Health Insurance is an investment in you!
While the New Zealand public health system focuses on acute (emergency) services, private health insurance is able to cover the cost of many semi-urgent and non-urgent procedures - and avoid those long, uncomfortable waiting periods. In this way the health insurance industry complements the public health system, by 'bridging the gap' between what the public system can sustain and what we, the public, want for our health.
Health insurance ensures you do not have to realise hard earned investments or cash reserves.
Average costs for treatments:
- Hip replacement $17,000
- Hysterectomy $12,000
- Angioplasty $18,000
- Prostate Brachytherapy $25,000
- Colon Cancer $45,000
What are elective services?
Elective services are non-emergency treatments (including diagnostic services), where the condition is not life-threatening and does not require immediate surgery. The term “elective” may be misleading, as it implies that the surgery is not necessary. But as many people will tell you, elective surgery can be vital to improving a person’s health and quality of life.
Approximate Cost of Common Elective operations:
- Tonsils and adenoids removed - $3,000 to $3,600
- Impacted wisdom teeth - $2,500 to $3,000
- Heart Valve Operation - $45,000 to $65,000
Premium 'swings and roundabouts'.
When you’re thinking about any kind of insurance cover, it helps to think of all your insurances collectively as a single package. As you get older, you’ll pay more for some kinds of insurance and less for others.
For example, when you are younger, you’ll probably pay higher premiums for car and household insurance, but lower premiums for life and health insurance. As you get older, the reverse applies, and you may even no longer need certain kinds of insurance, such as life insurance.
So while it is true that your health insurance premium is likely to increase over time, you should balance this against the savings you may make with other kinds of insurance.
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