Health insurer nib New Zealand has launched a health cover option giving access to medical treatments not funded by government agency Pharmac.
Non-Pharmac Plus is available through nib’s adviser and group distribution channels with members able to add to their new or existing hospital cover. Member benefit range from $20,000 to $300,000 a year.
nib New Zealand CEO Rob Hennin says non-Pharmac Plus is in response to a growing need for cover that provides members with greater choice when it comes to modern medicines.
“New Zealand’s public healthcare system is often recognised for the level of care it provides, but we’re also ranked as having the worst access to funded modern medicines of the 20 OECD countries,” says Hennin.
“It’s why we’ve introduced this add-on which is designed to better protect our members’ health by making potentially life-saving treatments more affordable and accessible.”
The non-Pharmac Plus option provides cover for all medicines that are not funded by Pharmac, are Medsafe approved, and have been prescribed or administered in line with Medsafe’s guidelines – not just cancer treatments.
“The great part about our non-Pharmac Plus option is that the add-on benefit also enables our members to ‘future-proof’ their cover so that when new unfunded medicines become available to treat critical illnesses, they’ll be covered for it,” says Hennin.
“An example is Tafinlar, a medicine that is used to treat melanoma which can cost over $100,000 a year. While this has been Medsafe approved since 2013, there is currently no public funding available for it through Pharmac.
“That’s where we can help, by providing payment towards such treatments so our members can focus on what’s important, their better health.”
Advisers are invited to register to attend nib’s Protect, Connect and Empower Seminar Series to learn more or contact their nib Adviser Partner Manager for more information.