Group Health Insurance

Group health insurance covers your employee and gives them quicker access to medical treatment – a healthier team is better for business.

  • Helps you attract and retain the best staff
  • Reduced absenteeism1 – increased job satisfaction
  • Cover for pre-existing conditions

What is group health insurance?

Group health insurance is a type of employer-funded insurance plan that offers cover to members of a group with access to private healthcare paid for by an health insurer. This allows employees to bypass public waiting lists for healthcare, getting them back on their feet and in work again faster than individuals without private health cover.

The cost of group health insurance is lower than an individual private policy because the risk is spread across a higher number of people. 

Depending on the size of the group, employer funded health insurance is discounted and family members can be eligible. Normally, the policy owner is an employer and the beneficiary is the employee, and/or spouse or children.

Benefits of group health insurance

Group health insurance is considered the most appealing work perk that New Zealand businesses can offer employees². Employees with health insurance experience a 54% reduction in wait times for elective surgery compared to individuals without private health insurance.

Here are some of the benefits of Group medical insurance for your business.

Benefits for employers

  • Medical insurance is a highly valued employee benefit and can help improve employee retention and recruitment
  • Employee receive faster and better treatment and therefore sooner back to work

Benefits for employees

  • Family members may be included at a discounted rate
  • Potential cover for pre-existing conditions if your group is large enough.
Group Health Insurance

Why offer group health insurance?

One of the main benefits of group health cover is that premiums tend to be cheaper than individual health insurance. That’s because risk is spread out across a larger number of people who are at work and healthy.

Another group cover benefit is pre-existing medical conditions can be covered.

Spouse and children may also join the group scheme with discounted rates and pre-existing medical conditions covered.

Similar employee insurance benefits

Support and peace of mind for people facing the consequences of death and terminal illness.

(TPD) Insurance pays a lump sum benefit if you are no longer able to work due to an injury or sickness

Regular payments to help you maintain your lifestyle while you’re unable to work due to injury or illness.

Think of this cover as extra financial protection beyond medical and income protection insurance. 

Group Health FAQs

The average group health insurance policy costs a little more than 1% of annual salary expenditure.

Critical illness policies will only cover your employees for specific conditions and will then only make a one-off payment. Private health insurance covers a wide range of conditions and treatments. 

Weather you are a company or organisation with 5 or 500 staff, you can implement a group health insurance policy for your staff.

The policy is owned and paid for by the employer, but the beneficiary is the employee.

Employees that leave the business have the option to continue the health cover as a private policy.