nib Group (nib), one of Australia's top 10 private health insurance (PHI) providers in 2022, will return $40 million in health insurance claims savings.
Since the COVID-19 pandemic started, nib set aside funds to help cover costs for any claims catch up once healthcare and ancillary services returned to normal.
nib managing director Mark Fitzgibbon said more than 600,000 members are eligible for the latest giveback, which will be deposited into members' bank accounts by November 30, 2022.
“We saw a significant reduction in hospital and healthcare treatment [during the pandemic],” Fitzgibbon said. “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.”
Last year, nib provided $15 million in a one-off COVID credit, applied as a discount to premium payments from September 06, 2021 – reflecting claims savings made during the year.
This year, nib continued to support its members in other ways, including delaying premium increases early this year. Meanwhile, its premium increase of 2.66%, effective November 01, 2022, is the insurer's lowest in 20 years. It also extended its COVID-19 cover to December 2022, with telehealth services – launched at the beginning of the pandemic – here to stay.
Aside from giving back $40 million to its members, nib will increase its investment in targeted health management programs by $5 million, enabling its members to access professional support services for cancer treatment, mental health, diabetes, cardiovascular conditions, and weight loss.
“In healthcare, we are hoping for a return to normal [and] better health and wellbeing for our members, their families, and the communities we serve,” Fitzgibbon said.
