Why group health Insurance policies are more beneficial than individual policies
Group Insurance is essentially a package bought by a business or organisation for the benefit of its employees: a health insurance policy fully tailored to suit.
Why you would consider group insurance as an employee
Employee benefits
According to StatsNZ, people under the age of 30 now make up 40 per cent of the workforce in New Zealand. While younger employees are less likely to get sick than other age groups, they still recognise the benefits of having health insurance.
According to the 2020 Southern Cross Healthy Futures Report, 57 per cent of workers under 40 are concerned about ill health in the future. As a person engaged with their health and wellbeing, wouldn’t you prefer to be working for a business that has a clear focus on workplace wellness?
The world has changed. Many employees are working at an even faster pace, people are available 24/7, and as more of us work from home, the lines between work and personal time have become increasingly blurred, making it even more of a struggle to find a positive work-life balance.
Providing pathways and removing barriers to health care
These changes can lead to anxiety and stress; knowing you have access to mental health services is now more important than ever. Having cost barriers to professional medical treatment of any kind removed makes you feel valued and supported. It may also mean you’ll seek vital health treatment and advice sooner.
Knowing your employer cares about you and your physical and mental well-being can make the world of difference.
Group insurance, whether fully subsidised by your employer or partially, can be much more beneficial than individual insurance. It means you and your family can get health insurance cover at a discounted rate, and more importantly, any and all pre-existing conditions can be covered, regardless of a person’s age.
The value of employer-funded health insurance should not be underestimated.
Why you would consider group insurance as an employer
Business benefits
The Deloitte Global Millennial Survey, 2019, claims that almost half of young employees would quit their current job in the next two years if they had the choice. To attract and retain the best young talent, your company needs to proffer some good employee carrots.
Offering a range of benefits provides an edge to your recruitment strategy. According to Seek, the most appealing work perk businesses can offer New Zealanders is health insurance cover. In the Southern Cross Healthy Futures Report 2020, 74 per cent of respondents aged 18-29 said they were concerned about having access to good, affordable healthcare.
Health insurance shows you care about and are invested in your employees’ health and well-being.
A healthier team is a happier team
A workplace health insurance scheme can boost workplace morale which can translate to real business benefits for you, such as improved employee productivity, job satisfaction, loyalty, and reduced absenteeism.
A healthier team is good for business
With group health insurance, you can make sure your employees have faster access to the treatment they need, thereby helping them get back on their feet – and back to work – faster.
Employees without health insurance are waiting twice as long for elective surgery than those who have it.
By fully or partly paying for employees’ health insurance, employers are sending a clear message: ‘You’re important, and your wellbeing matters to us’. And that message that can resonate strongly.
What kind of group health insurance options are available?
Our insurance brokers can present you with a range of flexible options. Regardless of the size or needs of your business, we can tailor a health insurance solution that’s right for you.
You can also offer different plans for different roles and give your people the freedom to upgrade or add extra cover at their own expense.
Whether you:
• opt for a subsidised group scheme, where you pay the full premium for your team and their families,
• pay for your staff and let them pay for their family at a discounted rate,
• pay for key people only and let others join at their own expense,
• offer a voluntary scheme where your employees pay for their own premiums but can still take advantage of the discounted rates for them and their family and the cover for qualifying pre-existing conditions, or
• provide cover for everyday healthcare, such as GP visits, dental treatment, optometry, prescriptions and physiotherapy,
we know how to help.
Create positive results for your business
Let your team know you care about them. A subsidised workplace health insurance scheme can help you attract and retain the best and brightest.
Group insurance is a win-win for both employers and employees
If you’re in business and considering offering health insurance to your staff for the first time, or are looking at changing your benefits strategy, talk to our insurance brokers about how group insurance plans can help you reach your business goals. Schedule a call with one of our insurance advisors to learn more about how we can make health insurance work for your organisation. Call us on 09 255 5500 or email us at info@www.globalfinance.co.nz
**Underwriting criteria and insurer terms T’s and C’s apply