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Kiwis: ‘Cheaper Health Insurance Please!’

After a year during which Covid roiled the world, Kiwis say value for money remains their top priority when it comes to health insurance. The insight, revealed in a Canstar survey to find NZ’s favourite health insurer, shows how policy cost remains a major tension for customers seeking cover.

The survey showed AA Health Insurance is the winner of this year’s Canstar Most Satisfied Customers Award. AA, winning the health insurance award for the first time, scooped 5-stars for its cost and value-for-money proposition, alongside other key drivers of satisfaction, such as customer service, communication, and comprehensiveness of cover.

Jose George, Canstar NZ General Manager, said the past year has meant healthcare is now, more than ever, front of mind for many Kiwis. “Health concerns are paramount at present, and New Zealanders are understandably concerned about cover and if they can afford it. AA’s sweep of 5-star ratings in key satisfaction drivers such as cost and value shows they are meeting these customer needs. AA is clearly ahead of the market in this regard, and they should be very proud of this award.”

Mark Savage, General Manager of Channel Strategy and Delivery, AA Health Insurance, said AA was delighted to receive the recognition from customers. “In what can only be described as a challenging year, it’s great to see our customer-centric strategy resonating so positively.”

Mr Savage added: “Building trust and offering the right support for our customers is our top priority and receiving this award is the cherry on the top.”

Health insurers’ response to COVID was also noted by customers in the survey. AA Insurance, for example, offered eligible customers a COVID-19 support package, which included the option to suspend their health insurance policy and premium payments for up to six months.

Such moves may have contributed to the rise in Kiwis who are comfortable with the overall cost of healthcare, from 45% last year to 52% now.

However, a quarter of Kiwis say they can only afford a surgery and specialist policy, as broader cover is too expensive. Further, the ‘peace of mind’ felt by Kiwis who hold insurance has dropped, suggesting continued fears as the pandemic continues to ravage the world.

The survey also revealed that the average monthly spending on health insurance was just under $200 per individual. In Auckland, the cost rises to $213, while those aged over 70 are spending a hefty $362 on average each month.

For further details please visit the Canstar NZ site, here.

 

CANSTAR provides Australia and New Zealand's only fully interactive online research service in retail and business finance. Founded in 1992, CANSTAR Pty Limited (formerly CANNEX) is Australia and New Zealand's premier researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients. CANSTAR researches, compares and rates a suite of banking products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.co.nz if you would like to view the latest star ratings reports of interest. © CANSTAR New Zealand Limited (3225469), 2008-2013. The recipient must not reproduce or transmit to third parties the whole or any part of this work, whether attributed to CANSTAR or not, unless with prior written permission from CANSTAR, which if provided, may be provided on conditions. To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR New Zealand Limited (3225469) FSP 200146 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Product Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance.

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