How to Lower Health Insurance

How to Lower Health Insurance

New Zealand has a robust public healthcare system that allows New Zealand citizens and permanent residents to receive free treatment and care. However, the public health system prioritises emergencies and life-threatening conditions. For other forms of treatment, such as for non-life-threatening conditions, patients must join the waitlists. These waitlists can be months or even years long. 

As a result, many Kiwis choose to invest in health insurance, which allows patients access to the private healthcare system and subsequently bypass waitlists and receive delay-free treatment. It means that Kiwis can protect their health and enjoy quicker recovery times, and ultimately a better quality of life. 

The Benefits of Health Insurance

There are many health insurance providers in New Zealand. But not all policies are made equal. Health insurance premiums will typically depend on your age, your health and your gender. But there are things you can do to help lower the cost of your health insurance. 

Here are our 7 best tips to help you find the lowest possible health insurance policy. 

1. Compare Health Insurance

Comparison is one of the most effective ways to find the lowest health insurance policy. Take advantage of Money Compare to compare policies side-by-side. You can compare the varying offerings and coverage of different policies and their costs to find the one that will suit your individual needs the best. You are more likely to find the best deal that will give you the most value for your money. 

Compare Health Insurance

2. Consider Quitting Smoking

If you are a smoker, your health insurance provider will want to know when you apply for your policy. They will charge a higher premium for smokers due to the increased health implications. You can lower your insurance by putting strategies in place to quit.

3. Lead a Healthy Lifestyle

Some insurance providers will offer a lower insurance premium for those who maintain a healthy lifestyle. For example, those who exercise regularly. Include some regular movement into your routine so that you can enjoy a lower insurance premium. 

4. Consider a Basic Health Insurance Policy

There are a range of health insurance policies that offer coverage for all kinds of treatments and services. Basic policies may not cover GP visits and prescriptions. If you choose a more basic policy, such as one that covers just the most costly treatments such as elective surgery, you can typically enjoy a lower premium than policies with more wide-spread coverage. Before you choose a basic health insurance policy, just be sure that you will be covered for the big risks that will affect your health and livelihood.

How to Choose the Right Health Insurance Coverage

5. Offset the Premium by Choosing a Higher Excess

You can lower your insurance premium by choosing to opt for a higher excess. An excess is the amount of money you will pay to your insurance provider to have your claim processed. There is a slight risk in this option in that you may have to pay more upfront if you get ill or injured and require treatment. However, the benefit is that your monthly or annual premium will be lower. 

6. Start Early

The younger you are, the lower your premium will be. If you are a young person considering health insurance, you can rest assured that now is the best time to get a lower premium. 

7. Have a Chat with an Insurance Expert

Here at Money Compare, we have partnered with leading insurance advisors The Insurance Department, who can provide you with a free health insurance quote and free health insurance advice. Their personalised and tailored services come from their extensive experience in the industry and their knowledge of all the providers and policies on the market. They will ensure that you are paired with the best insurance policy for your unique needs and make sure that you are getting the best price. 

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Tuesday, 19 March 2024