PROSPERITY e-news OCTOBER
Health and housing… when it came to pre-election hype they were two hot topics – so now that the election’s done and dusted what needs to happen next? Check out this Prosperity e-update for our update on health and housing, along with details around how to avoid becoming a property orphan and an intro to our new look website, www.prosper.org.nz
So what does the election result mean for you?
We all know what happened on September 20, the country came out in force and voted Blue. What will happen down the track is anyone’s guess, but what we do know is that there are two big issues that need to be addressed – housing and health.
It’s clear that the increasing unaffordability of houses is becoming an issue. With this in mind, Mr Key wants the Homestart scheme for modest income-earners kicked off quickly. It will allow first home buyers of a newly built house to get up to $20,000 in a grant.
We’re pretty confident that this grant, along with the existing Kiwisaver and first home buyers grants, will help more of those impacted by last year’s Reserve Bank LVR changes to get into their own home.
At this stage details of the much talked about Homestart scheme have not been locked down. We’ll keep you posted around how the scheme is implemented and how it might benefit you or your loved ones.
Cancer treatment targets have already been identified as a priority for the new Health Minister. The new target is for 90 per cent of patients to receive their first cancer treatment within a maximum of 62 days of their original GP's referral. Currently just 60 to 65 per cent of patients receive their first treatment within this timeframe.
Given that one in three New Zealanders suffers from cancer, we’re not sure that this new target is good enough – after all, it still leaves 10 per cent of all cancer patients waiting longer than two months to receive their first treatment. This is where the importance of medical cover comes in.
Medical cover gives you the option to have the medical attention you need, when you need it and where you need it. When it comes to cancer care, most insurers provide support right through a cancer diagnosis and subsequent treatment. You are covered for any required surgery and hospitalization as well as Pharmac and non-Pharmac funded chemotheraphy alternatives. To further assist you most insurers provide post-cancer allowances for support services, therapies or personal items.
Want to make sure that you have health cover that covers all the bases? Get in touch.
At risk of becoming a property orphan? You don’t have to be
The term ‘property orphan’ is one that’s been bandied around a lot of late. It’s used to describe those Gen Y’ers who struggle to save for a home deposit and risk never being able to buy their own home.
These days those seeking an average home could need in advance of $100,000 for a 20 per cent deposit. Considering the average wage of $55,000 saving this deposit can be a challenge – and it’s a challenge likely to span the good part of a decade.
Many suggest that, rather than save, this generation will need to wait for an inheritance to get on the property ladder.
Prosper’s Geoff Bawden says that waiting for an inheritance certainly isn’t the only option. He encourages younger generations to keep up the savings and speak to a professional to better explore how they can make home ownership work for them. “There is not always the need for a 20 per cent deposit, many banks have the flexibility to facilitate lower deposits and in some cases there are special grants that first home owners can access. All of this can make a huge difference when it comes to getting a foot in the door.”
Geoff suggests that all Gen Y’ers get in touch with a financial adviser to devise a plan that will get them on track for a prosperous future.
Want helpful finance and insurance advice and insights at the click of a button? If so, the new look Prosper website is the place to be. Check it out at www.prosper.org.nz
Visit this completely refreshed site and you’ll discover all the ins and outs of insurance, finance recommendations, handy loan and insurance calculators, an insight into the national Prosper team … and more.
We’re really keen to make sure that you find this site a really helpful resource and plan to update and refresh content on a regular basis – so be sure to check back to the site every so often.
If you have any suggestions around the type of information that you think would be great to share on the site (or in our Prosperity e-newsletter) please get in touch – we’d love to hear from you.
Who uses private health insurance?
Industry statistics show that:
1) Industry statistics: Health Funds Association of New Zealand March 2014 “claims incidence rates” for Major Medical.
We want to make this monthly Prosperity E-update an insightful, helpful and interesting read that you’ll pass on to your friends and family. If there’s anything you’d like to see in future issues just let us know.
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