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The health insurance sector has seen a record additional 26,500 lives covered in the year ending June 2018, according to the Health Funds Association of NZ (HFANZ).
HFANZ chief executive Roger Styles said there have been 500 more people taking health insurance out each week. A large portion of this growth, he suggested, reflects businesses’ incorporation of health insurance in employment packages.
Southern Cross Health Society CEO Nick Astwick, meanwhile, highlighted an upsurge in interest from employers in the area of wellness.
Another key highlight for the sector is a 6.3% leap in annual premium income to $1.4183 billion. Annual payout figures, meanwhile, saw a 7.8% increase sitting at $1.242 billion.
Styles added that there is an increasing number of people aged over 65 who are continuing to maintain health insurance cover as they age - there were 164,000 people aged 65-plus with health insurance, up 3.4% from the previous year. At the same time, healthcare claims for those 65-plus jumped by 9.7% to $403 million.
