In New Zealand, we have a public healthcare system. Meaning, that health insurance isn’t a requirement. However, many Kiwis choose to invest in health insurance to protect themselves – including their quality of life, and their finances.
Those in the public health system face long waitlists and therefore, extended time off work and longer recovery. Health insurance allows you to receive priority care, fast-tracking your recovery time, and helping to reduce time off work, and potential loss of income.
Health Insurance VS Life Insurance
Tips for getting the Cheapest Health Insurance
Compare!
Comparing insurance policies is the best way to find the cheapest one for your unique and personal needs. Jump on Money Compare and take advantage of our comparison platform and compare different policies side-by-side so you can carefully consider the different features, coverage, and prices.
Live Well
You can help mitigate the cost of your policy by living as healthy as possible. Eat well, exercise, prioritise sleep, and avoid smoking. Smokers are always going to pay more for their health insurance because of the risk they pose to their health. Also be aware of your occupation. If you work in a dangerous job such as in mining, you are going to have a higher premium.
Start Young
The younger and fitter you are when you start the policy, the lower your premiums will be.
Do I Really Need Health Insurance?
As mentioned above, we have a pretty good public health system in Aotearoa. There is also ACC for accidents. If you need surgery for an emergency, you’ll get treated immediately through the public system, free of charge.
However, if your condition isn’t life-threatening or urgent, the public system considers the treatment required as ‘elective.’ This means you will go on a waitlist, which can be a long, long wait – up to 100 days longer than in the private sector. The waiting period from the initial GP referral to the actual surgery can be, on average, a whopping 224 days. Whereas, those with health insurance, going through the private sector, will likely only have a couple of weeks between initial appointment and the surgery.
When you have health insurance, and therefore, have access to the private sector, you get access to delay-free care, allowing you to recover faster. Quicker recovery can help reduce the amount of time you need to take off work, reducing potential financial stress and helping you get back on your feet sooner.
Types of Health Insurance Cover
The cost of health insurance will generally depend on your age, gender, health, and even your occupation. Women tend to pay on average 10% more than men of the same age.
There are several different types of policies on the market, offering different levels of coverage at a range of prices. It’s crucial that you shop around and compare as no two health insurance policies are made the same. Quotes and policy inclusions vary from provider to provider, and differ depending on the person.
You can also lower the premium by opting for an insurance policy with a higher excess. An excess is essentially the amount of money you will pay in the event you need to claim your insurance policy. For example, you can save a lot of money on your premiums if you choose to have an excess of $500 or $1000.
Basic health insurance cover should include the following:
1. Surgical cover – The most important element of a policy – this covers, for example, surgery for acute illnesses such as cancer
2. Non-surgical cover – This applies to things such as an allergy treatment
3. Major diagnostic tests – Tests can be expensive and many policies will cover these costs. This could include things like biopsies and mammograms
4. Non-Pharmac cover – Only certain drugs are provided to and by Pharmac (effectively the NZ Government) and so some health insurance policies will provide coverage for drugs not subsidised by Pharmac
5. Overseas treatment – As it says on the tin. This is health insurance cover if the treatment you require cannot be performed in New Zealand.
Still Unsure What’s Right for You?
Here at Money Compare, we have a range of resources to help you make a fully informed decision about you and your whanau’s healthcare. We can get you in touch with a fully qualified insurance advisor for free, who can help answer any questions you may have and help guide you through the sea of policies and options out there.
