Health insurance is an increasingly important benefit for employees
Two thirds of employees say corporate health insurance is important to them
Medical and health insurance is now seen as an increasingly important employment benefit for employees when they are looking for a new job, with 64% saying it is important to them. This is up from 54% two years ago.
Alongside medical and health insurance, a large percentage of employees say the following insurance benefits are also important when looking for a new job:
- Income protection and illness cover (48%)
- Life insurance (43%)
- Serious illness Trauma Insurance (42%).
This is likely due to the well-publicised pressures on the public health system experienced since the pandemic. It is not surprising to see employees growing increasingly concerned about their own health and this is reflected in our survey, which found:
- 64% of employees are concerned about the mental health and wellbeing of their family, up from 56%
- 63% of employees are concerned about the health of their family, up from 56%
- 62% of employees are concerned for their own personal health
- 56% of employees are concerned about their own mental health, up from 51%.
Employers are increasingly seeing the benefits of subsidised health insurance
Employers and HR influencers are also seeing the benefits of offering subsidised health insurance, with 88% seeing at least one benefit, and two thirds believing it could help attract and retain staff. However, only 29% are intending to invest in it in the next 12 months.
Benefits identified in offering subsidised medical/health insurance identified by employers and HR practitioners include:
- 67% see it as a way of demonstrating value in their people
- 66% believe it could help attract and retain staff
- 58% think it helps improve the overall health and wellbeing of employees
- 53% believe it could increase employee satisfaction.
What can you do?
Medical and health insurance is a great way to show your employees that you value them.
The EMA has a partnership with nib New Zealand, who offer a range of health and life insurance options for business.
nib works with local businesses to develop a solution that suits their employees’ specific needs, wherever they are on their health journey. nib is trusted by more than 15 million people across New Zealand and Australia, with 70 years’ experience across the nib group.
nib offers EMA Member businesses with five or more employees the same access to big benefits usually reserved for groups of 15+ members, including:
- Immediate pre-existing conditions cover (including general exclusions, and Serious Condition Lump Sum option)
- Waived stand down periods on GP, Dental & Optical and Specialist Options when added within 90 days of policy commencement
- Extension of concessions to immediate family members of employees, when added within 90 days of policy commencement or marriage.
Get help finding the right insurance for your business
We can connect you with an adviser who can provide independent advice on group health and life insurance for your business and for your employees. They’ll guide you through the entire process and continue to support you and your employees after you have cover in place in partnership with nib. To start the conversation about your team’s wellbeing, fill out the form below.
We’ll only use this information to contact you about nib health insurance. For more on how we hold personal information and how to get in touch if you want to correct your personal information, you can access nib’s privacy policy here www.nib.co.nz
