Members of nib Group will get their share of $40 million in health insurance claims savings.
Managing director Mark Fitzgibbon said more than 600,000 nib members would qualify for the give-back, which would be deposited into members’ bank accounts in November.
“The give-back is in recognition of members’ reduced ability to access healthcare services during the COVID-19 pandemic,” Fitzgibbon said.
“We saw a significant reduction in hospital and healthcare treatment.
“To date, the volume of catchup in claims has been lower and slower than expected, which is why we’re able to return a further $40 million to our members.”
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From the beginning of the pandemic, nib set aside funds to help cover costs for any claims catchup once health care and ancillary services returned to normal.
Last year, nib provided $15 million in a one-off COVID credit, reflecting claims savings made during that year.
The credit was applied as a discount to premium payments from September 6, 2021.
How much will you get back?
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 $7. Those with Hospital Only policies will receive around $47, and those on Extras Only policies $15.
“This was an extraordinary period that had wide-reaching impacts across society and nib’s COVID-19 support package now totals around $145 million,” Fitzgibbon said.
“Further support may be offered in the future, should circumstances allow.”
Bupa and HCF customers also get refunds
This comes after both Bupa and HCF announced they would also be returning COVID claims savings to customers.
Bupa is returning $315 million and HCF is returning $130 million.
If you’re a Bupa member and are eligible to receive money back, payments will start from October 2022 and should range between $35 and $314, depending on your level of cover.
If you’re an HCF member you will receive more information from your fund in November about the cashback offer.