tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, August 14th, 7:08PM

Insurance

rss
Latest Headlines

ING Life pays first Herceptin claim

ING Life says its has paid out its first insurance claim for the breast cancer drug Herceptin.

Thursday, July 31st 2008, 10:05AM
The claimant, a self-employed woman in her 50s, based in Auckland, had no history of breast cancer in her family but specifically took out medical cover with ING Life because of the company's policy of covering non-Pharmac funded treatments, including the full year course of Herceptin.

Currently Pharmac only funds Herceptin for a nine-week treatment course for positive early breast cancer, despite much lobbying from the public and medical profession to get the treatment period extended.

ING Life managing director Naomi Ballantyne says this claim was made under its medical insurance policy.

"A 12-month course of Herceptin can cost upwards of $70,000 for the drugs alone, and this is on top of the costs associated with administering the drugs. Add to this the costs associated with surgery, chemotherapy, radiotherapy and all the other treatments that go alongside fighting cancer and the sums start to mount up."

Ballantyne says ING's policy varies from others in the market on a number of fronts.

One is that once the policy is written, the company can't change what it covers, although it is an annual renewable contract.

She says the ING Life "contract is for the life of the policy."

She "doesn't think it is fair" that insurers can change the policy and its coverage over time.

Policyholders have "no idea what the company may change it to in the future," she says.

She says medical insurance should provide cover for treatments policyholders can't get in the public health system, such as more than 12 weeks of Herceptin, and to give policyholders faster access to more advanced treatments than available in the public system.

Ballantyne says there are around 2,000 treatments approved by Medsafe in New Zealand that are not fully funded by Pharmac.

"ING is the only insurance company in New Zealand that includes cover of non-Pharmac funded, but Medsafe approved, treatments as a standard part of its major medical cover."

« Growth in health insurance predicted to be flatTower's Blue Box sent packing »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

News Bites
Latest Comments
  • a2: could the milk be starting to turn?
    “Great Fundemental look.I guess in the ASX50 . as long as Aussies still love buying the Dip..its no worries Graeme Adams...”
    1 day ago by Graeme33
  • It starts with governance
    “Hi David and thanks for your words also. I did read the FMA stuff before the post and also in my first response mention...”
    1 day ago by gavin austin adviser business compliance
  • AMP reports profit drop amid 'solid' result
    “Sadly, AMP is becoming less and less relevant. Apart from this tiny blip of positive cash inflow, they've been bleeding clients...”
    1 day ago by Contrarian
  • It starts with governance
    “Good words Gavin - might also mention the FMA publication - https://www.fma.govt.nz/compliance/guidance-library/corporate-governance-in-new-zealand-principles-and-guidelines/...”
    1 day ago by dcwhyte
  • It starts with governance
    “adviser1 - go talk to Partners Life. they have a great tool to help with this sort of stuff. ...”
    1 day ago by Tash
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com
x