It is reported that 800,000 New Zealand healthcare insurance policy owners have been stripped of insurance funds set aside to cover funeral costs.
This funeral allowance benefit was removed by Southern Cross. This was not the only benefit that was scrapped from the health insurance policy. A public hospital cash allowance and surgical procedure for sleep apnoea were also removed.
When does Southern Cross’s funeral insurance benefit change to the health insurance policy come into effect?
- These changes will come into play on the 10th of December 2018.
- It has also been confirmed that although there is a reduction in policy benefits, these health insurance policy owners would not see a reduction in their insurance premiums.
What does Southern Cross say about these health care insurance policy changes?
It appears that the current funeral insurance benefit, under a Southern Cross policy, was limited to $2,500.00 and was a benefit that was often available or covered by a person’s life insurance policies.
According to nzherald.co.nz, the Southern Cross chief marketing officer of health insurance products Chris Watney said without these changes, the company would have had to increase premium rates by a lot more. “We know that premium affordability is a concern for our members. And we know that members value both the day-to-day use of their insurance, and the peace of mind that comes with knowing that the ‘big stuff’ like cancer or other life-changing diagnoses are covered.”
It was also highlighted by Southern Cross that there where related pressures resulting from medical price inflation, new procedures and certain new drugs, unavailable two decades ago, that were not funded by Pharmac.
Is it possible to protect yourself with a more suitable health insurance policy?
The short answer is yes. Considering these health insurance changes, Ease Insurance recommends that you have your current health insurance policy reviewed today. Or, if you don’t currently have a health insurance policy in place to cover unforeseen circumstances, perhaps you would like to protect your family a little more.
Ease Insurance Brokers offer a free quote service and information on Medical Insurance / Health Insurance from the major insurers. We bring you the best companies and best policies at great prices. This saves you time as you will not have to continue looking around many websites to find the right health insurance policy.
Contact one of the insurance broker specialists at Ease Insurance about your health insurance cover. Our insurance brokers can also review your life insurance policy and your funeral insurance policy.
We’ve made it simple and easy to compare health insurance quotes from a number of New Zealand’s leading providers of Medical Insurance Cover / Health Care Insurance, and can help you choose the right cover for your particular situation.