Partners Life has announced Private Medical Cover premium increases taking effect from July 22.
In an adviser update the insurer says that its most recent review of Private Medical Cover premiums will see:
- Partners Life Journey Plan – Private Medical Cover (including any options): Underlying premium rates will increase by 1.9%.
- Partners Protection Plan – Private Medical Cover (including the Specialists and Tests Option): Underlying premium rates will increase by 2.0%.
It says these changes will apply to new and existing business from 22 July 2026.
The company says it regularly reviews its Private Medical Cover premiums “…to ensure we maintain the quality and sustainability of our benefits for clients.”
In a FAQ for advisers the insurer says the reason for the changes is that globally and in New Zealand the medical insurance industry is operating in a challenging environment.
…Among the key contributing factors are rising medical costs including pharmaceuticals, specialist services and technology…
“Among the key contributing factors are rising medical costs, including pharmaceuticals, specialist services and technology, an increased volume of claims, and a struggling public health system that is leading to more people taking out private healthcare cover.”
It adds that it’s responding to these challenges “…by reviewing our pricing more frequently so we can continue to effectively service your clients’ needs.”
“We’ve also introduced our Partners Life Journey Plan product suite that allows clients to remove options from their Private Medical Cover they do not require. Clients on Partners Protection Plan Private Medical Cover can choose to transfer to Partners Life Journey Plan Private Medical Cover if it better suits their needs.”
As to increasing medical rates on Partners Life Journey Plan, it says that it “…intends to regularly review all our medical pricing to ensure it remains sustainable and reflects our expectations of future claims.”
“While Partners Life Journey Plan has only been available since late 2025, our expectations of claims will be formed based on the overall medical portfolio, which includes both Partners Life Journey Plan and Partners Protection Plan covers.
“Medical claims costs can change quickly. Reviewing pricing more often helps us keep up with what’s happening now and what we expect ahead, while making sure our pricing stays in line with the market.
“Frequent reviews and timely adjustments support our commitment to managing medical products responsibly and ensuring they remain viable for the future,” the company says.