A steady decline in people taking out private medical health insurance has sparked warnings that public hospital waiting lists are going to get unbearably worse in the near future.
A steady decline in people taking out private medical health insurance has sparked warnings that public hospital waiting lists are going to get unbearably worse in the near future.
This is a concern for everyone, but especially the older generation. Can they afford to wait—can you? Sitting, waiting and not knowing when you're going to receive potentially lifesaving treatment, is likely to have a detrimental effect on anyone’s quality of life.
Along with the wait, there also comes the potential financial pressure. You may not be able to afford the thousands of dollars it would cost to get essential life-saving procedures done. For example, a heart operation could set you back $57,000. Hip and knee replacements are in the vicinity of $25,000. Who has that kind of money lying around?
A heart operation could set you back $57,000. Hip and knee replacements are in the vicinity of $25,000.
Approximately 30 percent (1.3 million), of New Zealanders have private medical insurance and that number has been steadily decreasing since 2012—this is compared to 55 per cent of Australians, where private health insurance is essential in order to claim a tax benefit for high income earners.
Another disturbing fact is that higher payments are drawing doctors and nurses out of the public system and into the private sector, meaning that public waiting lists are getting longer. This results in less choice of where or when the procedure takes place, let alone who performs it.
Recently there have also been concerns about the people needing surgery that aren't even on any kind of official list. It is estimated that approximately 280,000 people are waiting for surgery, but only about 106,000 are on any official waiting list.
So is now the time to talk to your family about taking out some form of private medical insurance? Actually the question may be—can you afford not to?
To make sure you're getting the right kind of insurance for your stage in life, check out our free infographic below!