fully covered by the public system.

Health insurance doesn’t cover everything

There are limits to what you can expect of your policy.

Health insurance typically won’t help with things like a loss of income because of illness, or lifestyle expenses that you might incur such as care services or modifications needed to your home.

Depending on your circumstances, these can be additional expenses.

Other protection may fill the gaps

Cover such as trauma, income protection and life insurance can help to fill in some of the spaces that health insurance may leave.

Income protection or mortgage repayment policies, for example, can help if you are not able to work for a period of time due to illness or injury. These policies can step in if you are not earning and could help to keep your household afloat. Your SHARE adviser can help you to determine if these might be appropriate in your situation.

Trauma cover can offer a lump sum payment that can be used to pay for things that health insurance doesn’t cover, such as travel to appointments or modifications required on your house. Trauma pays out in the case of a defined set of health conditions, such as serious heart attacks, some cancers and strokes.

Life insurance can provide valuable peace-of-mind that if the worst were to happen and you became terminally ill, your family could be provided for once you were no longer with them. Your SHARE adviser can help you to decide what amount would be appropriate to offer this type of financial safety net.

Working together

Insurance cover is often optimum when it is designed to work together.

Policies respond in different ways, but as insurance experts we can help you to work out how your mix is likely to handle any health events you encounter in future. This can help to give you the most suitable portfolio of protection at the most efficient price.

Regular reviews

Insurance isn’t something you can set and forget. Your SHARE adviser will schedule regular reviews to check in and make sure your financial protection remains appropriate for your current situation and needs.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.