Health insurance policies on the increase
Around 27 Kiwis a day took out health insurance policies last year, according to figures released by the Health Funds Association (HFANZ).
Wednesday, March 18th 2009, 4:35PM
Health insurers recorded an extra 9,700 lives covered in 2008, an increase of 0.7% on 2007, bringing the total number of New Zealanders with health insurance to 1.397 million, HFANZ executive director Roger Styles says.
“While most sectors are seeing a downturn, health insurance has become more popular because, paradoxically, in uncertain economic times it actually becomes more important,” Styles said in an opinion column.
In three months to December 31, an additional 1,700 health insurance policies were taken out, up 0.1% on the September 2008 quarter, despite expectations of a reasonably flat quarter because of the recession.
Claims paid in the least year jumped 13.1% to $696 million, an increase of $81 million on 2007. Claims paid in the December 2008 quarter were $180 million, down slightly on the September 2008 quarter but up significantly on the $160 million paid in the December quarter of 2007.
Styles says these costs reflected the greater amount of elective surgery being carried out by the private sector and increasing healthcare costs. With the bulk of claims relating to elective surgery, he says this represents a saving to the public sector of around half a billion dollars annually.
| « Sovereign allows term life policies to be suspended | ISI calls for 2011 date for life tax changes » |
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