By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts.
Accept CookiesCustomer Success Story:
Resource:
Podcast:
Pamela Venu from Coversure discusses the newly released insurance products specifically designed for the Parent Boost Visa.
The Parent Boost Visa requires specific insurance requirements that standard New Zealand private medical policies don’t provide. . People who are on visas that don’t work in New Zealand (such as the Parent Boost Visa) don't qualify for public healthcare, creating a critical need for acute emergency care coverage. Following the visa's announcement, insurers developed specific products meeting Immigration New Zealand's four key requirements: emergency medical care (for example a burst appendix that requires immediate surgery), cancer treatment coverage (which an example that we talked about cost $85,000 per round), repatriation benefits if the parent passes away or if they are longer meet the acceptable standard of health
Premiums reflect the higher risk of elderly applicants, starting around $6,000 annually for a 65-year-old and reaching up to $14,000 for very elderly parents. Preexisting conditions like high blood pressure and diabetes are generally covered if declared honestly at application, which is why costs are higher - insurers factor in age-related conditions when pricing. Pamela strongly recommends working with an adviser to navigate application questionnaires, particularly when language barriers exist. The key difference at claim time is between intentionally withholding information versus genuinely forgetting a medical event from decades ago.*
New Zealand insurers must maintain specific credit ratings (A- or equivalent) to demonstrate sufficient reserves for paying claims - standards that are difficult to verify with overseas providers. Foreign policies may contain exclusions for extended overseas stays that would invalidate coverage for a five-year visa. Working with a New Zealand broker like Coversure ensures someone familiar with the local health system can guide families through claims during medical emergencies, rather than navigating with an overseas provider unfamiliar with New Zealand's healthcare landscape.
A big thank you to Pamela Venu from Coversure for joining us.
Disclaimer: Pre-existing conditions may be covered if accepted at the time of application. Depending on your condition, insurers might offer cover with an additional premium, limited benefits, or specific exclusions. Cover will begin once confirmed in writing on your insurance certificate after any additional premium is paid.
