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What you need to know
Corporate health insurance is not as common in Australia as it is in North America, but it is available.
Some of the biggest funds in Australia offer corporate cover including hbf, Medibank and HCF.
A more common alternative to corporate health insurance are personal policies from restricted funds, who only offer cover to certain professions.
Who offers corporate policies in Australia?
There aren't many funds that offer corporate health insurance in Australia. Below are the health insurers currently offering corporate health plans. Open health funds allow anyone to apply for cover, while restricted funds only allow people from specific groups, industries or organisations to apply for membership.
Features of corporate plans offered by open health funds
Find out more
HCF's corporate plans offer both hospital and extras policies:
Corporate Bronze Plus, Standard Silver Plus, Silver Plus and Gold hospital cover with no excesses for kids and access to a wide range of health and wellbeing programs.
Essentials, Lifestyle, Active, Advanced and Ultimate extras cover policies, which include 100% back on two dental checks per year, initial physio, chiro, osteo and podiatry consultations and certain spectacles and lenses.
GU Health corporate plans offer both hospital and extras policies:
Hospital cover includes hospital accommodation, theatre fees in a public or partner private hospital, benefits for a wide range of inpatient services and an Access Gap Cover scheme.
Extras cover includes a range of treatments with varying benefit limits, plus GU Health members can enjoy a wide range of partner discounts including clothing and accessories, travel insurance and hampers.
HIF corporate health plans include the standard benefits you would expect such as the freedom to choose your healthcare providers and access to over 500 hospitals across Australia, as well as:
Rebates of up to 100% for common preventative dental treatments.
No hospital co-payments.
A SmartClaim mobile app for easy claiming.
Competitive quotes on travel insurance.
Access to a range of healthy lifestyle benefits including weight loss programs, yoga, pilates, gym memberships, cancer screenings and quit smoking programs.
Features of corporate plans offered by open health funds
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CBHS corporate plans offer both hospital and extras policies:
Entry (Basic), Bronze, Silver and Gold Hospital cover (Gold includes gap cover up to 100% of amounts in excess of the MBS fee, boarder accommodation for a friend or relative up to $160 per admission and Hospital Substitute Treatment at home by a registered nurse).
Basic, Classic and Advanced Extras cover (Advanced includes unlimited preventative dental, higher overall limits on major dental, optical, physio, chiro and therapies and wellness benefits for health management).
CBHS Health Fund. Open to employees, contractors and franchisees of Commonwealth Bank of Australia Group as well as their partners and family members, including dependent and non-dependent children, siblings, parents and grandchildren.
Navy Health. Open to current and former members, reservists and cadets of the ADF, employees of the DoD, Defence suppliers and more. Extended family as well as the ex-partner/spouse of those previously mentioned are also eligible to join.
rt health fund. Open to current or former employees of Government or privately owned transport (air, sea, land) and energy generation/delivery entities, as well as those involved in administering them. Extended family of eligible members can also join.
Pros and cons of corporate health insurance policies
Pros
A great package may help attract and retain great employees for your business.
Wellness and vitality programs from your health fund can improve the health of your staff.
Because they're bought in bulk, corporate policies are often cheaper than personal plans.
Cons
Not everyone wants their health insurance to be tied to their employment, especially in Australia.
Maintaining a corporate health insurance policy will require some additional work from your Human Resources department.
What are corporate health policies?
A corporate health policy is a health insurance policy taken out by an employer for the benefit of their employees. Three methods exist for determining how the policy is paid for:
Fully funded. The employer pays for the health cover of their employees as a benefit of employment.
Partially funded. The cost of health insurance is shared by the employer and their employees.
Voluntary. The employer finds a policy for employees who can choose to join and pay for it themselves.
The level of cover provided and the member benefits depends on the package the employer is able to negotiate with the insurer and the amount the employees are prepared to pay in premiums (if shared or employee funded).
Common misconceptions about corporate health plans
There are a few common misconceptions about corporate health plans that prevent some employers from considering them. Let's dispel the myths so you can make a more informed decision as to whether corporate health insurance can benefit your business.
The myth
The reality
Corporate health insurance policies are too complicated
The administration of corporate health plans is often fairly simple, with many corporate health funds having dedicated resources and teams you can make use of.
Corporate health insurance are only suitable for big businesses
The term "corporate" alienates some SMEs who think these health plans would be too hard to implement and run on a small scale, when in fact the opposite is often the case.
Corporate health insurance will cost you too much money
Most corporate health plans can be tailored to fit almost any business budget. You also have the option of a shared payment plan, where your employees pay part of their premiums, which can help with the cost.
Corporate health insurance in Australia versus the United States
Health insurance is highly regulated in Australia and personal policies are by far the most common way to get cover. This is very different to health insurance in the United States, which you might have heard about in the media. In The USA, corporate health insurance has been very common since the second world war, after President Roosevelt froze wages, which made businesses offer corporate health insurance as a way to attract employees. That was followed by a series of tax breaks and incentives for corporate health insurance policies to become the most common way to get coverage.
Despite that, there are still benefits to a corporate health plans in Australia, as outlined above. The biggest difference will be how you communicate the benefits of the plan to your employees - be sure to give this some thought when you make plans for corporate coverage.
Why you can trust Finder's health insurance experts
We're free
Our health insurance engine is completely free to use. You pay the same as buying directly from the health insurer. Better still, we regularly run exclusive deals that you won't find on any other site.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and you can compare nearly every health fund in Australia on the site (and find a better deal).
We're here to help
Since 2014, we've helped 350,000+ people find health insurance by explaining your options simply. We'll never ask for your number or email to see prices. We're here to help you make a decision.
Frequently asked questions
Choosing the right corporate health plan can be hard for an employer. There are many options offered by several funds, and you'll need to decide whether to fund the plan yourself, share funding with your employees or let them pay for it all. The main factor to consider include:
The number of employees you have.
How willing they will be to participate.
Whether the plan is a true incentive to work for you.
Whether you have the time, money and resources to manage the policy if you choose to fund it yourself.
Most insurers that offer corporate health plans have whole teams dedicated to implementing and running them, including educating employees and organising health and wellbeing programs. If you don't have a lot of resources to throw at it yourself, a managed plan may be more beneficial. If you're still unsure, the best bet may be to get in touch with a health fund using one of the links in the table on this page, and having a chat.
Some small businesses shy away from corporate health plans, believing them to be only for large companies with a lot of employees. A corporate health plan can, in fact, benefit a business of any size due to the fact that it can be tailored to fit the available budget, the number of employees and the preferred type of funding.
If an employer is time poor, the administration can be taken care of by a broker, whose can help you by:
Finding the right plan that fits the businesses requirements.
Educating both employer and employees on its workings.
Providing an ongoing point of contact for advice and assistance and reducing costs.
Minimising risks and increasing the quality of the cover over time.
As well as providing affordable health insurance through a corporate health plan, employers can improve workplace health in a number of other ways including:
Identifying and eliminating sources of workplace stress such as harassment and bullying.
Improving the workplace environment by upgrading things like lighting and ergonomics and providing relaxation areas for breaks.
Recognising and rewarding good work and providing opportunities for advancement.
Creating a better work/life balance by providing more flexible hours or the option to work from home.
Choosing a corporate health plan that offers free or discounted access to health and wellbeing services and programs or initiating your own program for employees.
Many people mistakenly believe that they wouldn't qualify for a corporate discount on health insurance, when in fact there are a number of ways you can receive a discounted health plan. These include:
Through your employer and in some cases a previous employer
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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