Medical insurance is a changing landscape, not only with policy terms and conditions but with the providers now. 

10 years ago, we had 10 different medical providers; we now have 6 and likely that there will be more mergers in the market.

Medical insurance is a product that typically is not reinsured, so the money for claims, operating the insurer, marketing & sales all come out of the same pot.

This means that there is always pressure on premiums.

• With Medical inflation typically running at double what we call normal inflation, you can expect to see 8-12% underlying premium increases year on year in addition to any age-related increases, which typically sit at 2-3% per annum on the increased risk perspective.

Yes, I just said you can expect a minimum medical premium increase year on year of 10-15%

• Looking back historically, this has sat in the 9-11% annual increase band from most medical insurers. It's unusual for any of them not to have an underlying premium increase in any one year.

What are the things we are seeing:

• Increased medical insurance surgery caps: $300k, $600k, unlimited. This is mostly about numbers to give comfort that the cover will do what you expect from it.
• With the addition of non-Pharmac covers, all providers now have unfunded cancer medicines at some level. Some have been passed back and added, most, however, you need to manually request and apply for these.
• Congenital conditions changes, bringing things into line with the market. All new coverage to the market has a 3 or 4 month from birth congenital condition definition.
• We presently have two guaranteed wording providers, It's good to see a commitment to contract security so you won't get less coverage than you signed up for.

Suffice to say, in my 23 years in the industry, the changes that have happened in recent times have been significant. It is a challenge to keep up with at times, and evidence that the policy you hold, if reviewed with an adviser regularly, will stand the test of time. 

What does this mean for you?

It's time to review what you are doing with your access to medical treatment and the insurance you have.

• If you have health insurance, then the changes, not only in the last week but also in the last few years, need to be considered.
• If you have exclusions, then having a look at the options should be a must on your list.

If you have trauma insurance to ensure your future access to unfunded medicines, as was the way this was addressed in the past, then I have significantly cheaper options than what you're doing.

• Typically, 10%—30% of the cost of what you're presently doing. That's age-dependent; the older you are, the cheaper, relative speaking, I can achieve this for you.

Ok, so you don't have any cover, and the last time you looked at it, you didn't like the exclusions. 

• Have a heart condition, or you've had cancer in the past?
• Maybe you've had a hip replaced, and you need another in the future.
• If you've had hips perhaps, your knees are next. Have diabetes?

I can do something about all of these!

Sounds too good to be true?

It's a genuine offer that has terms and conditions.

Outside pre-existing conditions then adding new options available to enhance and improve your cover are also worth looking at.

What's the best way to do this?

Call us!

Afraid it will cost you money?

Don't be; we are a free service to you.

• Yes, we're paid on commission, which is how we get paid.
• Before making any decisions about a cover, you need to know what you need.
• We cover all of this before discussing completing applications or making any changes.

Afraid of being sold to?

Don't be; our approach is to have a direct conversation to inform you of your options.

• • We don't need to sell you; once you understand what is at stake, you'll make the right decisions that suit you.
  • If it's new or increased, cover great.
  • If it's not, we'll look after you too, as we do for many of our clients who just want great service.

1. If it's a new, increased, or different cover, we can facilitate that.
2. If it's less cover because you're over-insured, we can help with that, too.

One of our core values and base philosophies is helping you make the right decisions to have the right cover in place so you get the right sort of claim paid.

• Having too much cover or the wrong type of cover will cost you money unnecessarily and compromise your ability to have your cover when you need it.

Talk to us about the right cover for you and we can set you on the right path for your risk management.