Although your health and wellbeing are priceless, you can still put a price tag on protecting it. The price of health insurance can add up over the years so you may find yourself wondering – do I really need to be insured? When protecting something as important as your health you don’t want to pinch pennies in the wrong place, but you still make sure you get a good deal.
Do I need health insurance?
Unfortunately we are all likely to have times in our life where we face challenges with our health, this could (hopefully) be minor, or it may be an expensive illness or condition. Having health insurance can give you peace of mind that you can get the medical treatment you need when you need it.
Fortunately New Zealand does have a public health care system and the ACC system as a safety net. When you are considering health insurance, you generally want to think about covering anything that isn’t provided for in the public health system, by the ACC system, or that could be paid for out of your savings.
Health insurance will make the biggest difference when it comes to ‘elective’ procedures, which are those that can be put off for more than a week or aren’t considered urgent. If you have health insurance you won’t have to be on a waiting list for public services and you will have more choice about the type of treatment you receive and the specialist or surgeon you use.
Here are our top tips to save on your health insurance
Shop around (that’s where we come in!) –When you compare providers carefully consider what the insurance companies are offering. Having the wrong insurance, or paying too much for your insurance could add up to hundreds or even thousands of dollars over the years. Money Compare can help you compare New Zealand’s main health insurance providers. We can help you compare policies side-by-side to find the one that suits you best
Live well and save – Maintaining a healthy lifestyle won’t just benefit your personal wellbeing. Most insurance companies offer discounts if you don’t smoke or drink, and if you exercise regularly and eat fruit and veg.
Start early – when you are younger health insurance premiums are often much cheaper. Health insurance policies often won’t cover pre-existing conditions, so the earlier you start, the less likely you are to have ‘pre-existing’ conditions that aren’t covered. You may prefer to choose a policy that covers day-to-day medical expenses like GP visits, dentist, physiotherapy and glasses to keep yourself in good health.
Reduce the amount of coverage you buy – if health insurance seems to expensive, look at reducing the amount of cover you buy, but prioritise the things that would have the biggest financial impact.
Focus on the big risks when you decide what to cover – Consider whether you really need to cover day-to-day medical expenses, or whether you just want to cover major expenses like hospital stays, surgery or cancer treatment. You may prefer to skip paying for comprehensive coverage for day-to-day medical expenses and choose a hospital only or hospital and specialist only policy
Consider taking out a higher excess – An excess is the amount of money you will need to contribute toward the cost of a claim you submit on your health insurance. You could save around 30% on your health insurance if you choose a policy with an excess of $500 or $1000 compared to a policy with zero excess.
What are you waiting for? Compare Health Insurance Policies now, and make sure you get a great deal!