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

 


Health insurance closes in on $1 billion claims milestone

Health insurance closes in on $1 billion claims milestone

The health insurance industry will fund a billion dollars in health claims this year, according to statistics released today by the Health Funds Association of New Zealand (HFANZ).

The projection was made on the back of strong recent growth in the level of claims paid – up 9.4 percent to $962 million – over the year to March.

HFANZ chief executive Roger Styles said reaching the billion-dollar level in 2014 would mark the huge contribution which health insurance makes to funding healthcare in New Zealand.

“At a time when the public sector budgets are constrained, it is important to remember that every dollar of healthcare funded through insurance is helping to free up resources in the public sector,” he said.

Mr Styles said New Zealand was at a crossroads for health funding, with all signs pointing towards people paying for a greater share of their health costs in the decades to come.

“People in their 20s, 30s and 40s know that the health system their parents’ generation have enjoyed is not going to be there for them to the same extent. They know that they are going to have to provide for a lot more of their own healthcare costs, and insurance will have a role to play there.”

Mr Styles also renewed his call for wider public dialogue about future health funding, saying there needed to be broader public engagement about the problem and the options for meeting the funding challenges.

“There is a huge role which health insurance can play in helping fund future healthcare in New Zealand. Policy measures to lift the numbers of people with health cover will need to be looked at alongside other options to contain public spending growth,” he said.

The March quarter also saw total premium income increase 0.6 percent from the December quarter and the number of lives covered virtually unchanged from December at 1.336 million.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

The Future: Thirty Year Infrastructure Plan Released

The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

ALSO:

Shopping: Online GST Discussion Document

GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news