Measuring the value of health insurance for Kiwis

According to the latest data from the Financial Services Council (FSC), $400 million claims were paid out to New Zealanders in the quarters ending 30 June 2021 – $60 million more than what was paid in the previous quarter.

So, how is health cover helping Kiwis stay on top of their health? Check out some key insights to know.

Health cover plays a key role in Kiwis’ wellbeing

Since July 2020, a total of $1.5 billion claims have been paid out in New Zealand to people with health cover – a number that highlights the value that health insurance brings to Kiwis from all walks of life. By giving people access to faster treatment and diagnoses, health cover is helping New Zealanders maintain their health, while also minimising the financial impact of medical issues.

Here’s a look at the FSC’s latest spotlight on health insurance:

What’s more, over 1.4 million Kiwis have health insurance, with one in three consumers being under age 30.

FSC Chief Executive Richard Klipin said the data reveals that younger Kiwis view cover as “an important part of their financial and overall wellbeing”, and the lockdown gave people the opportunity to think about “current and future insurance requirements, and now is a good time to check that your cover meets you and your family’s needs.”

Interestingly, the data showed the top three areas where people needed financial support – orthopaedic surgery, cancer, and gynaecological treatment.

Klipin also noted that, although the lockdown has impacted the availability of private health services and elective surgeries, these services are expected to be progressively restored as the country moves down alert levels. Plus, as Klipin clarified, “customers will remain covered for any medical conditions that they may develop during the lockdown period.”