Medical/Health Insurance

I'm in my late 50s, single and derive my income from partial paid employment and some self employment. I don't have any medical insurance and already have had to fork out for a cataract operation (at the tender age of 57!) and will have the other one done when it becomes necessary. I wouldn't get that on medical insurance as it's a known condition.

I am concerned that other health things might come up as my youth recedes (my eye specialist's wording) and I'm very active with competing showjumping horses and taking in other people's horses for training sometimes.

Has anybody in the older age bracket got any suggestions for which direction to head?

Any information would be great. Thanks.

I'm not in the Older bracket, but there's a old age insurance company that advertises ont he TV occasionally. they could be worth a try, try not to wander off during adverts to make a cuppa and you should find out who they are

I'm with Southern Cross, and have been since October 1980, and I was born in september 1980 ever since I've been old enough to take over paying premiums from my parents and dealing with them myself I've been very happy with them.

My parents found that when they turned 60 and each year after that their premium took a big hike. What Dad did was stop the insurance but put the amount of the premium away in a seperate account each month and use it for any medical expenses. Every few years when there gets to be a goodly sum there, if there are no medical problems lurking, they make a withdrawal and take a trip somewhere.

So far they are on the winning side.

Our medical insurance is paid by my husbands work as part of his pay package. Once He retires I think I will look at doing what my parents have.

My Inlaws were also with Southern Cross and very happy with their services.

However in MIL's case, once she was deemed terminally ill, the benefits from the Govt took over and her life made as comfortable as possible.

However my FIL had to spend time in a nursing home environment being partially disabled from his stroke, for which they (MIL & FIL) paid substantial private fees for his care, not covered by health insurance etc but because of hard worked for savings/investments. (whilst the carpet in their house was thread bare in many places).

He worked himself over about this, being a law abiding, tax paying person. We believe this added to his ill health and he suffered several smaller strokes and the like, and passed away in hospital.

Toast - you could look into it but just know that you will have to declare any pre exisiting conditions, your age, height, weight, smoker or not etc and I guarantee you will decide not to take it up in your late 50's. Shouldn't say that - sorry - but it is soooo expensive. I do however think it is worth it if you are responsible for young and teenage children - but again with reservations on your personal financial position.

First check with whoever you are insured with - FMG do one for example and then, as others have said, there are plenty on offer but READ the fine print very carefully.

I have a family of four on Southern Cross despite seperating two years ago and with two adult children included, I recently worked out that we had paid $5,500 in the past two years without a claim that I can recall. That is a hell of a lot of money. I have since cancelled one daughter and am in the throes of getting the ex to do his own thing but my other daughter cannot change given her medical background and the "declare the prexisting conditions" declaration that any other company would require.

For the time being, we have ACC to cover any accident we may have that requires physio, chiropractor, hospital admission etc so I guess you just work out what it is that you want to cover and why. All the best.

Hi Toast,

private medical insurance is very cheap if your're 20, nonsmoker without any existing medical conditions. However, from 50 years onwards it gets quite unaffordable. There are 'Surgery Only' policies available - they might be worth having a look at but generally - our health system is in reasonable shape. If you need help you usually get it. No private insurer would pay for Herceptin or anything that's not on Pharmac's list for instance so private health insurance doesn't cover those things that the media moan about.

The only thing I know about that is necessary and not generally funded is cataract operations. You've already paid for one and the other won't be covered by private health insurance anyway. And you'd be surprised how well the private insurers are doing with not paying under the pretext that the condition existed at the time of joining[}][}][}] - especially in more mature members:(.

I feel the same way, that is, put away the equivalent of the private health insurance premium in a savings account somewhere. If you are fated to have an illness soon, then it won't help, but to be honest, the NZ state healthcare system is actually quite good. If you go private you might get the same treatment sooner, but... it's the same doctors and surgeons.

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I agree with the concept of starting your own bank acc and putting a certain amount away each pay. There was an article many years ago that when one starts working to pop a set amount away and after 10 yrs when the balance was $20,000 then anything over that, one could go for a holiday in aust or the islands.. I guess the amount needed as a base would now be about $50k but its still yours.
I started health insurance in my 40's when I became a solo person with 2 dependants, and did use it a lot when I was circa 50... mainly to get privacy and to have the operation the day I wanted it.
Now all my surgery has to be done in public, but I have continued it for now and probably will until 65, then know that I could cope with the pension to carry me thro while I await any chronic disabling surgery.
Cataract surgery is about the only one now that is a problem to think about. my parents didnt need it unitl in their 80's and I have no intention of staying here that long. so will bury the head.

Just answered your thread and got disconnected so starting again[}][}]

We have had med ins for years but as it increased we have dropped off some cover . Now have Hospital and specialist cover.
We believe in quality of life, my own hip started to give me problems prior to knew surgery ( ACC and earliest date was 3mths), a direct result of not walking correctly due to a knee injury.
Someone else we know waited a few years for hip surgery and now has a foot problem directly related to the weight distribution from his bad hip.
Our two kids were in within a couple of weeks to have their tonsils out ( $4-$5000 ea), could have been sooner[:0]. If we had gone public it would have been another winter of illness and more than six month wait.
OH have just had minor surgery, won't see that bill as it has gone directly to SC.

We have it as it is peace of mind, we have a choice, between waiting mths or years, or, being back to "Normal" in weeks, and having months and years of healthy living.
To answer yor question, it is more expensive to join as an "older" person, our premium goes up on each individual birthday, except for the kids.

Pru, (and/or anyone else who's prepared to answer) what is the magnitude of the premiums for an adult at particular ages?

I think mine works out to be about $1.50 day.. now that Im the over 60 level...thats through a group thingee.. which is worth while starting thro that system, like the credit union banks had a thing going with Sth X, many years ago, so down time and previous problems were not an issue. NOt sure if they still do that at times.

We are both 41 and the combined monthly cost for full cover through Southern Cross is $80.00. We both have medical conditions that have developed since we were members, so we can't change policies or providers without having those counted as 'pre-existing' and not covered...

The last major time I had to use it was two ops to fix a twisted bowel (recurring problem). I was advised that I would need to be at an almost critical condition before the public system would even look at taking me. The pain was debilitating and there was a risk every time it recurred that that time might be the critical one...was a huge relief physically and mentally to be able to just book it in and get it done...

I know very few people who have the financial discipline to put aside a set amount each month for something like this and not touch it for other things.

We have southern cross but now only have hospitol and specialist, used to have full cover but got too expensive so dropped to what we have now. It is getting more expensive the older we get. I think it would be good to put away some each month but with hospitol and surgeons fees not to mention paying for everything else even a minor op would cost a very large amount. My daughters partner has not long been in to a private hospitol and had a simple hernia operation and the charge was all up around $2.500. he only stayed in 1 night.
I had a hysterectomy and bladder repair 7 years ago and even way back then it cost southern cross $12.000. i would hate to think what it would be now.

Just checked mine, smilie - back in 2000, one of the ops was $6000. The other would have been similar. I would have had to save up my $40 per month for nearly 25 years to have accumulated enough to pay for that [:0].

So it looks like its about a $1 per year of age per month. I know it was a lot more once over 60.