Small business, big benefits: The power of work perks.19 May 2021 by
Small business, big benefits: The power of work perks.
Lifetime is now proud to offer exclusive benefits previously only available to larger businesses. With just five employees, your business can now qualify for a group plan.
Businesses know the value of their employees
You may be surprised to learn that demonstrating how you value your employees with a group and employee benefits plan doesn’t actually cost that much. At the same time, taking care of and retaining staff will have substantial benefits to a business.
Why employee benefits
Not only will a group financial plan earn goodwill in showing your appreciation, it will also deliver the compelling benefits of employee retention and attraction. Taking care of and retaining staff has substantial proven benefits to a business.
We’re pretty passionate about group financial plans, because we see the value day-in and day-out. We hear from the employers and the employees, especially after claims paid are out.
My staff are my family, some literally, and so there is nothing more important than their health and wellbeing. Through Lifetime, we were able to secure a health insurance plan with all of our team covered, so if they ever need any health care they can be treated promptly giving them the best and quickest recovery option. And with the sharp pricing on group bundles, it's only cost us about 1% more in payroll. That certainly is valued a lot more than it would have been as a pay rise for my team, some of whom wouldn't have even been able to qualify for health insurance on their own.
- Ryan Gebbie, Director, Enviroflo
“How did we not know about this sooner?”
It’s like some kind of well-kept secret. Which sadly is the case for much of the important financial knowledge we ought to know. At Lifetime, we’re on a mission to change that. We proudly support over 10,000 New Zealand employees through our group plans.
72% of people between the ages of 30 and 40 are likely to make a claim against their health insurance policy.
Why health insurance
In New Zealand eight out of 10 employees rated medical insurance as an important benefit a company needs to provide (Southern Cross Wellness in the Workplace Survey 2017).
And while health insurance can seem like a big expense for companies to offer, an absent employee typically costs their employer $600 to $1,000 a year due to sickness. Health insurance goes a long way to reduce absenteeism showing that providing health benefits for your employees doesn’t just look after your staff’s wellbeing, it helps your company’s bottom line too.
Encouragingly, more Kiwi employers are understanding the benefits of keeping employees healthy and looked after, which includes real investment in their team’s wellbeing. More companies are signing up for group health cover, introducing wellness programmes and paying for flu vaccinations as part of their comprehensive approach to help staff stay healthy, engaged, and productive.
In March 2015 Health Funds NZ quoted NZ Institute of Economic Research Inc as estimating 42,300 New Zealanders were prevented from participating in the workforce due to ill health in 2010, a loss of 88 million hours of labour force productivity amounting to around 1.2% of GDP.
The latest research has shown that employee benefits are influential for 32% of the workforce when deciding to stay in a job or apply for a new one. With Medical insurance talking the #1 most valuable incentive1.
280,000 people require elective surgery each year but over 60% do not qualify for the public wait list2.
With Covid-19 increasing already unacceptable wait times for elective surgeries in the public system; this has helped highlight the importance of private medical insurance, and the benefits of a group medical scheme.
Small business is the backbone of New Zealand
Lifetime in collaboration with nib can now offer businesses of five or more employees the same access to group health benefits usually reserved for larger groups or larger businesses.
- Immediate cover for pre-existing health conditions (excluding general exclusions and serious condition lump sum option).
- Group premium rates that are generally more cost effective than individual premium rates
- Extension of concessions to immediate family members of employees, when added within 90 days of policy commencement.
This is an incredible offer now available to our small business owners, with five or more staff*.
Want to know more?
*Special conditions apply.
1. Seek, The Most wanted Perks In New Zealand, 2019
2. TBD, Assessing the Net Impacts of Private Health Insurance, 2016
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