> _Markdown transcription of AIA AIA Private Health policy wording, effective 2025-08-05. Source: https://www.aia.co.nz/content/dam/nz/en/docs/our-products/aia-enhancements/aia-private-health-10000-excess-faqs.pdf_ --- # AIA Private Health $10,000 Excess FAQs 17 April 2025 ## What's changing? Effective 17 April 2025 we introduced a new excess option of $10,000 to AIA Private Health. This is in addition to the existing options of $0, $250, $500, $750, $1,000, $2,000 and $4,000. The $10,000 excess will provide a premium discount of 77% compared to the $0 excess option. ## What premium discounts apply to the different excess amounts? The discounts applicable to the different excess amounts as at 17 April 2025 on AIA Private Health are shown below. Please note that these may be adjusted at any time. | Excess ($) | 0 | 250 | 500 | 750 | 1,000 | 2,000 | 4,000 | 10,000 | |---|---|---|---|---|---|---|---|---| | Premium Discount | 0% | 15% | 24% | 30% | 40% | 55% | 70% | 77% | ## How do I change my current excess amount to the new excess amount? To change your excess, we recommend you speak with your adviser as they can advise you as to whether changing your excess is a suitable option for you. You can change your excess amount at any time to any available option. It is important to note that while you can increase your excess without underwriting, any reduction may require underwriting or additional medical assessments, even if reducing to a previously applied excess. ## My policy covers more than one person. If I select this new excess, will it apply to everyone on the policy? No, if there are multiple lives assured you can select different excess options for each as best suits your needs. However premium discounts are applied individually to each life assured so your total premium will be discounted accordingly. ## I also have AIA Private Health Plus. Will this new excess also be available on that? No, AIA Private Health Plus will not have the new excess option. It will continue to provide the current excess options: Nil and $250. ## I have an older health policy issued by Sovereign or AIA. Can I also select this excess amount? No, this option is only available on our on-sale AIA Private Health product. It will not be available on older health products. However, if you wish to take advantage of the $10,000 excess option, you can choose to replace your policy to AIA Private Health. There are a lot of considerations with replacing a health policy. Please speak to your adviser to discuss if this option is suitable for you. ## What is an excess and how does it work? When you make a claim under your policy you are required to pay an agreed amount towards your treatment or procedure. This is your excess. The excess that applies to your policy is shown in your policy documents. The excess applies per life assured and for each policy year, however once the full amount of the excess has been paid during a policy year you don't need to pay anything further towards any claims for that life assured. At the start of each policy year the excess resets to its full amount. A policy year is the 12-month period from when your policy started, or each subsequent policy anniversary. Below are some examples on how the excess is applied: ### Scenario 1: You have the $10,000 excess option. You undergo a treatment covered by your policy which costs $20,000. You will be required to pay $10,000 and AIA will pay the additional $10,000. However, if you have any further treatments in the same policy year you will not need to pay anything further. ### Scenario 2: You have the $10,000 excess option. You undergo a treatment covered by your policy which costs $6,000. You will be required to pay the full $6,000 however your excess for the remainder of the policy year will reduce to $4,000. If you have any further treatments in the same policy year, then you will only be required to pay $4,000 and AIA will pay the additional amount.