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Podcast:
Pamela Venu from Coversure discusses the newly released insurance products specifically designed for the Parent Boost Visa.
Disclaimer: Pre-existing conditions are covered subject to the acceptance of the insurer as per their policy wording.
Pamela Venu from Coversure, a New Zealand-based insurance brokerage specialising in life, health, and income protection insurance, joins Aaron to explain the insurance requirements for the Parent Boost Visa.
The Parent Boost Visa requires specific insurance that standard New Zealand medical policies cannot provide. Parents on visas under two years don't qualify for public healthcare, creating a critical need for acute emergency care coverage. Following the visa's announcement, insurers developed products meeting Immigration New Zealand's four key requirements: emergency medical care (like burst appendixes requiring immediate surgery), cancer treatment coverage (which can cost $85,000 per round), repatriation benefits if the parent passes away, and medical evacuation back to their home country if required.
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.
