Why does health care cost so much? What does this mean for me?

The cost of everything goes up all the time.  Sometimes, we get a surprise and costs go down.  This is usually when the New Zealand has fallen in value and the things that go down are imported items, like petrol (sometimes) and electrical/electronic items.

But, one thing that does keep going up is the cost of health care.  And as we get older, we need health care more, as our bodies start retaliating for the vigor and excesses of our youth.

Health insurance is a luxury for many New Zealanders, but as we get older, we seem to think about it more.  Understanding what is happening with health costs can help you with your financial planning.  You will have some idea as you enter your 40's and 50's of the bits of your body that might need some treatment in the future (knees, hips).

There are three main options for funding your health costs:

1. Wait for treatment on the publicly funded lists.

2. Put aside some money each pay to provide a 'health insurance fund'.

3. Put in place health insurance cover.

The earlier that you put in place health insurance cover, the more beneficial it will be for you, as you will have more conditions covered.  If you have any pre-existing health issues, just assume that health insurance will not cover you for them.

At Moneyworks, we use four different insurers to provide health insurance solutions for our clients. One of these providers is Partners Life.  The have written a good article on the costs of health care - which we have provided you with below.

The rising cost of health care  (Download the PDF document)

With Partners Life Private Medical Cover you have access to (download the PDF document)

If you would like some information on health insurance - get a free quote now.

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