February 2015 Newsletter – Health Insurance Why should I?

With an aging NZ population and a rise of obesity/diabetes choking the Public health system, Private Health Insurance has never seemed more attractive. If you are thinking of Medical insurance, we’ve highlighted some key points for you to consider about the potential impacts a health problem could have on your lifestyle, family and earning ability.
Ask yourself the following questions –

1. I’m currently in good health, so what is the likelihood I’ll experience a health problem?

Who do you know who has suffered a heart attack, cancer, stroke, back or knee problems…   Reality is, we all usually know someone. An individual has a 52% chance of having one of the following operations before age 65:
• Cataract removal
• Hip or knee replacement
• Heart procedure
• Hernia
• Prostate
• Hysterectomy and/or Endometriosis.
• Gall bladder

2. If I experience a health problem, won’t the public health system look after me?
For emergency treatment, yes. But for all other events you will go through an assessment process and if you qualify for treatment you will then be put on the waiting list. Waiting could mean:
• Your condition will deteriorate
• Prolonged periods in pain and discomfort
• Loss of income because you can’t work
• Strain on your family through emotional and financial stress
• Your life could go on-hold until you receive treatment

3. Could I cope financially if I developed a serious health condition and couldn’t work while I wait for treatment?
According to the Ministry of Economic Development, poor health and lack of health insurance is one of the five main causes of people going broke.

4. Couldn’t I just self insure?
With many hospital treatments now costing over $20,000, self insuring for this amount could be financially challenging.
A risk of self-insuring is that you (or another family member) can have a series of high claims close together, and you have no time to financially recover from the first.

5. The True cost of health claims…

•    $4,000 – Cataract removal
•    $500 – $6,000 – Skin cancer removal
•    $35,000 – $60,000 – Heart bypass surgery
•    $7,000 – $13,000 – Breast cancer surgery
•    $6,000 – $22,000 – Endometriosis surgery
•    $15,000 – $25,000 – Hip replacement
•    $25,000 – $30,000 – Spinal disc fusion
•    $10,000 – $32,000 – Prostate cancer surgery
•    $16,000 – $30,000 – Knee replacement

•    $3,000 – $5,000 – Squint correction (cross/lazy-eye)
•    $3,000 – $5,000 – Tonsil removal
•    $1,500 – $3,000 – Grommet surgery

Employment changes are coming; it’s a good time to review your workplace arrangements

New changes by the Employment Relations Amendment Act 2013 (the Act) come into force on 6 March 2015. It’s a good time for you to review your working arrangements to see how these changes can affect both employers and employees, or your business operations. These may provide significant opportunities to transform your workplace!

Briefly, the key changes include (but are not limited to):

  • greater flexibility to compensate in lieu of rest and meal breaks, which could see changes to roster schedules, or sole charge workplaces
  • flexible working arrangements – extended to all employees, with employers having only one month to respond to such requests (down from three).
  • industrial action provisions – introduction of additional requirements to most strikes and lockouts.
  • good faith bargaining – changes to how employers can treat confidential information in bargaining situations.
  • continuity of employment has been revised, so employers must have a good reason to change terms and conditions of existing employees’ employment prior to a transfer.
  • changes to the collective bargaining obligations.
  • speeding up decisions of the Employment Relations Authority.

Keep in mind, in any changes to your working environment, you need to check you’re complying with your health and safety duties, including those to employees and work colleagues, and those in or around the workplace who may be impacted by changes in the way you carry out your work.
For employment information check out Ministry of Business Innovation and Employment:http://www.dol.govt.nz/er/
Note: You should seek independent legal advice for further information or advice on changes that may affect you and your business

Four years on – Canterbury Earthquake Report.

Vero has released a comprehensive, independent report on the insurance response to the Canterbury earthquakes.

The report by Deloitte Access Economics entitled: “Four years on: Insurance and the Canterbury Earthquakes” was released recently at an event in Christchurch. Click hereto read the full report.

The report focused on Vero but many findings are relevant to the wider insurance industry.

The report makes findings on the impact of insurance payments across a fifteen year period – from the time of the first earthquake in 2010 through to 2025.

The report also provides a comprehensive overview of the social consequences of the Canterbury earthquakes including population dynamics, mental illnesses, housing stock and affordability, employment outcomes and crime patterns.

We’re sure you’ll find the report interesting reading.  (Vero, 2015)

Steadfast Membership

Matt Jensen Insurance Brokers are pleased to announce that we are now members of the Steadfast Broker network.Steadfast is Australasia’s largest general insurance broker network comprising more than 500 offices across metropolitan and regional Australia, New Zealand and Singapore.Steadfast is listed company on the Australian stock exchange (ASX 200) and generated over A$5 billion in insurance sales in 2013-14. The network looks after over 2 million insurance policies.In terms of doing business nothing has changed. Matt Jensen Insurance Brokers are still 100% locally owned and operated and offer the flexibility that only comes with complete independence. Unlike some competitors, we are not obliged to place business with specific Insurer(s) because of contractual arrangements.

Click here to visit Steadfast www.steadfastnz.nz

How Steadfast’s strength benefits you as a customer Group Ltd 

  • Customised policies not publicly available
    Anyone can sell you off-the-shelf insurance but Steadfast brokers have access to customised policies developed by Steadfast directly with the insurers, written exclusively for the network. Steadfast brokers are able to offer policies with greater coverage than a standard product, at market competitive pricing.
  • Championing your claims
    If you make a claim and there happens to be an issue, a Steadfast broker can call on the power of the Steadfast to escalate the matter. Through solid relationships with its insurers, Steadfast has a depth of contact with the right decision-makers to get your voice heard and will champion well-evidenced claims on your behalf in an effort to achieve positive claims outcomes.
  • Choice of policies from over 150 insurers
    Steadfast are Australasia’s biggest network of insurance brokers and have partnerships with over 150 insurance providers locally and internationally. (Steadfast)

MJIB (Royal) Trivia!

1. In 2008 a fan paid 1200 pounds for a piece of memorabilia from Prince Charles and Diana  Spencer’s wedding. What was it?
a) A bridesmaid’s dress
b) The knife used to cut the wedding cake
c) A piece of the wedding cake
d) A serviette Diana used to wipe her mouth

2. Who is the only monarch to have born and died at Buckingham Palace?

3. Which of these countries has never been a Commonwealth monarchy?
a) Australia
b) Malawi
c) Myanmar
d) Grenada

4. How many Princes of Wales have there been?

5. The Queen learnt to drive in 1945 when she joined the Army. True or false?

6. Which English singer performed at Princess Diana’s funeral, and what song did he sing?

7. In a 2002 BBC poll of the 100 Greatest Britons, Princess Diana ranked third. Which one of these people ranked higher than her?
a) Charles Darwin
b) Sir Winston Churchill
c) William Shakespeare
d) Robbie Williams

8. In 2005 Prince Harry got in trouble for his choice of costume at a theme party. What did he wear?

9. Which of these languages does the Queen speak fluently?
a) Italian
b) Spanish
c) Latin
d) French

10. In what year did Prince Charles and Princess Diana divorce?

11. Which element of Prince Charles and Diana Spencer’s wedding is to be repeated at Prince William and Kate Middleton’s wedding?
a) The venue
b) The wedding dress
c) The carriage
d) The wedding rings

12. How many people watched Prince Charles and Diana Spencer’s wedding?
a) 20 million
b) 100 million
c) 500 million
d) 750 million

13. Prince William proposed to Kate Middleton with the same ring Charles proposed to Diana with. True or false?

14. How long was the train of Diana Spencer’s wedding dress?

15. Where did Kate Middleton and Prince William meet?

16. US President Barack Obama was not invited to the Royal Wedding of Prince William and Kate Middleton. True or false?

17.What is Kate Middleton’s profession?

18. Henry VIII married 6 times – how many of his wives did he behead?

19. What is the preferred royal title of Prince Charles’ second wife, Camilla?

20. How old was the Queen Mother when she died in 2002?

Trivia Answers
1. c) A piece of the wedding cake 2. Edward VII (born 1841, died 1910) 3. c)Myanmar 4. 21 5. True
6. Elton John, Candle in the Wind 7. b)Sir Winston Churchill 8. An Afrika Corps uniform with a Nazi armband  9. d)French 10.1996 11. The carriage 12.  d) 750 million 13. True 14. 25 ft 15. University of St Andrews 16. True 17. Fashion retail buyer and photographer 18. Two of his wives – Kathryn Howard and Anne Boleyn 19. The Duchess of Cornwall 20. 101