A group medical insurance package is set to save expense, hassle and most importantly, your health.
NZCB has teamed up with Advice Financial to offer our members insurance through nib’s market-leading group health product – at a time when Kiwis need it most.
A significant number (62 percent) of New Zealanders are concerned about their personal health, according to EMA and nib’s 2024 Workplace Wellbeing Survey. But with the cost-of-living crisis continuing to bite, individual health insurance is unaffordable for many, which is why group medical insurance is becoming more attractive.
Group medical insurance is offered by employers to cover their employees, saving them the expense and hassle of having to organise their own insurance. It offers various benefits, including coverage for pre-existing conditions and earlier treatment options rather than going on public waitlists. Families benefit too, with parents able to book paediatric appointments without a stressful wait.
Working with an adviser such as Advice Financial streamlines the insurance process – particularly at claim time. Business owners can focus on work, knowing a claim is underway with a trusted adviser.
Where’s the value?
The value of insurance is easy to dismiss – until you, an employee or a family member needs it.
According to many interviewed in the survey by EMA/nib, business owners and directors appreciated the lack of stress at a time of uncertainty: “It enabled me to seek private health care without the stress of being on a waiting list,” said one. “It also ensured the cost of my treatment was not a financial burden on top of the emotional and physical stress I was already experiencing.”
A health and safety advisor said: “We’ve used insurance on multiple occasions for diagnostic tests and specialists that wouldn’t have qualified under the public system.”
Having access to specialists removes unhealthy prolonged anxiety, said a business director. “It’s good business as downtime is minimised.”
An employee perk that benefits the boss
Group health insurance is also a valuable offering for businesses, with 64 percent of employees expecting their employer to offer health insurance and 66 percent believing it helps attract and retain staff, according to the EMA/nib survey.
“When our industry is busy, it’s hard to find good staff,” says an industry business owner. “Offering medical insurance helps attract potential employees.”
Employees value having quick access to specialist care and treatment, while 58 percent of employers and HR practitioners believe medical insurance improves an employee’s health and wellbeing.
Make your insurance more affordable
Health insurance is getting more expensive, driven by increasing healthcare expenses and a higher volume of claims. The cost of pharmaceuticals has increased and medical technology has advanced. Staff shortages across the health sector have led to a surge in claims as New Zealanders use private insurance to avoid long waits in the public system. ACC and Southern Cross posted large deficits in 2024 as a result.
In response to these pressures, ACC is proposing to increase levies and alongside this New Zealanders could expect larger than normal increases to their medical insurance premiums.
Against that financial backdrop, it’s important to work with a financial adviser to ensure you’re getting the best deal, and fully understand your cover. Financial advisers can also help with navigating the insurance process, particularly when it comes to claim time.
If you’re concerned about managing costs, speak to Advice Financial before you cancel insurance. Once cancelled, health insurance can be very difficult to reinstate for the same terms and benefits further down the road when your financial situation improves.
Advice Financial can suggest ways to manage costs in the short term, for example by increasing excesses, or revising benefit levels. Talk to your adviser about how to reduce your premiums to alleviate financial pressure until the storm blows over.