Episode Details

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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