Nib to return $40m in claims savings to members

Nib Group (nib) has announced that it will return a further $40 million in health insurance claims savings to members.

Managing director of the bank, Mark Fitzgibbon, revealed that over 600,000 members will qualify for the give-back.

“The give-back is in recognition of members' reduced ability to access healthcare services during the COVID-19 pandemic,” Mr Fitzgibbon said.

“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.”

It comes after nib provided a one-off COVID credit of $15 million — made up from claims savings made during the year — which was applied as a discount to premium payments from 6 September 2021.

The amount that members will receive from nib will depend on their policy and level of cover; members with hospital and extras combined policies will receive on average about $71, those with hospital-only policies $47, and those on extras-only policies $15.

In addition to the $40 million give-back, the bank has also announced a $5 million increase to its investment in targeted health management programs.

“This was an extraordinary period that had wide-reaching impacts across society and nib's COVID-19 support package now totals around $145 million,” Mr Fitzgibbon said.

“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.”

The COVID give-back will be automatically paid to the nominated bank account of eligible members by 30 November 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.