nib to return $40 million in claims savings to members

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nib has announced it will return a further $40 million in health insurance claims savings to members.

Managing director Mark Fitzgibbon said that more than 600,000 of the company's members will qualify for the giveback that will be deposited in their bank accounts.

“The give back is in recognition of members’ reduced ability to access healthcare services during the COVID-19 pandemic,” said Mr Fitzgibbon. “We saw a significant reduction in hospital and healthcare treatment.

“To date, the volume of catch-up in claims has been lower and slower than expected, which is why we’re able to return a further $40 million to our members.”

nib said it provided $15 million in a one-off COVID credit last year, reflecting claims savings made during that year. The credit was applied as a discount to premium payments from September 6, 2021.

The amount nib members receive in November will depend on their policy and level of cover. Members with Hospital and Extras combined policies will receive on average about $71. Hospital Only policies $47 and Extras Only policies $15.

nib delayed a premium increase that was due in April. The average increase of 2.66 per cent will come into effect from 1 November 2022.

“This was an extraordinary period that had wide-reaching impacts across society and nib’s COVID-19 support package now totals around $145 million,” continued Mr Fitzgibbon. “Further support may be offered in the future should circumstances allow.

“In healthcare, we are hoping for a return to normal, better health and wellbeing for our members, their families, and the communities we serve,” he added.