Understanding insurance options for cancer

Cancer might feel like a distant concern for some, but for many New Zealanders, it becomes a reality.

While New Zealand’s public healthcare system provides essential cancer treatment, it may have limitations in terms of longer waiting times, access to certain treatments in private facilities, and choice of specialist healthcare providers.

To safeguard your financial stability and ensure access to a broad range of treatment options, understanding your insurance options can be key.

Here are some essential points to think about.

The prevalence of cancer

Cancer is more common than some may realise. According to Te Aho O Te Kahu, nearly 25,000 people in New Zealand are diagnosed with cancer each year.

Early detection and treatment are important to being able to make a recovery, and health insurance can play a significant role in accessing timely care.

Key insurance options to consider

Health insurance: The public healthcare system can have long waiting lists for diagnosis and treatment. Additionally, some medications that are approved by Medsafe but are not funded by Pharmac can be difficult to access or are unaffordable without any subsidy or assistance. Health insurance can aid in getting faster access to private healthcare, including diagnostics and treatments, and may also provide cover for non-Pharmac medications.

Trauma insurance: Trauma insurance provides a lump sum payment if you’re diagnosed with one of the illnesses or conditions specified in your policy; most trauma policies include various forms of cancer. This lump sum can be used for medical expenses, compensating for lost income, paying down debt, or meeting other financial needs as a result of your diagnosis and treatment.

Insurance for cancer survivors 

If you are a cancer survivor or know someone who is, there are important coverage options that may still be available, although the condition related to the previous cancer may be excluded.

Factors such as the length of time you have been in remission and the specific type of cancer can influence the availability and scope of insurance options. Generally, the longer you’ve been in remission, the greater the likelihood of being able to access a wider range of insurance options.

Want to learn more?

If you’re interested in protecting your financial future from the financial impacts of cancer or want to explore insurance options after having cancer, get in touch with us. We’re here to help you navigate your options to determine the right solution for your specific needs and goals.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.