About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, November 14th, 3:52PM
rss
Latest Headlines

Older people priced out of insurance

Almost a third of baby boomers have reduced their health insurance cover to keep the cost of their premiums down, research shows.

Tuesday, March 28th 2017, 6:00AM

The average cost of health insurance for New Zealanders has hit $2,210 a year, according to a Canstar Blue survey.

For Baby Boomers, it is now $3,765.

The survey found 45% of Baby Boomers had restricted their health insurance cover because it was too expensive to have a full policy.

“There is no doubt that baby boomers are feeling the pinch when it comes to the rising cost of health insurance," Canstar's general manager Jose George said.

"Although an overwhelming majority of our older generation liked the peace of mind health insurance provides, unfortunately two in five of them will sacrifice spending in other areas in order to be able to pay their premiums."

But he said older people’s claims were three times more likely to be for serious illness, which made them more expensive to cover.

"This may also explain why baby boomers are three times more likely to stay with their insurer due to pre-existing conditions.”

The over-65 age group now makes up more than 14% of the population.

Tags: health insurance

« Kiwi company attracts $200 million global investmentAIA offers bolt-on cancer drug cover »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

AIA adds mental health support
AIA is boosting Vitality members’ donations to the Mental Health Foundation.

Major milestone for Cigna
Cigna, which acquired OnePath Life last year, is on the verge of reaching "a huge milestone".

Fidelity Life gets tick
Fidelity Life has been awarded the Accessibility Tick.

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