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AIA offers bolt-on cancer drug cover

AIA is offering its cancer treatment cover as an add-on benefit to customers of other health insurance providers.

Tuesday, March 28th 2017, 7:47PM 4 Comments

Its Cancer Treatment Benefit provides non-surgical cover up to $500,000 per year for specialist consultations and tests for the diagnosis of cancer.

Should cancer be diagnosed, it provides access to Pharmac and non-Pharmac treatments and the latest Medsafe-approved cancer immunotherapy medicines.

These drugs can cost hundreds of thousands of dollars per year.

AIA acting chief executive Graeme Edwards said switching health insurers could be difficult if people had pre-existing conditions.

But those who took AIA’s product alongside their existing cover with another provider could be satisfied they were getting more protection.

“Identifying cancer early and having access to the latest generation of immunotherapy medicines could vastly improve someone’s odds of surviving cancer. The Cancer Treatment Benefit ensures immediate access to specialists, diagnostic tools and a full range of medicines without being reliant on public funding of expensive cancer medicines,” he said.

“New Zealanders ought to have access to cancer immunotherapy medicines if they want and need them, and AIA’s bolt-on Cancer Treatment Benefit gives them this choice,” he says. “It offers cover for cancer care from diagnosis and treatment, through to recovery and potential cure.”

Insurers had a growing role to play to help support public health, he said.

“We have one of the best public health systems in the world but people do worry about getting the right diagnosis and treatment for cancer in a timely manner given the lengthy waiting times for treatment,” Edwards said.

"Kiwis already have access to a lesser range of innovative medicines and treatments compared to Australians, and funding constraints means national drug-buying agency Pharmac will struggle to afford the new range of anti-cancer drugs. The insurance industry has an important role to play in providing access to non-Pharmac drugs, such as cancer immunotherapy medicines.”

The cover is underwritten and not available to people with a history of cancer.

Tags: AIA

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Comments from our readers

On 30 March 2017 at 10:39 am Tash said:
Interesting concept but irrelevant if you have medical cover which pays for non-pharmac drugs.
It is only available with Trauma Cover of at least $100,000 and does not cover the surgery. I wonder whether the need to wait for surgery in the public system will delay chemotherapy treatments. If you can afford $100,000 trauma cover, better to take good medical cover, so that all treatment costs can be funded privately.
On 31 March 2017 at 8:24 am LNF said:
As a country we need to address what we want for our health system. My belief is a private option for elective items and a fully funded public system for critical items. If we keep the drive for private provision for critical items we are ultimately gong to Americanise our system. Bloody stupid if we do. Sorry to leave the insurance sales drive from my comment
On 31 March 2017 at 11:07 am Briskinsurance said:
I would say it is relevant to people who have medical insurance policy which pays maximum of $5000 or $10,000 per policy year for non pharmac drugs. These clients if they have pre existing condittions can retain their existing medical cover and take this bolt on cancer treatmetn benefit which gives access to $500,000 of nonpharmac, immunotheray drugs.

But I do agree that Trauma cover requirement could be much lower limit say $20,000 minimum and not kept at $100,000 as it does increase cost unnecessarily for client.
On 10 April 2017 at 12:20 pm InvestedObserver said:
Agree Briskinsurance however Partners Life offers a far better solution, your client takes their Medical Cover with a large excess (as they have the Multi Policy Excess Waiver Feature) that way if your medical insurer pays $5000 0r $10,000 that counts towards your excess and your cover is not limited to cancer only.

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