nib to return $40 million in claims savings to members

nib to return $40 million in claims savings to members

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

nib Managing Director, Mark Fitzgibbon, said that more than 600,000 nib members will qualify for the give back, which will be deposited into members’ bank accounts.[1]

“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.”

From the beginning of the pandemic, nib set aside funds to help cover costs for any claims catch-up once healthcare 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.

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 $71.00; those with Hospital Only policies $47.00, and those on Extras Only policies $15.00.

What does this mean for Billy Explores fans?

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