Employee Insurance: What's The Word On The Street?
Updated: Feb 4, 2019
New Zealand businesses explain why they embarked on their journey of insurance.
From obtaining cover for qualifying pre-existing conditions to saving money with discounted premiums, there were many reasons businesses started offering insurance to their employees. We have distilled three of them:
1. It Helps Boost Productivity
By reducing absenteeism and boosting engagement and loyalty, offering things like health insurance to employees helps to improve business performance.
2. It Looks After Your Employees
Before implementing insurance, employees may not understand what insurance is and why it is beneficial. But in companies which offer insurance to their team, employees rate it as one of the most important benefits they receive from their employer. Why? Let’s look at health insurance as an example:
Health Insurance helps to cover the cost of your medical and surgical expenses. It can give you:
Faster access to treatment by avoiding public hospital waiting lists.
Less financial stress by reducing your medical costs and time off work.
More choice over when and where you receive treatment for qualifying medical conditions.
Public vs Private Health Care
New Zealand has a public healthcare system that will look after your acute needs and A.C.C. will cover you for accidental injury.
However, if you need to see a specialist, have non-acute surgery or a diagnostic procedure (such as an MRI), the public system will put you on a waiting list. With health insurance, you can see a specialist in the private healthcare system quicker than waiting to move up the list.
This can save time and money, reduce ongoing pain and uncertainty, and increase the chance your treatment is successful by allowing you to be diagnosed and treated faster.
Ultimately, health insurance helps by giving you access to the medical treatment you need, when you need it.
3. It’s Easier Than You Think
First thing’s first: you don’t have to do it alone. An insurance adviser can guide you through each step and make sure you are getting the cover you expect.
So, from building a healthier, happier team to increasing productivity, there are many reasons to take the plunge and offer insurance to your team.