Voluntary Excesses Reduce Health Insurance Premiums

Voluntary Excesses Reduce Health Insurance Premiums by Up To 40%

Online Insurance Broker The Portfolio Company Ltd advocates using voluntary excess when taking out Health Insurance to make the premiums more affordable to cover those Non-urgent treatments such as hip and knee replacements.

Latest research by TNS New Zealand , commissioned by the Health Funds Association (HFANZ) and the Private Surgical Hospitals Association( NZPSHA) found 110,000 New Zealanders were on official waiting lists, but a further 170,000 had not been placed on waiting lists despite being told they required elective surgery.

Des Morgan Director of the Portfolio Company Ltd said “the latest disturbing statistics confirm what we already know which is New Zealanders will either have to pay for their own non-urgent healthcare costs from their own pocket or continue to tolerate levels of discomfort and impact on lifestyle until such time they get to the top of the waiting list. For most New Zealanders this is not a palatable option”

The Portfolio Company has just released a 10 page report which can be downloaded for free from their website http://theportfoliocompany.co.nz/health-insurance

In this report they make the case for consumers to self insure a small portion of the risk by electing to take a voluntary excess. They provide examples and access to a free online quoting system.

“The biggest stumbling block for many consumers is the affordability of Health Insurance none more so than retirees where the premiums have increased to a level which puts too much strain on their financial budget” By electing to take a voluntary excess they can reduce their premiums by up to 40%”. Des Morgan said.

As an example premiums reduce by up to 30% when you elect to take a $1,000 excess rather than a no excess policy. With a knee operation costing around $22,000 most people could come up with the $1,000 either from their own resources or friends and family and the health insurance would pay the $21,000 balance he said.

For further information http://theportfoliocompany.co.nz

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