1. Faster access to medical care: Health insurance allows you get quicker access to specialists, diagnostic tests, and treatments.
2. Choice of healthcare providers: You have the flexibility to choose your healthcare providers and facilities, ensuring you receive care from professionals you trust.
3. Financial protection: Medical emergencies can be costly. Health insurance helps cover unexpected healthcare expenses, reducing your out-of-pocket costs and providing financial peace of mind.
4. Acces to Non-PHARMAC drugs: These drugs are approved by Medsafe but have not been purchased by PHARMAC for use in our public health system. Non-PHARMAC drugs are generally very expensive – often over $10,000 per month – which means effective or even lifesaving treatment can be out of reach for many. There are many private health cover options that have access to the non-PHARMAC drugs available, so it’s worth checking if your policy covers you for these.

Tips for affordable health insurance

• Focus on major cover: Instead of opting for plans that cover glasses or dental work, which you can pay out-of-pocket, choose a plan that covers major medical expenses like surgeries and hospital stays. This way, you’re covered for the big stuff without paying for extras you might not need.
• Higher excess for lower premiums: Choosing a higher excess (the amount you pay out-of-pocket before your insurance kicks in) can significantly lower your premiums. For example, if you opt for a higher excess, you can save on your regular premiums. Just make sure to set aside the excess amount in a rainy-day fund so you’re prepared if you need to make a claim.
• Build up your excess fund: Gradually save up the amount you would need to cover your excess. This way, you can enjoy lower premiums while being financially prepared for any medical expenses that arise.