Whether you like it or not, you have to pay levies to ACC if you are self-employed or own a business. There’s no getting around it; that’s just the way is, but what most people don’t know is that you can actually choose which ACC package you sign up for.

There are two main options: ACC Cover Plus, the default option, and ACC CoverPlus Extra which lets you negotiate the levies you pay to ACC and the pay-outs you get (the higher the levies you pay, the higher the compensation you get and visa versa). The second option is a lot more flexible and can save you significant money. We can show you how to pay lower levies and help you get better protection with private insurance; all you have to do is get in touch.

What is ACC Cover Plus Extra?

ACC Cover Plus Extra is available for self-employed people and non-PAYE shareholder-employees who work 30 hours or more per week (as well as to part-timer workers whose incomes exceed the ACC minimum, which changes annually).

The package allows you to negotiate your levies and level of lost income cover. If you have to take time off work due to an accident, you don’t have to prove your lost earnings to make a claim and will receive the full rate of cover that you negotiated (minus tax) not a percentage of it like you would with ACC Cover Plus. You will also still receive the negotiated rate of financial support, even if your business generates income while you are off work.

With this package, you will be allowed to access medical and work-related assistance as a part of your policy, and if working full time can choose to have Lower Levels of Weekly Compensation (LLWC). This offers a lower levy rate because your weekly compensation will be reduced if your business generates an income while you are off work or working part-time.

ACC Cover Plus Extra, like all ACC packages, only provides compensation if your loss of earnings results from an accident. So if you fall sick or have a heart attack and can’t work, you will not get any financial assistance from the ACC.

How can I pay lower levies and get better protection and financial support?

By giving you the ability to negotiate your levies, ACC Cover Plus Extra can be geared so that you pay lower levies but get less compensation if you have an accident. Sounds risky right, so why would you do that? It’s simple, you can game the system by lowering your levies and then using your savings to take out private insurance to make sure you’re covered for more than just accidents. ACC only provides you cover for accidents, but private insurance schemes can cover you for illness, injury, disability, and job loss (so you get a hell of a lot more bang for your buck). The kinds of private insurance available include life, income, and mortgage protection insurance.

And here’s the kicker, supplementing your standard ACC package with private insurance can, in many cases, be cheaper. All you need to do is talk to a Registered Financial Advisor who recommends how to gear your ACC and private insurance so that it works for you.

Yes I’d Like To Work It out

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