nib has announced it will postpone its annual premium increase for private health insurance premiums from 1 April to 1 September.
Health minister Greg Hunt recently announced an average annual increase of 2.7 per cent in 2022. nib's average approved premium increase was 2.66 per cent.
"The premium postponement will take nib’s COVID-19 member and community support package to a total of more than $90 million," said the company in a statement.
Managing director Mark Fitzgibbon described the postponement as "the right thing to do given the ongoing financial and economic pressures COVID-19 had placed on the community."
“It’s a highly stressful time and I don’t want to downplay the financial toll it’s having on our members,” he said.
“We also recognise that many healthcare services have been suspended or delayed which has impacted our claims experience and risk equalisation commitment. By deferring premium increases we’re making good on our commitment to returning any permanent savings to our members.”
nib recently announced the extension of its COVID-19 support package to 31 December 2022. This includes expanded cover for COVID-19 related treatment and psychology Extras benefits for eligible members.
“As the pandemic continues to evolve, so has the support we’ve provided to our members,” added Mr Fitzgibbon.