nib postpones premium hikes as COVID-19 persists

nib postpones premium hikes as COVID-19 persists | Insurance Business Australia

nib postpones premium hikes as COVID-19 persists

Health insurer nib has announced it will not increase its health insurance premiums as the COVID-19 pandemic continues to hit Australia’s economy.

Originally, health insurance premiums were permitted to change from April 01, increasing by 2.66% on average.

However, nib plans to postpone the premium hike until September 01, 2022, to provide financial relief to customers struggling with the COVID-19 pandemic’s impacts.

nib managing director Mark Fitzgibbon said postponing the premium hike “was the right thing to do” as Australia continues to deal with the financial and economic pressures brought by the pandemic.

“It’s a highly stressful time, and I don’t want to downplay the financial toll it’s having on our members,” Fitzgibbon 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.”

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In addition to postponing premium hikes, nib has extended its COVID-19 support package until December 31, 2022, which 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,” Fitzgibbon said.

nib will notify eligible members of the premium postponement, with the changes automatically applied to their policy.