Pretty much everyone knows someone who is on a hospital waiting list these days.

That’s unsurprising when in May of this year 27,000 people were waiting for planned non-acute treatment, up from just 8000 pre-Covid.

We have also all seen the news stories about how much pressure the public health system is under across the board.

And heard of the cases where sick kiwis can’t access the best treatment through Pharmac and instead have to rely on fundraising pages and the kindness of strangers to lengthen their lives.

That’s why health insurance should be one of the main insurances you consider.

At C&R we work with four health insurance providers: Southern Cross, NIB, Acura and AIA.

That means we can give you a range of options.

Most providers start with a base hospital or surgical cover plan. Then you may choose to add on a specialist option which will cover things like scans and physiotherapy. Further options include day-to-day doctor’s visits, dental cover or optical cover.

Some insurers also offer coverage for non-Pharmac treatment. Southern Cross does this for cancer, for example, while NIB will cover non-Pharmac funded treatment for any conditions.

Many of our clients don’t realise that insurers can also cover pre-existing conditions. There may be restrictions, such as a period of time needing to elapse, but individuals will be looked at on a case-by-case basis. Being fully covered, even for something you have experienced before, can give you real peace of mind.

Private health insurance is also an excellent option for employers. Many insurers offer group schemes, so if you have 15 or more employees you can buy a package that covers your staff and their families.

Some people like to prepare for health emergencies by self-insuring – that is, they put aside money to save for when they need it for a health procedure. While that method can be effective for lesser health issues, say where you need a small procedure or extensive physio, it might not be enough if something major happens.

A single valve heart replacement can cost up to $80,000; a new hip or knee up to $28,000; and a hysterectomy up to $25,000. It takes a while to save for those rainy days!

Clients sometimes also have the perception that insurers don’t often pay out. Statistics from the Financial Services Council show, however, that health insurers in NZ collected $434.2 million of Health Insurance Premiums in the 3 months ended 30 June 2022 and paid out $347.2 million of claims in the same period. That’s $800 of claims paid for every $1,000 of premium received which is a pretty good record of payment.

So, if you think it’s time you stopped being in the 78% of Kiwis who don’t have health insurance, come and have a chat to me at C&R about your options. After all, what price health?