Employee Benefit Solutions

Solutions

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Employee Benefit Solutions are powerful ways to retain and reward your workforce.

FoxPlan provides a number of EBS with flexible pricing and coverage options for all types of employers:

• Belong

• Group Health Insurance

Financial Wellbeing Bootcamps

 

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What is Belong?

Belong is a state-of-the-art employee benefit programme with a sole focus on helping business owners do good things for their staff.

Your employees simply download the Belong app on their smartphone and are able to access a wide range of benefits including discounts, product deals and health insurance options. These benefits help keep your employees engaged – more engaged employees = better retention, revenue growth and productivity.

As an employer you are in control – you control which offers are made available to your staff and who has access.

Best of all it’s affordable. Costs are as low as $2 per month, per employee.

We can help get Belong in to your workplace – talk to us today!

 

 

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What is Group Insurance?

• In a nutshell, you get outstanding insurance cover for your employees and yourself, which your business buys ‘in bulk’ – usually with no underwriting and at a cost much lower than equivalent cover currently offered for individual policies.

• Cheaper premiums

• Broad cover

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How can Group Insurance work for you?

Insurance cover is a great way to show you care about your employees. How would you react if one of your employees died or was off work due to illness? How might you support an employee (or their family) while they are off work? Group insurance is a great way to attract, retain and care for your staff too – a real answer to these questions.
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What makes up a group Insurance plan? 

Group insurance plans need only a few things to be put in place:

• 5 or more employees;

• A genuine employer/employee relationship;

• Clear eligibility rules;

• 100% of eligible employees lives covered; and

• Premiums paid by the employer.
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Do personal health issues need to be disclosed?   NO! 

Individual applications are only required if you want more cover above the Automatic Acceptance Limits (AAL) and in the rare instance, an employee joins your Group Life plan outside of the normal eligibility criteria.
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What is Automatic Acceptance (AAL)?

Each Group Insurance plan and cover type will have its own AAL which means employees, including the principals, are automatically covered up to specified limits, usually without the need to undergo medical exams or provide a medical history. Essentially, the bigger the pool of employees in a plan, the higher the AAL.

 

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What does a group plan cost?

As each plan has its own rates it’s difficult to specify a standard cost, however, the rates will always be less than paying for individual policies. As a general rule of thumb, the cost of a Group Insurance plan is usually around 2% of your total salary cost, which represents excellent value.

We also need from you:

  • Your company name
  • Clearly defined eligibility rules i.e. All full-time staff
  • Cover types and benefit basis required i.e. Life cover – 2 x salary, Group Salary Continuance (GSC) cover – Loss of Earnings 75% of salary, 2-year benefit, 90-day wait (options are flexible).

 

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What does it take to set up a plan?

We’ll provide a presentation illustrating the premium and terms. Then, if you decide to proceed with the plan we only need a couple of simple forms to be completed. In most instances, the individual employees don’t need to do anything or provide any information. Following this, our administration team will work with you to complete the on-boarding of the new plan, finalising premiums, invoicing and membership schedules as well as the members’ certificates outlining their specific cover – including policy documents. We are also happy to provide you and your staff with on-going financial bootcamps – with no cost to the employer

 

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What happens at claim time? 

All claims are assessed by the insurer as quickly as possible. There are specific Group Insurance claims forms used which are available from your adviser or the insurer.

 

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Read the NIB Group Insurance newsletter!

GO Magazine. Issue 1 (March 2019)

 

Group Insurance Options 

Life cover

This pays a lump sum of money if an employee passes away or becomes terminally ill. It’s a great way to support the employee’s family at a difficult time.

Trauma cover

This pays a lump sum of money to help the employee recover physically and financially from a serious illness, such as cancer, heart attack or stroke.

Total & Permanent Disablement cover

This provides a lump sum payment should an employee suffer a sickness or injury that leaves them totally and permanently disabled.

Medical Insurance

This is designed to provide employees with quick access to surgical procedures in a private hospital.

 

Would you like to discuss employee benefit solutions for your business?

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Salary Continuance cover

This is designed to provide employees with money to live on while they’re not receiving their salary or wages due to sickness or injury.

Remember, this is just a quick overview of what we can offer – for full details talk to your adviser.