PROTECTING MORE THAN 1,600 PEOPLE
Group Health Insurance
5 or more employees
We offer group health Insurance plans tailored to fit your business needs and well-being to promote a healthy, happy and productive workforce.
- Helps you attract and retain the best staff
- Reduced absenteeism 1 – increased job satisfaction
- Cover for pre-existing conditions
- Staff can claim immediately
Get an estimate and find out how group health insurance can help
Willi Olsen
Director
What is group health insurance?
Group health insurance is a type of health insurance policy typically paid for by businesses to cover the costs of their workforce’s private healthcare, such as surgery, diagnostic testing, and medical treatments.
It offers a way for businesses to provide access to the benefits associated with private healthcare under a single policy to their employees, and it’s available to companies with five staff and more.
One of the advantages of group health insurance is the lower cost compared to individual private health insurance because the risk is spread across more people.
Depending on the size of the group, employer-subsidised health insurance can be discounted, and family members can be eligible to join. The policy owner is usually an employer, and the beneficiary is the employee and immediate family members if they join the group insurance plan.
What are the benefits of group health insurance?
Group health insurance is considered the most attractive work perk that New Zealand businesses can offer employees ².
Employees covered by corporate health insurance experience a 54% reduction in wait times for elective surgery compared to individuals without private health insurance. In addition, insurance provides peace of mind in a time of uncertainty.
Here are some of the benefits of group medical insurance for your business.
Group Health plans typically cover:
- Private hospital surgical procedures and operations and in-hospital nursing care
- Cancer surgeries and treatment (chemotherapy, radiotherapy and brachytherapy)
- Consultations with a specialist
- Diagnostic imaging (such as x-ray, ultrasound, ct-scan, MRI-scan )
- Psychiatrist consultations and mental health assistance
Benefits for employers
- Medical insurance is a highly valued employee benefit and helps improve employee retention and recruitment.
Employees receive faster and better treatment and, therefore, sooner back to work.
Benefits for employees
- Pre-existing conditions are covered for staff and their partner and children.
- Family members may be included at a discounted rate.
- Claim right away – no wait or stand-downs.
- Mental health service.
Key points
- A company health insurance policy helps increase productivity and employee retention
- Automatic acceptance for all staff and no paper application process
- Your staff can claim right away – no stand-downs
- Pre-existing conditions are covered for staff and their family members.
- Claim online via app or portal
- Provide your staff with faster medical treatment and return to work quicker.
- Quick and simple onboarding
How much does Group Health Insurance cost?
The following factors influence the cost of Group Health Insurance:
- Age: the average age of those employees included in the scheme & ratio of young to old.
- Benefits selected: the benefits to be included in the scheme: vision and dental or non-pharmac funding.
- Claims: previous claims history (if your group has had claims) from a previous insurer.
- Insurer: each insurer will offer different price points, which partly depends on their existing financial performance, but also inclusions/exclusions offered
- Number of employees included: the more people included in a scheme, the lower the premium per person.
Below are indicative costs for small and medium businesses
| No. of Employees | Average Age | Monthly cost per Employee |
|---|---|---|
5 - 14 | 35 - 40 | $75 - $125 |
41 - 45 | $90 - $170 | |
46 - 50 | $125 - $250 | |
51 - 55 | $160 - $280 | |
*Premiums shown are based on multiple sources including LifeCovered existing client base, quotations issued and market averages. Other variables can apply and all figures presented are for indication only purposes.
Why offer workplace medical insurance?
A competitive employee benefits program is critical in attracting and retaining employees.
One of the main benefits of group health cover is that premiums tend to be cheaper than individual health insurance. That’s because the risk is spread across many people who are at work and healthy.
Another group cover benefit is pre-existing medical conditions can be covered.
Spouses and children may join the group scheme with discounted rates and covered pre-existing medical conditions.
Group health insurance & mental health in the workplace
As the importance of mental health in the workplace becomes better understood, companies will discover that providing their employees with access to a group health insurance plan positively impacts morale and productivity.
Registered psychologist and psychiatrist consultations are a benefit provided by some workplace health insurance policies.
Counseling and Coaching
Group health plans often cover mental health services like Psychiatrist appointments and therapy. Providing a channel via which workers can speak with trained mental health specialists can prevent mental health disorders and enhance treatment for those who already suffer from them.
Why choose LifeCovered for your business health insurance?
As independent health insurance brokers, our primary goal is to help companies determine what they need and find the best options on the New Zealand health insurance market.
Since we’re not tied to any one insurance provider, we can offer you objective guidance while searching for the most comprehensive, tailor-made policy at the most reasonable cost.
Apart from this, there are other advantages to working with us:
There are no extra charges beyond the cost of your insurance to work with us.
We’ll work with you to develop a group health insurance plan that’s tailor-made for your business.
We’re here for you and your group to assist whenever you need us.
Request a group health insurance quote?
Choosing the right medical cover for your business
Your health plan is made to fit your business.
We work with all of New Zealand’s top insurance providers as independent insurance experts. There are three major providers of business medical insurance:
- Accuro
- Southern Cross
- nib
Each insurer is unique, and your circumstances depend on which is best for your company and employees.
Our job as insurance brokers is to ensure you get the best coverage for your company and employees at the best price.
LifeCovered is a locally owned insurance broker offering insurance advice and claims advocacy for you, your family and your business. As your insurance broker, you will receive financial advice from us regarding the providers we are accredited with. Our service is free to you, as the insurer pays LifeCovered a commission, which is disclosed during the advice process.
Group Health Insurance FAQs
How much does group health insurance cost?
The average group health insurance policy costs a little more than 1% of annual salary expenditure.
We’re covered for all critical illnesses – and that’s all the cover we need
Trauma insurance policies will only cover your employees for specific conditions and will then only make a one-off payment. On the other hand, private health insurance covers many conditions and treatments, and your staff can claim multiple times.
How many employees do I need for group health insurance?
You need at least five employees to take out a group health insurance policy, whether you are a company or an organisation. Pre-existing conditions are covered, and your staff can claim right away.
All across New Zealand, we offer small businesses comprehensive staff health insurance packages, allowing them to focus on their core operations with peace of mind.
Who owns the policy?
The policy is owned and paid for by the employer, but the beneficiary is the employee.
Employees who leave the business can continue the health cover as a private policy.
What if staff leave?
Upon leaving employment, employees can choose to continue their cover privately.
The policy will not be connected with your workplace insurance plan.