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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news