Medical Insurance Comparisons

Medical Insurance policies are designed to be different from those provided by other companies. Some focus on cost, others benefits.You can find the differences by examining the policy wording in the following areas:

1. Benefits
2. Definition of medical conditions acceptable for claims
3. Costs insurance companies will contribute towards claims. Many companies have an upper limit which they will pay for specified conditions.
4. Excess amounts and how they are applied. Some companies apply any selected excess to all claims -- others including Sovereign do not apply an excess to Specialist and Diagnostics tests. For many clients, this is the most common claim, and an excess can significantly reduce refunds.

In practice Medical Insurance providers vary also in the administration and processing of claims. Other criteria used for comparisons which should be considered include:

• Efficiency in claims processing–some companies do the underwriting at claim time which causes delays and may lead to a claim rejection.
• Claims payment history–do the companies pay most claims promptly and accept medical evidence provided.
• Premium costs initially and in the future. (Note: Sovereigns Private Health policy premiums do not increase the rate for age after 70–there may however be premium increases to cover medical costs).

Note that the last criteria is premium cost. While important, there is little point in paying a lower premium if the policy does not meet your expectations at claim time.

If you have existing medical insurance with another provider, you can compare your current costs with the Sovereign Private Health product offered–use our quote calculator.

We have considerable experience in comparing medical insurance policy wordings, definitions, limits and handling the claims for many clients over 10+ years with most companies. We have selected Sovereigns Private Health as the most cost effective and responsive medical insurance policy for resident New Zealanders.