Health Insurance – the good oil
Insights with Infinance by Brian Coogan
New Zealand is well regarded for its public healthcare system, which provides hospital treatment and emergency care at little to no cost for residents. However, while this system is accessible and of a high standard, it does come with pressures. Waiting lists for non-urgent surgeries and specialist appointments are growing, leaving many Kiwis looking to private health insurance for faster options.
Health insurance in New Zealand is designed to complement the public system, not replace it. Policies typically cover procedures and treatments that fall outside the public sector’s immediate priorities, such as elective surgeries, specialist consultations, diagnostic scans, and certain prescriptions. By accessing private hospitals, insured patients can often bypass lengthy wait times and schedule treatment when it suits their personal and family needs.
Premiums vary depending on age, health history, level of cover, and whether extras such as dental, vision, or mental health support are included. Some employers offer health insurance as part of workplace benefits, easing the cost burden for staff. For self-employed individuals and families, private policies can provide reassurance that unexpected health issues won’t cause significant delays or financial stress.
According to the Health Funds Association of New Zealand, more than 1.4 million New Zealanders currently have health insurance, reflecting growing demand for choice and speed in healthcare. While it represents an added expense, many see it as an investment in their wellbeing and peace of mind.
Ultimately, health insurance is not essential for every New Zealander, but it is an important tool for those wanting greater control over their healthcare journey. In an environment where demand on the public system continues to rise, private cover provides a valuable safety net.
Like all insurance, it’s important to review annually, your licensed insurance adviser will be able to assess requirements using comparative software to ensure you’re up to date with everything you need.
For more on the above go to www.infinance.co.nz/insights
Written by Brian Coogan, Licensed Financial Adviser and Director at Infinance – Taupo. Commentary is general in nature and not to be considered financial advice on its own.
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