Group Health Insurance is investing in your employees
Retaining staff is a challenge faced by all Kiwi employers, no matter how big or small. The current employment climate with its low unemployment and rising wages is amplifying the challenge for many businesses as staff review their options and take increasing responsibility for their own career paths.
Flexible hours, working from home and extra leave arrangements can all assist employers in retaining their staff but at FoxPlan we believe Group Health Insurance (GHI) is the missing key in the HR strategy of most SME’s across New Zealand.
What is Group Health Insurance?
GHI is a Health Insurance policy taken out and paid by the employer on behalf of their employees. If an employer has five or more employees, they can access a GHI product.
There are three areas of cover that can be included. Basic packages will provide Hospital Cover only (for surgical or related hospital costs). Cover can also extend to Specialists/Tests (for specialist consultations) and Primary Care (benefits cover including GP visits, pharmaceutical, dental and optical treatments/procedures). The level of cover offered can be tailored to the needs of each employer.
What are the benefits of Group Health Insurance?
Pre-existing conditions: for most New Zealanders dealing with an existing health condition there are very few avenues open to them for private health insurance coverage, and the available options are expensive. GHI provides immediate pre-existing conditions cover outside of standard policy exclusions
Waived stand down periods: the standard 90 day stand down period to claim for benefits/specialist cover is waived under GHI
Cover for immediate family members of employees: policy concessions can be extended to immediate family members of employees if they are added within 90 days of policy commencement or marriage
ACC/NIB partnership: delays in obtaining surgical treatments can occur whilst an ACC claim is reviewed. NIB have agreed with ACC that, if a claim is approved, they will consider covering the cost of treatment and then claim back the expense from ACC. This means treatment is completed as soon as possible and your employee can return to work sooner
Does Health Insurance even pay?
The days of submitting a claim form, making multiple calls to follow up and waiting weeks for action are done with health insurers. The internet has been a disruptive force and has forced insurers to improve their customer service. Our partners at NIB allow your employees to claim directly from their smartphone via their app, have a NZ wide network of accredited providers to speed up the claims process and allow you to request a pre-approval online so there is peace of mind before any treatment.
During 2017 alone, a record $1.185 billion was paid in health insurance claims within New Zealand.
FoxPlan can provide you the assurance that your GHI scheme will not just act as a value add to retain your employees, but at life’s moments of truth when a claim comes, that the policy will be there to deliver. Email Sally Killick at sally.killick@foxplan.nz to discuss how to get your GHI policy in place today.
The Fine Print
Claim payments by insurers are subject to claim approval as well as the terms and conditions of the policy.