The answer is no. You don’t need health insurance in New Zealand, given our quality healthcare is provided for free or at a low cost. However, a downside to being in the public system is if you require immediate treatment or life-threatening conditions or injuries, you will likely end up on a waitlist if the treatment you require isn’t urgent. It’s always a good idea to chat to a finance expert to gain a better understanding of what might be right for you.
What is the difference between public vs private healthcare?
In New Zealand, everyone is entitled to public health care, which will provide quality healthcare and treatment in the event of emergencies and acute conditions.
However, the public system deems non-emergency treatments as “elective.” Therefore, to get treatment, you will have to qualify, often be referred and go on a waiting list. This list, depending on demand, can mean you are waiting months or even years for treatment or to be seen by a specialist.
With private healthcare, patients have access to much faster private hospital treatment and care. Private health insurance provides access to this faster treatment and helps cover the cost.
So, do I need health insurance in New Zealand?
Investing in health insurance in New Zealand is a personal choice. However, there are many benefits that health insurance provides that you may want to consider.
The Benefits of Health Insurance in New Zealand
Delay-Free Treatment
With health insurance, you have access to private hospitals and specialists. As part of the insurance investment, you are typically treated with priority and get to avoid the wait list, and experience treatment with none or as little delay as possible. This can also mean your health isn’t left to get worse, allowing you a quicker recovery.
Reduces Time Off Work
If the injury or condition you experience requires you to take time off work, you can reduce that time off with health insurance. With priority treatment, you can take fewer days off work, and avoid having to go for an extended period of time on sick leave or unpaid time off.
Dependents can get Coverage
There are many different types of health insurance coverages and policies. If you have dependents, such as children, who rely on you financially for treatment, you may all benefit from having health insurance available. Health insurance means that your children can have access to quicker treatment and your wallet will be protected as the insurance provider can help cover the cost of their healthcare.
Get Back to Life
Health insurance gives you a faster ticket to a quality of life. With faster treatment and less time off work, you can get to recovery quicker and return to a quality of life sooner. Health insurance lets you bypass the wait and helps with the cost, unlocking precious time with family and friends, improved energy, and a better outlook on life.
Compare Health Insurance
There are many different health insurance providers in the New Zealand market. There are a variety of coverage types available and deals depending on how much you are willing to invest and whether or not you have pre-existing health conditions. You should consider how much health insurance you may need. It is important to do your research and compare the different policies out there. Make sure you get a quote from several sources to compare.
Take advantage of Money Compare’s easy-to-use interface to compare the different health insurance options so that you can make the most informed choice and find the best deal out there to protect yourself and your whanau. Money Compare have even partnered with top health insurance advisors from The Insurance Department to help you make the most informed choice on your health insurance policy.
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