Sunday, April 29, 2012

Health insurance--To be or not to be.

I see in the NZ Herald an article about health insurance and how people are cancelling their policies and then facing increased costs if they resume the cover at a later date. I face a similar issue but for a different reason.
I am wondering if I should continue to pay the ever increasing premiums as I age and keep entering age-bands that attract those increases. I wonder if I would be better to put the amount I pay into debts (like mortgage payments) or into bonus bonds, where there is a slim possibility of increasing my savings.
Most of the conditions that age has inflicted on me (and the ones that I have added to) are covered by the state system and I have been very pleased with the support I have been given. My conundrum is whether I should keep my coverage for those unexpected ailings; that is for as long as I am working. In NZ, we all get free help from the state system if we have cancer, heart attacks, injury (through ACC) and many other conditions.
It is when there is a waiting list that health insurance comes in its own. One has to make a decision as to whether it is worth taking the risk and joining the waiting lists for certain procedures. The fact is that you may even be treated by the same specialist, who works for both the private and state system.
For those of you who are young and don’t worry about such things--- well your time is coming. If you must get insurance, get it while you are young--- and don’t smoke! --- That only makes it more expensive.
Oh well--- maybe I shall see if my doctor can help me with my weighty decision.