tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 5th, 6:23PM

Insurance

rss
Latest Headlines

Major medical cover proving popular

The trend for people to take out major medical health insurance over comprehensive over is continuing, according to the latest figures from the Health Funds Association.

Friday, August 10th 2007, 4:17PM
It says in the three months to June 30 there was a small increase in the number of New Zealanders who had health insurance. The net increase of 7,800 takes the total lives covered to 1.377 million.

"The net 7,800 increase in lives covered represents an increase of 11,600 people covered by major medical insurance and a reduction of 3,800 having comprehensive insurance," the association says.

Major medical insurance now accounts for 860,800 of the 1.377 million lives covered, or 62.5% of those covered by health insurance. Comprehensive health insurance accounts for just 515,700 lives covered, or 37.5% of policies.

When the numbers are broken down into age groups it is apparent the growth has been in people aged 60 and over.

The number in the 60-64 group was up 5,600 (+6.9%), and in the 65-69 the numbers were up 4,500 (+8.8%).

"For all persons age 60 and over, the annual increase in lives covered by health insurance was 12,900. This is an increase of 6.2% from June 2006."

The association suggests factors which maybe driving this increase are that "people are increasingly accepting the fact that the public system can not deliver many elective procedures to either the quantity or the timeliness that people expect from the health system.

"This means lower numbers of existing policyholders quitting their policies as they get older, despite increases in premiums and reductions in disposable income. In addition there are demographic changes at work, with an aging population meaning similar increases are likely in future years."

There has also been increases in the number of younger people taking cover. HFA statistics show the number of people under five with cover increased by 2,800 (4.8%), there was a similar increase for the 20-24 age group while the increase in the 25-29 age group was 1700 (2.8%).

Health insurance claims paid in the June quarter totaled $156 million, taking claims paid in the year to June to $590 million. This is an increase of $26 million or 5% on the total claims paid compared to the corresponding period last year.

« Tower alters premiumsFidelity shares higher but hard to find »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fidelity Life’s transformation continues with top culture award
Fidelity Life's tech team pick up a gong at IT awards.

Fidelity Life dials up new tech
Fidelity Life says its new telephony solution deliver immediate benefits to customers and advisers.

AIA pimps up its Quick Quote calculator
AIA has enhanced its Quick Quote tool, which it says provides an opportunity to attract new, more qualified customers.

Southern Cross to bring mental health programme to kiwi kids
The programme aimed at helping kiwi kids navigate life’s ups and downs will soon be available free of charge to any primary or intermediate school in New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com
x