Cura Update - Spring 2024

Cura Team News

We are on the home straight with only eight more Fridays until Christmas!

In September we welcomed Rebecca to the Cura Team.  Rebecca’s friendly face will greet you when you come in to our office. Rebecca brings with her an array of administrative experience (and understands how social media works in business), and a bubbly vibrant vibe. We are so excited to have her join the Cura Team!  We will have more news coming later next month about the other new addition to the team, so watch this space.

The last three months in the office have seen a lot of clients reviewing their insurances to ensure they are still adequate for their needs.  We have helped assist a number of claims for medical insurance pre-approvals, trauma claims to terminal illness claims.  It is a humbling feeling when we know our job of having claims paid out happens at the time our clients need it.

To our clients who have had major surgeries, suffered a major trauma condition, become terminally ill or had a loved one pass away our condolences and thoughts go out to you at this time.  It has been a sad and hard time for a lot of clients lately.  Please make sure you check your policies are up to date and current for protecting your situation now.

We wish you all the best over the next few months as we know how busy this time can be.  Please reach out if you have any questions or need to discuss your insurance policies.

Sarah

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Financial & Insurance News

What to do if your work offers you private medical cover, but you already have a policy in place? Talk to us.

We have this question pop up a lot, especially as group work policies become more popular (it is one of the most sought-after work perks after all).

Some workplaces in Aotearoa offer private medical cover to their team, and in some cases this is fully included as part of their salary package, or offered at a subsidised rate.

What are the positives of a group medical policy?

• On some group plans, pre-existing conditions are covered. That means, there are no medical applications to fill out, everyone is automatically accepted and it’s a relatively pain-free process. (This is particularly good for people who have pre-existing medical conditions that may hinder their ability to get private medical cover elsewhere).
• Usually subsidised or fully covered by your workplace. (Easier on your wallet!)
• You sometimes have the ability to add cover on for your partner and kids under the group plan (in some cases also covering their pre-existing conditions).
• Even if you leave that workplace, you can take the policy with you (you’ll just need to pay for it going forward).

What are the downsides of a group medical policy?

• Sometimes the group plans aren’t as ‘comprehensive’ as plans we can take out privately – particularly around coverage for things such as non-pharmac medications. Group plans generally cover between $0-$20,000 per year for non-pharmac medications, whereas some of the private plans cover up to $600,000 per year.

So if you have a private plan and are offered a group policy at work, it may not be as simple as just cancelling your plan and taking the work plan. Here’s why:

• Not all policies are made equal. Each policy covers different things, and at different amounts. In some cases, the work plan might be better than the plan you currently have (so it could be a bit of a no-brainer), but in other cases, you may be forgoing some highly valuable benefits by cancelling your private plan.
• Most of us make decisions based on price. If our work is subsidising or fully covering our medical plan, we think “well, I’d be silly not to take it!”. But just because it’s cheaper doesn’t mean it’s better. You need to look at the fine print and assess the advantages/ disadvantages before making a switch.
• You can have more than one medical policy in place. This may seem like a silly idea to have two medical policies going, but if you already have a really good policy, you can keep that going (you could look at different excess options so you don’t lose your valued benefits but so the policy remains affordable) and take out the group policy for smaller claims.  Also, the group plan might cover things that aren’t covered by your private plan, and vice versa.

Don’t assume that your private plan and the group plan are the same. It’s always best to get proper advice before making a decision. Most financial advisers can provide detailed one-on-one comparisons between your current policy versus the one offered by your work.

It is crucial you know and can compare the differences so you can make an informed choice about what you value the most and what is the best option for you.

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Cura Wellness Tip

For many, Christmas time and the holiday season is indeed the most wonderful period of the year filled with joy and happiness. However, it also comes with a flurry of activities, demands, and expectations that can leave us feeling overwhelmed and stressed. Amidst all the gift-shopping chaos, festivity parties, and endless lists of things to do, it is vital to prioritise taking care of your physical, mental, and emotional health.  So, remember as you gear up for the holiday season’s merrymaking and decking the halls; try not to neglect yourself because a healthy and happy you is the best gift you’ll ever give during this Christmas season.

Here's some tips to help in the lead up to the silly season:

Prioritise Your Well-Being - To enjoy a healthy festive season, focus first on self-care which requires knowing your limits and setting personal boundaries so as to protect your body, mind, and emotions. Understand that you cannot do everything and it is okay to say no when there are too many commitments at once.

Maintain Healthy Habits - The holiday season often leads us into overindulging in rich foods, skipping workouts, and trading sleep for late-night parties. Still, maintaining healthy habits is key to managing stress and keeping busy at this time. Take care of your body by eating a well-balanced diet packed with fruits, vegetables, lean proteins, and whole grains. Moderate alcohol intake, as well as caffeine, since these substances can impair sleep patterns leading to anxious feelings.  Find time for exercising regularly even if it is just a five-minute walk or a few minutes of stretching exercise daily. Make bedtime more peaceful by establishing a calming routine before sleeping; aim to have 7-8 hours of rest every night.

Manage Stress Levels - Throughout the holidays, stress is a common problem but there are plenty of ways you can keep it in check. Embrace mindfulness and meditation so as to calm yourself amidst the chaos. Find time each day to sit quietly and focus on your breath, allowing your mind to relax and unwind.

Plan Ahead - Putting things off till the last minute often causes more stress leading to unnecessary scrambling. Starting holiday preparations early by making lists and prioritising tasks can help avoid this situation. Breaking larger projects down into smaller steps that will be manageable makes it easier for you to achieve them one at a time.  Make sure that you delegate responsibility whenever possible, whether it’s having someone else do some cooking, cleaning up after dinner, or wrapping gifts. Be ready for unexpected changes in your plans, because - after all, the best-laid plans often go awry.