by Jenha White
Research by TOWER has shown employees rate subsidised health insurance above all other staff benefits and it has identified two employer profiles in the market.
TOWER Health & Life head of products and marketing Grant Hill says some employers are happy to pay the full subsidy for a quality product regardless of premiums, although these employers are dwindling.
"Then there are employers who want to tick the box with some level of subsidised health insurance and cost is their main driver."
Hill says Priority Health Business is ideally suited to the second profile as it not only solves the affordability issue for employers but also allows employees to voluntarily add any additional cover that the employer does not pay for.
He says Priority Health Business is a flexible product covering specific procedures which have been broken down into more affordable modules. This provides employers with the ability to select modules based on their needs and budget.
At a high level the modules cover: major surgical procedures, other non-major surgical procedures and non-surgical procedures including cancer treatment.
The major surgical module is compulsory and allows an employer to provide cover for the majority of higher cost surgical procedures and associated diagnostics, for considerably less cost than previously available.
TOWER Health & Life chief executive Steve Boomert says Priority Health Business is an exciting development for the health insurance industry.
"It provides employers looking to establish a new staff health scheme with a lower entry point, and offers a more affordable and flexible way to sustain this important employee benefit."
Hill says TOWER's existing Premier Health Business product, which provides the most breadth of cover in the workplace market, will remain the preferred choice for those employers wanting premium coverage.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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