nib will return $15 million of its deferred claims liability to eligible members through a range of initiatives with the expected backlog of elective surgery yet to eventuate.
The chief executive of nib's private health insurance business, Ed Close, said the additional support reflects the company's promise to return the deferred claims liability to members.
“In line with requirements by our industry regulator, nib set aside funds to ensure we were able to pay for our members’ future healthcare needs as there was an expectation there would be a ‘catch-up’ in claims once COVID-19 restrictions eased,” said Mr Close.
“This anticipated claims experience has not eventuated in financial year 2021, which means we can return $15 million in claims savings to our members.”
The company said this latest $15 million brings its ongoing COVID-19 member and community support to date to a total of $60 million.
From 6 September 2021, almost 600,000 eligible nib members will receive premium relief in the form of a one-off COVID credit that will be applied to their next premium payment.
The amount nib members receive will differ across individual policies based on the member’s level of cover. Members with Hospital and Extras combined policies will receive up to $64, Hospital Only policies up to $48 and those on Extras only policies up to $13. On average this translates to $22 per policy.
“We know the past year has been difficult for many, particularly as lockdown and travel restrictions continue across most of the country. We hope our support offers some relief for our members at this time,” said Mr Close.
Members do not need to do anything to receive the COVID credit, it will be automatically applied to their policy. The company said it will contact all eligible members to provide details about their individual COVID credit early next month.
“As the pandemic continues to evolve, so too does the support we provide to our members so they can continue to access the healthcare services they need to keep on top of their health and wellbeing in what has been a very challenging 18 months,” continued Mr Close.
“We will continue to monitor the pandemic as it unfolds and will keep our members informed about any additional support options available,” he added.