Health Insurance provides an alternative to you and your family.
None of us intend to become sick.
However, the reality is our health sometimes suffers. And as our health suffers, often our finances suffer too.
Health Insurance from a private insurer ensures you are looked after and cared for, and that you can get back to healthy life sooner.
The public health system in New Zealand is good. Still, nearly one-third of New Zealanders have private health insurance.
And last year, on an average day 50 New Zealanders decided to purchase health insurance. That’s a total of 18.000 new zealanders.
We appreciate private medical insurance.
Health Insurance Definition
Health Insurance is a private insurance that pays for medical-, surgical- expenses and cancer treatment with our without excess and can include you and your family. Often pre-existing conditions can be included after a wait period.
Health Insurance Compared to Public Health System
The public health system in New Zealand welcomes all emergency treatments. Nobody will be refused service.
For those procedures, treatments and surgeries that can be put off at least a week are defined as ‘elective’ procedures.
And that is where having health insurance can make a huge difference.
In plain English, money to pay for your health needs will need to come from one of these:
- Public Health System (Immigrants with less than 2-year work visa only qualify for acute surgery but need to pay)
- Private Health Insurance (with premiums you pay according to the level of cover you can afford)
- Your savings
Health Insurance Eligibility
Is Medical Insurance worth it?
Your risk without health insurance
Should I self-insure?
Self-insuring means, instead of you paying premiums to a health insurance company, you save money and create an emergency fund.
After all, the public health system provides immediate care in an emergency. Other medical issues and surgeries you can cover with the emergency fund.
The questions to ask is can you afford it?
Some of the procedures are quite pricey.
Estimated costs from 2015, show that a total hip joint replacement costed between $20.000 – $28.000.
A heart bypass costed between $35.000 – $67.000.
Cataract removal $4.000 – $4.800.
PET Scan $2.000 – $2.800.
nib claims statistics – July 2015.
As you can see, fairly common surgeries can cost more than $20,000, so self-insuring is not going to be a complete alternative to insurance. Another way to save money is to increase the excess and in that way you are basically paying the cheaper procedures or treatments, while the insurer pays for the most expensive ones.
Why Private Health Insurance ?
Private health insurance offers important protection for you and your family. It gives you peace of mind from the start, with greater choice and the security of prompt treatment for your condition, putting you in control when you or your family needs medical care.
Rather than enduring a long and uncomfortable wait for treatment, you can be seen at a convenient time and location, and with your choice of medical provider. More importantly, we can help you get back on your feet that much quicker.
It helps in other ways too. For example: if your child needed treatment and you had to temporarily stop work to look after them, having private health insurance may quickly give you access to treatment. That way, you can be back to work sooner than may otherwise be possible, once your child recovers.
Depending on the cover chosen, having private health insurance means you can get access to specialist consultations, diagnostic procedures or scans. If and when you need treatment, your insurance will take care of the often significant costs associated with hospitalisation and surgery.