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How to pay less

How you pay your premium can impact how much you pay. Sounds convoluted, but yes, even payment systems have their ins and outs.

Insurers value your custom and try to make it easy for you to keep up with your premiums. Setting up an automatic payment system simplifies your monthly outgoings (you don’t even need to think about it), and your insurer will reward your excellent policy management.    

Depending on the insurer, paying your insurance premium via direct debit can mean you’ll receive a discount of 2-2.5%.

Additionally, if you pay your premium on time and in full, you may be eligible for an annual discount of 5%.

Some insurers also offer premium discounts each year you keep your policy, culminating at ten years with a 10% discount. 

Get healthy, stay healthy

It’s no news that eating five servings of fruit and vegetables a day, not smoking, moderating alcohol, maintaining a healthy BMI range, and exercising regularly are cornerstones of good health.

Staying healthy also shows you're making an effort to control the modifiable risk factors that impact your chance of developing an illness, such as diabetes or ischaemic heart disease.

But did you know that being healthy can also lower your insurance premium?

Some insurers provide eligible members maintaining a BMI within the qualifying range with a 5% premium discount after three years of continuous cover, graduating to 15% after nine years’ continuous cover.

Other insurers provide qualifying members with a 10% premium discount if they meet healthy lifestyle criteria, which include targets around fruit and vegetable consumption, exercise, smoking cessation, and low alcohol use.

On top of these premium discounts, you may also be eligible to receive:

• Free wellness programmes, including healthy heart, joints, and weight management support
• Discounts on gym subscriptions, body and home care products, home gym gear and fitness products.

Deciding not to smoke

While cigarette smoking is on the decline in adults aged 15-44 years, vaping is on the rise and now exceeds daily smoking, with around 480,000 Kiwis in the habit.

Most insurance policies charge smokers (of any type) a higher premium because smokers are more likely to die prematurely or claim on serious illnesses, such as heart disease and lung cancer - the leading cause of cancer-related death in New Zealand.

If you’ve always been a non-smoker, have given up recently, or have good intentions to quit, you may be rewarded not just with good health and more cash in your wallet but also with cheaper premiums.

If you haven’t smoked or vaped during the last 12 months, you may be able to get a premium discount on eligible insurance plans.

Keeping your claims on the low-down

Insurers offer excellent cover for a multitude of treatments and conditions, including diagnostic tests, specialist consultations, comprehensive benefits on surgeries, access to non-Pharmac-funded drugs, and treatments overseas. 

It’s a worthwhile exercise to take a closer look at what preventative measures you can take to keep your claims in check, bearing in mind that the best insurers appreciate not paying out too often and will reward you if they don’t have to!

Low-claim discounts apply to several health insurance policies; for example, some insurers provide 5-10% discount on premiums if you have held your policy for two years continuously and claimed $1,000 or less over a two-year claims period.

Group deals for businesses

If you’re an employer, a business owner, or belong to an organisation that offers group or employee insurance, you’re likely to benefit from significant permanent savings. 

This is because, from an insurer’s perspective, group insurance is cheaper to manage compared to individual policies due to shared risk. 

For the business owner, bulk purchasing power is always a bonus, and so employers benefit from lower premiums.

For employees, cover is generally free or dramatically subsidised, and access to the policy is easy, usually with no underwriting required. It’s always worth checking with your employer to see if such schemes are available to you and your family.   

Buying in bulk (multi-benefit discounts)

Consolidating your insurance portfolio by purchasing more than one type of cover with the same company may mean you receive a multi-benefit discount on your premium.

For instance, bundling your life cover with income protection, mortgage protection, total permanent disablement, trauma insurance, or medical cover means you may be eligible for a premium discount of up to 15%.

Policywise can also help you figure out how to combine your personal or business insurance policies to maximise benefits and minimise premium costs. 

Free cover for kids

With one baby born every eight minutes, Kiwis are clearly great fans of family. With kids, though, come health issues, such as hernias, enlarged adenoids, glue ear, and even more serious illnesses, like cancer. You may find yourself struggling with the medical costs and waiting too long in the public health system - sometimes more than four months - for first specialist assessments or treatments.

Cost-effectively planning for your family’s health is made simpler with cover that includes these features:

• Some health insurers offer free cover for your newborn until they reach six months.
• If you decide to continue extending your family, you’ll often find your third and subsequent children receive free cover on eligible plans until they turn either 21 or 25.
• Some critical illness insurance plans may offer free child’s trauma cover up to $50,000.

Loyalty discounts and other membership benefits

Staying on top of your health can sometimes feel more like a chore than it’s worth. Good habits, like getting regular checkups, eating and sleeping well, exercising, moderating your drinking, and seeking work-life balance, need constant dedication and self-motivation. 

We know that prevention is better than cure; what if there’s an easy way to make that work?

Some insurers are happy to give you moral and financial support to help maintain your wellbeing, manage your health, and squeeze every bit of value out of your premium.

Optimising the advantages and benefits you receive as part of your policy could mean accessing these special offers and resources:

• Free bowel screening kits for eligible members
• Discounted prices on eye checks and/or eyewear
• Complimentary hearing assessments and discounted prices on hearing aids
• Free online GP appointments
• Free annual health checks
• Free health management programmes for those with illnesses such as diabetes
• Free post-heart surgery rehabilitation
• Discounted dental treatments
• Cancer support programmes  
• Free online mental health sessions per claims year
• Discounts on travel and pet insurance. 

Great value for your premium dollar, right? And good reason to keep up the good work.