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Example: At age 42, Greg discovered he had high blood pressure during a routine health check.
His GP sent him to a cardiologist for tests and advice. Greg started taking daily medication and made some lifestyle adjustments, but eight months later started to experience angina pains in his chest. His cardiologist sent him for an angiogram (a test that shows blood flow through the heart arteries), which revealed that his best hope for a long life was coronary bypass surgery. Over a period of 12 months, Greg’s specialist and surgery bills totalled more than $60,000. Fortunately he had health insurance, which covered the full cost less a $500 excess.
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 We’re all familiar with the concept of maintaining physical health, with good food and exercise, but how often do you think about your long-term financial health?
It’s all about risk planning and management – identifying the events that have the potential to rock your boat and then making plans to stay float. Do a quick financial check-up
Similar to a medical check-up, a financial health check aims to identify your current financial strengths and weaknesses by working through the five areas of personal risk that are likely to affect you. The information you’ll gather will help you and your AIG Life adviser to make good decisions about risk management solutions.
The five areas of personal risk:
1. Health problems requiring hospitalisation.
2. Being unable to work for several months.
3. Suffering a trauma (illness or accident).
4. Being unable to work ever again.
5. Premature death.
Health problems requiring hospitalisation
You can't predict what health problems will happen to you in the future, and you can't foresee how they'll impact on your family, lifestyle and earning ability.
It's important to remember that not all treatments or costs are covered by the public health system, and you often have no control over the timing or quality of the care you receive.
However if you have health insurance, you can choose your doctor or specialist, and you can choose when and where you are treated - all with the assurance that you'll be able to recover all or most of the costs.
Ask yourself:
How would it impact your life to be on a public hospital waiting list for six months or longer?
How much would it cost to get treatment for a non-acute condition?
Where would this money come from?
Risk management for health problems
Health cover generally means no waiting list. It pays for the hospitalisation and surgical treatment you need, including the specialist visits that lead up to it.
Source: Health Funds Association of New Zealand.
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Indicative costs of surgery* January 2010 (incl GST) |
Cardiac bypass (heart surgery |
$37,000–$45,000 |
Valve replacement (heart surgery) |
$43,000–$53,000 |
Angiogram (diagnostic test) |
$3,600–$4,400 |
Angioplasty – with 2 stents (heart surgery) |
$17,000–$20,000 |
Total hysterectomy (surgery) |
$10,000–$13,000 |
Laparoscopic excision of endometriosis (surgery) |
$4,900–$6,000 |
Prostate removal (cancer surgery) |
$10,000–$12,000 |
Prostate brachytherapy (cancer surgery) |
$21,000–$25,000 |
Excision of cancerous skin lesion |
$1,000–$1,500 |
Colonoscopy (diagnostic test) |
$1,500–$1,800 |
Radical mastectomy (breast cancer surgery) |
$8,300–$10,000 |
Radiation therapy (one course of treatment) |
$15,000–$27,000 |
Gastroscopy (diagnostic test) |
$1,100–$1,300 |
| Laparoscopic cholecystectomy (gall bladder surgery) |
$6,800–$8,400 |
Total hip replacement (surgery) |
$18,000–$22,000 |
Total knee replacement (surgery) |
$19,000–$23,000 |
Cataract removal (eye surgery) |
$3,500–$4,000 |
Thyroidectomy (surgery) |
$8,300–$10,200 |
Endoscopic sinus surgery |
$6,500–$7,900 |
Wisdom teeth removal |
$1,900–$2,400 |
Varicose veins (both legs) |
$6,300–$7,800 |
Hernia repair |
$5,400–$6,600 |
Knee arthroscopy |
$4,000–$5,000 |
Biopsy |
$1,000–$1,500 |
MRI Scan |
$1,000–$1,200 |
CT Scan |
$600–$800 |
Ultrasound |
$150–$200 |
* Procedure costs will vary depending on the location, the medical practitioner/s,
any medical complications, and the medical procedure and technology used. |
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