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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news