Medibank boosts corporate health with new offerings

Medibank boosts corporate health with new offerings | Insurance Business Australia

Life & Health

Medibank boosts corporate health with new offerings

Healthcare program also expanded

Life & Health

By
Roxanne Libatique

Medibank has launched a new suite of corporate health insurance products, aligning with its broader 2030 goal to enhance health and wellbeing outcomes for Australians.

This latest offering is designed to strengthen the employee value proposition (EVP) for businesses, giving employees access to tailored health cover that addresses different life stages and financial needs.

“This new suite of products sets Medibank apart in the corporate health insurance market by providing market-leading health and wellbeing cover for our corporate customers and their employees,” he said.

The product line is structured around three core health journeys:

everyday wellbeing
needing help
experiencing care

According to Milisavljevic, these products were created based on direct feedback from corporate customers and collaboration with organisations that place a high value on employee health and wellbeing.

Companies recognise importance of investing in employees’ health and wellbeing

Milisavljevic noted that an increasing number of companies are recognising the benefits of investing in the health and wellbeing of their staff, especially in relation to mental health support as hybrid working arrangements become more common

“The corporate market is becoming more competitive as employers are looking for ways to differentiate to attract the best talent. Over the past decade, we are seeing more organisations understand the value and benefits they get out of looking after their employees’ health and wellbeing in a meaningful way,” he said. “These new products will help employers improve their competitive edge. We know that employees are expecting their employers to invest in their health and wellbeing, in particular mental health, as more people work a hybrid arrangement.”

He said that these programs could lead to lower absenteeism and higher employee engagement, contributing to better overall business performance.

“By supporting the health and wellbeing of their employees, employers can improve employee engagement and drive better business outcomes. The benefits that businesses see are far outweighed by the cost, such as decreased absenteeism, improved employee engagement, and retention,” he said.

Medibank corporate health cover’s features

The new corporate health cover includes features such as:

Additionally, the offerings include a Private Emergency Department Benefit that covers admission fees at private hospitals and a No Excess for No Gap program, which eliminates out-of-pocket expenses for specific medical services during hospital stays.

“We believe this new generation of corporate propositions will empower, connect, and incentivise people to prioritise their health, allowing them to bring their whole selves to work and live their best lives,” Milisavljevic said.

Residents of Hervey Bay now have access to surgeries with reduced wait times and without the financial burden of additional costs.

Milisavljevic stated that the initiative is aimed at providing greater choice and financial relief for customers, who have saved an average of $1,900 in out-of-pocket costs through the program.

St Stephen’s Hospital general manager Peter Wood welcomed the expansion, highlighting its significance for the local community.

“The Medibank No Gap joint replacement program is an exciting initiative because ultimately it provides an opportunity for those we care for to access the surgery they need close to home and with minimal wait time,” he said. “It also means patients can seek treatment and focus on their recovery without the added worry of additional costs. We welcome the opportunity to help get our patients back on their feet and doing what they love sooner.”