GET THE MOST FROM YOUR HEALTHCARE

Protect your health and your wallet this year

- Amber Bramble

When we talk about investing, we often forget to think about the most important asset we have our health. For many people feeling the financial squeeze, decisions such as whether to switch to private health insurance can present a complex dilemma.

Here, financial advisor Helen Baker answers your money-related questions.

IS PRIVATE HEALTH INSURANCE WORTH IT?

This can be tricky for many of us, and there are a lot of things to consider. When it comes to the financial angle, Helen says a major factor to take into account is how much you earn, as it can affect the amount of tax you pay if you're not covered.

Compare health providers, and make sure you're covered for extras that are relevant to your stage in life. "Do your research," Helen says.

WHAT ARE GENERIC MEDICINES?

Pharmacists will sometimes ask if you'd prefer a generic medicine, which are usually more affordable than the branded equivalent.

These medicines have the same active ingredients as the original but may contain different inactive ingredients, such as binding agents.

"Check with your doctor if you're able to take a generic brand if that's cheaper or whether they believe there's a difference in product," Helen says.