What to Look for in a Health Insurance Policy in New Zealand

In New Zealand, there are so many health insurance policies that finding the right one for your needs can be challenging. With these policies, it is crucial to find the most appropriate one to ensure that it can cover for your health and overall well-being.

This article aims to explain some key things that you really need to keep in mind when selecting an appropriate health insurance policy, along with explaining the different waiting periods for health insurance in New Zealand.

Things to consider for a health insurance policy

Coverage:

Every policy has a clearly outlined list of what it covers. So, you must take your time to go through all the things that it covers to understand if it will be the better choice. Do not forget that the more things it covers, the more expensive it will be. Depending on your nature of health needs, you should find the right cover. For instance, You can get one that will only cover basic hospital expenses, which is the best choice if you do not require medical attention frequently. While others will provide coverage for other things like doctor’s visits, dental care and other specialists.

Premiums:

Premium is simply the amount that you are committing to pay either on a monthly or yearly basis. The premium helps to keep your coverage active. Thus, you should always find a policy with a premium that you can afford to pay in the stated period to avoid accruing fines and penalties for late payments. Also, you should note that the cheaper the premium, the lesser the coverage and may not cover some crucial costs when you will need it in future.

Excess:

Excess is also a crucial element to consider when going for a health insurance policy. It defines the amount that you have to pay first before the insurer can now step in and cover the rest of your health needs. For example, if your excess is $1000, it means that you will have to pay it in its entirety before the insurance company steps in and covers the rest of the expenses. If you have a higher excess in your policy, it means that you will pay a very low premium, and vice versa.

Pre-existing conditions:

In most cases, the health insurance policy may not cover the pre-existing illnesses that you might be having at the time of getting your coverage. Such diseases may require a long period before they can be included in your cover. So it is crucial to understand how long you have to wait to determine if it is worth getting.

Claim process:

You also need to keep in mind how fast and easy it is to claim your insurance coverage. Some companies have simple online claim processes that can be processed within hours, while others may require tons of paperwork to process your claim.

Health insurance waiting period

General waiting periods:

This depends on the type of coverage that you opt for. Basic coverage is usually readily available and can be claimed within a few days or a few months. However, expensive medical covers can take longer periods, up to one year before you can make a claim.

Pre-existing conditions:

If you are diagnosed with a pre-existing condition, then you may be required to wait for as long as two years before you can make a claim.


Explore the health insurance options in NZ and choose one that best fits your needs.