nib announces return of $15 million in COVID-19 claims savings to members
nib Group (nib) today announced it will return $15 million of claims savings to eligible members as part of our ongoing COVID-19 member and community support package. Total support to date is $60 million.
From 6 September 2021, almost 600,000 eligible nib members will receive premium relief in the form of a one-off COVID credit which will be applied to their next premium payment.
nib Chief Executive - Australian Residents Health Insurance, Ed Close, said the additional support reflects nib’s promise to return claims savings to members in recognition of the impact of COVID-19 restrictions on their ability to access some health services.
“In line with requirements by our industry regulator, nib set aside funds to ensure we were able to pay for our members’ future healthcare needs as there was an expectation there would be a ‘catch-up’ in claims once COVID-19 restrictions eased,” Mr Close said.
“This anticipated claims experience has not eventuated in financial year 2021, which means we can return $15 million in claims savings to our members,” he added.
The amount nib members receive will differ across individual policies based on the member’s level of cover. Members with Hospital and Extras combined policies will receive up to $64, Hospital Only policies up to $48 and those on Extras only policies up to $13. On average this translates to $22 per policy.
“We know the past year has been difficult for many, particularly as lockdown and travel restrictions continue across most of the country. We hope our support offers some relief for our members at this time,” Mr Close said.
Importantly, members do not need to do anything to receive the COVID credit, it will be automatically applied to their policy. nib will contact all eligible members to provide details about their individual COVID credit early next month.
The COVID credit is part of nib’s COVID-19 member and community support package which has included a range of initiatives to support the health and wellbeing of our members and the community.
In recognition of the ongoing impact of the pandemic, nib has also extended elements of our package to ensure members can access telehealth services permanently as well as coronavirus-related hospital treatment and an added one-off psychology Extras benefit** at no additional cost until 31st December 2021.
“As the pandemic continues to evolve, so too does the support we provide to our members so they can continue to access the healthcare services they need to keep on top of their health and wellbeing in what has been a very challenging 18 months,” Mr Close said.
“We will continue to monitor the pandemic as it unfolds and will keep our members informed about any additional support options available,” he added.
nib’s $1.5 million community commitment in partnership with nib foundation has also been crucial in providing support to help meet the increasing demand for mental health services in Australia.
“We’re conscious of the impact of the pandemic on the mental health of our members, the community as well as our healthcare workers. That’s why we’ve partnered with organisations in this space, like Lifeline and the NSW Rural Doctors Network, who are providing the tools and services our community need right now to keep on top of their health and wellbeing,” Mr Close said.
“For example, our partnership with Lifeline Australia has helped over 13,000 Australians seek crisis support through their textline and people who used this service reported improvement in levels of distress, ability to cope, and connectedness,” he added.
For more information on nib’s COVID-19 support package, including COVID credit eligibility members can visit nib.com.au/covid19
nib COVID-19 member and community support package
$15 million in premium relief provided as a one-off COVID credit to eligible members.
$37.3 million in financial relief following the six-month postponement of our 1 April 2020 premium changes for almost 1.2 million nib members.
Almost 10,000 members who received JobKeeper and JobSeeker payments had their 1 April 2020 premium changes waived.
Over 12,000 nib members benefitted from an additional $2.4 million in financial assistance in the form of premium waivers or suspensions.
Ongoing access to telehealth services for nib members with Extras cover, including physiotherapy and psychology.
Expanded coverage for COVID-19 related treatment at no additional cost for over 550,000 members who do not hold policies that usually cover these services.
652,000 members with Extras cover received an extended one-off $300 minimum psychology benefit.
100,000 surgical facemasks provided to healthcare workers and allied health professionals in the Hunter New England and Central Coast Primary Health Network.
$250 frontline healthcare worker wellness rebate.
$1.5 million donated together with nib foundation towards community and clinical initiatives to support the mental health and wellbeing of Australians and Kiwis.
Over 120,000 free video telehealth conferences facilitated by healthcare professionals via GP Consults telehealth platform.
Provided up to two weeks special paid leave for nib Group employees, an ergonomics package to support their work from home set up as well as access to a number of health and wellbeing initiatives to help keep them connected and healthy while working from home.