Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fresh Marketing Approach to Health Insurance Required

Fresh Marketing Approach to Health Insurance Required

The number of New Zealanders covered by health insurance continues to decline.

Figures released from Health Funds Association of NZ shows that as at 30 September 2012 the overall decline in lives covered over the past four years was around 3% at a time when the Public Health system is becoming increasing unsustainable.

Des Morgan Director of online insurance broker Endeavour Select Services said that in these tough economic times the cost of private health insurance has put many consumers off protecting their families with medical insurance.

What is not widely known but readily available is that if you elect to take some of the risk yourself and voluntarily nominate an excess on your health insurance policy your premiums reduce substantially.

An excess is the amount of money you’ll need to contribute towards the total cost of any claim you make. If your policy excess is $1,000 and you have a health claim costing $12,000, the insurer will pay $11,000 and you’ll need to contribute $1,000.

Mr Morgan said the premiums are between 25% and 30% cheaper each year if you nominate a $1,000 excess as opposed to the standard no excess with your insurer.

As an example he said “a couple (Male aged 40 and Female Age 40 both non smokers) for a no excess policy with a major insurer the total premiums paid over a 20 year period amounted to $49,726 as opposed to $37,229 had they chosen a $1,000 excess. That’s $12,497 difference after 20 years he said and had that been invested it would more than pay the $1,000 excess in the event of a health claim”.

Having a higher excess still protects you against the bigger treatment costs, allowing you to self insure to a degree that you are comfortable with and able to handle he said.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news