Selling health insurance to oldies

An Auckland insurance broker has teamed up with associations like Grey Power and Age Concern to offer cheap health premiums to middle-aged and older people.

Ray Thomas is making use of the premium discounts offered on group health insurance schemes – commonly set up by companies for their employees.

Thomas has begun setting up group health schemes for associations such as Grey Power and Age Concern that offer similar discounts. All members of the public must do to join the schemes is sign up as members of the non-political associations.

Thomas says the association schemes, underwritten by one of the country’s biggest health insurers, can save people hundreds of dollars a year on premiums. In some cases, couples have halved their premiums, he claims.

Joining an association scheme also works out about 30% cheaper than signing up directly with the health insurer he’s using.

Thomas says he’s currently negotiating with several organisations and companies to create more group schemes, though he won’t say how many. He says the number of schemes set up so far is also commercially sensitive, though they do include ones for Grey Power and Age Concern.

Interest in group schemes has ballooned since market leader Southern Cross announced premium rises that will hit those aged over 40 hardest. Thomas says he’s now working virtually full time on health insurance.

He declined to put a number on how many calls he’s receiving a day, but says interest has been high enough to justify advertisement the association schemes in a national newspaper.

Thomas says the schemes are easy to join as Age Concern accepts members aged 30 and over, while Grey Power’s joining age is 55.

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