How we can strengthen your Southern Cross Shared Cover
Medical Insurance Plans
The Southern Cross Health Society is a very well-known insurer that provides a wide range of health insurance plans. Included in their range are “Kiwicare” and “Regular Care” shared cover medical insurance plans. “Shared cover” means that Southern Cross will cover 80% of eligible healthcare services, up to the relevant policy limit. The client pays the other 20%. While there are more comprehensive health insurance plans in the market, individuals may be reluctant to move their cover. This is because they might have some pre-existing condition(s) or the shared cover plan is provided free, as part of their employment package.
Meeting the 20% cost share of the Kiwicare and Regular Care plans is easily managed for small operations or medical treatments. However, meeting major expenses such as 20% of hip or knee replacements, major back surgery or the cost of expensive chemotherapy drugs, the cost to you can be prohibitive.
Could you manage to pay, say, $5,000 or $20,000 as your share of a major surgical procedure?
Thankfully, one insurer, Partners Life, has developed an innovative solution to relieve individuals of the obligation to pay 20% of the cost of expensive procedures. The Partners Life Private Medical Cover Multi Policy Excess Benefit treats the payment made by Southern Cross as full or partial fulfilment of the Partners Life excess.
In 2021, I identified the prospective cost that a client, “Laurel”, would need to pay in the event of a major operation. We duly placed Partners Life Private Medical Cover, with a $10,000 excess, to back up her shared cover plan. Because of the high excess, the premium was very competitive.
Recently, following an accident, Laurel, needed to have ankle and foot surgery. The cost of ankle surgery was met by ACC. For the unrelated foot surgery, costing $25,000, Southern Cross would pay 80%. This meant that Laurel would need to pay the remaining $5,000! The $20,000 paid by Southern Cross comfortably fulfilled the $10,000 Partners Life excess. This meant that Partners Life paid the $5,000 that Laurel would otherwise have had to pay herself. Laurel was understandably thrilled that she took my advice, as she didn’t have to pay a cent of the $5,000!
Ask us how we can help
“If you presently have a Southern Cross KiwiCare or Regular Care Plan, contact us to see how we can help you.”
It’s what we do.
“Come as a client, leave as a friend.”
Theo Simeonidis
UProtectNZ Insurance Services