When thinking about major surgery insurance, you may immediately think of health insurance also known as medical insurance, but there are complementing products you may want to consider at the same time should the need of major surgery arise.
Most of us have heard about waiting lists and people waiting for major surgery, only to have that list grown and surgery wait times extended.
A recent example is the Waikato DHB who have a growing waiting list of cardiac treatment and surgery. You would think that such a serious condition requiring cardiac surgery would be immediate care, but our health system can still make you wait for something so critical.
“Last week the Herald revealed hundreds of people, including some who needed urgent care, were caught in Waikato’s cardiology backlogs, prompting the Government’s own cardiology adviser to sound the alarm about patient safety in late 2019.” NZ Herald.
You can read the full story of the Waikato DHB waiting lists here.
What happens while you are on a waiting list?
If you’re on a waiting list for critical surgery, the waiting list is a serious problem, but what happens to your earning capacity and household income. If you are off work waiting for surgery, who is paying the bills? remember that ACC is for accident so you may be out of luck there.
Maybe you are entitles to some sort of sickness benefit but if finances are tight now, imagine what they could be like on much lesser income. You need to think about your household income and how can you keep it going to pay the bills.
Income while you are waiting
If you have major surgery insurance cover, you can also have other types of insurance such as Income Protection. Remember, with private income protection you simply have to be unable to work due to sickness or accident, so most people are able to insure their incomes as well.
So if you are on a waiting list for serious surgery and are unable to work, income protection insurance (depending on your policy) should be able to pay you your lost income while you are waiting, so you can pay the mortgage, rent, food, electricity etc.
If you need insurance for major surgery
Of course, if you have Major surgery insurance in the form of private medical insurance then you could avoid waiting lists altogether.
The two products Private Medical Insurance and Income Protection Insurance work nicely together, especially when it comes to funding surgery and ongoing drug treatment and not being able to work while you are undergoing treatment.
The two products work hand in hand.
If you’re thinking about reviewing or taking out private medical or income protection insurance, please contact us for the right advice, pricing and premium structure.