Ed McKnight: Healthcare and the cost of getting old

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One of the main concerns Kiwis have when planning out their retirements is the cost of getting old – especially when it comes to healthcare.

Ed McKnight runs through a couple of the key things you need to take into consideration when it comes to health after retiring.

Public is free, but you pay the price of waiting

Over 36% of patients have waited more than four months for surgery
The Government's target is 5%, which is why two-thirds of elective surgery in NZ now happens in private facilities (some of that is publicly funded).

People wildly underestimate what private costs

Most Kiwis think a hip replacement is under $10,000. It's about $27,700–$33,100.
Prostate cancer surgery runs around $26,700–$32,300 and breast cancer surgery is around $9,400–$31,100.
Ultimately, it's about quality of life. One Auckland man was quoted $165,000 for back surgery, couldn't pay, and sat at home on nine pain prescriptions until the public system took him.

Insurance fixes that, but the premium quadruples by 65

Health insurance for a non-smoking office worker is about $170 a month at 35, but it’s about $676 at 65.
By 75 you're nearing $1,000 a month — over $100,000 across that decade.
Over-65s claim more than three times what 35–49-year-olds do.

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