Nib has further delayed its premium increase for its private health insurance members, which had a previous go-live date of 1 April
The next premium increase will take effect on 1 October. At 2.72%, this will represent nib's second-lowest premium price increase in 20 years, with the lowest within that timeframe remaining 2022’s 2.66% rise.
The deferral, which applies to over 651,000 nib members, is one of a range of measures nib has provided and is related to COVID-19 claims slowdown.
The insurer’s total COVID-19 support package stands at $181 million since March 2020, nib said in a news release.
“The deferral complements our two very low premium increases – at 2.66% last year, which was our lowest rise in 20 years, and 2.72% this year,” said nib CEO and managing director Mark Fitzgibbon.
Aside from delaying the premium rise, nib, like other health insurers, has been giving back to customers in COVID-19 savings. In September 2022, nib announced it would be returning $40 million to members’ bank accounts.
The insurer also debuted a one-off $15 million COVID credit in 2021.
It has also deferred premium increases, provided extra cover – including cover for COVID – at no additional cost, and provided psychology benefits.
Earlier in June, Bupa Health Insurance (Bupa) announced a $320 million COVID-19 cashback incentive for its customers. This initiative brought Bupa’s total customer pandemic support funding to $1.27 billion, the largest of any health insurer to date, according to the insurer.
