Premium Price Changes
Your health cover premium is increasing on 1 April 2024
Every year, all private health insurers across Australia review their premiums and can submit changes for approval to the Federal Minister for Health and Aged Care. Find out more about the reasons for this change.
Why are premiums increasing?
Over the past few years, we delayed the implementation date of price changes to help support members through the impacts of COVID-19. We're now returning to the standard timing of reviewing premiums, with any changes to be effective on 1 April.
The rising cost of inflation
We understand that premium increases are never welcomed. However, the cost of inflation is one of the biggest contributors to the change to your health insurance premium.
Staying ahead of claim costs
While we continue to work hard to keep premium increases as low as possible, this year’s increase is needed so that we can keep pace with claims. This means we can continue to pay claims when members use their cover.
Healthcare costs
We are anticipating a rise in healthcare costs over the next 12 months. This includes medical treatments and services, medical equipment and technology (including things like surgical equipment and prosthetics) and improved wages for nurses and medical staff.
How can I reduce my premium?
There are several ways you may be able to reduce your premium payments. Please note, suggested methods listed may not be applicable to all members and may require additional conditions.
Head to your member account to:
Lock in your premium
Locking in, also known as Rate protection, allows you to pay your premiums up to 13 months in advance unless a financial change is made to the policy. Pay prior to 1 April 2024 and you can lock in your current pricing before the premium rate change.
Review your policy
It’s a good idea to regularly review your policy to make sure you’re still covered for the things you need – and that you’re not paying for things you don’t. You could also increase your hospital excess, if available. Review your current cover by logging in to your member account or contacting us to discuss your options. Find out more about when to review and update your health cover.
Update your payments
If you pay by direct debit from your bank, building society, credit union cheque or savings account you can access a 4% discount (not applicable to Ambulance only or Overseas covers). You can also adjust when and how frequently your premiums are taken to better suit your pay cycle or payment preferences.
You can also contact us to check if you’re eligible for financial suspension.
How to make the most out of your cover
As your health partner, we’re committed to providing you with a range of tools and services to help you maximise your cover.
Use the nib First Choice network
Help reduce your out of pocket expenses with our large network of health providers¹.
nib First Choice providers offer competitive fees¹ for many commonly claimed treatments and consultations.
Access to No and Known Gap schemes
If you need to go to hospital, our No and Known Gap networks aim to reduce gap payments for specialist fees in participating hospitals across Australia², such as:
Medigap
Clinical Partners
GapSure Anaesthetists
GapSure Cardiology.
Discover Health Management Programs
We offer eligible members access to a range of programs at no additional costs to suit your needs – whether it's to help get you in shape, keep you out of hospital, improve your physical and mental wellbeing or to aid a quicker recovery after you've been in hospital.
Access health and wellbeing tools
Explore a range of health and wellbeing resources to help you lead your healthiest life. Check your symptoms in minutes with nib Symptom Checker, book your next GP telehealth appointment and access personalised health insights with our free online skin or health checks. Find a health and wellbeing service tailored to your needs.
More member benefits
Get more from your health cover with access to our health tools, programs and more discounts on optical, dental and more.
Frequently asked questions
How we’re innovating healthcare together
Your premium payments play a vital role in helping nib fund the latest advancements in technology and data science.
Not only do you have access to better choice and quality healthcare services, but you’re also contributing to healthcare innovations that have the potential to improve your health outcomes.
Through the investments we've made so far, our members have gained access to a range of health management tools, programs and clinical support.
With our services like Telehealth, nib Health Care @ Home and Health Management Programs, we're redefining accessibility and making sure you can receive the care you need.
Key statistics from Financial Year 23
More than 87,000 nib members engaged with our health and wellbeing services, up from 49,000 last year.
This included:
more than 19,000 members enrolled in health management programs
around 26,000 completed a HealthCheck assessment, and
about 42,000 enrolled in general wellbeing support programs.
We’re here to help
We’re committed to being here for you, offering guidance and support at every step of your journey towards better health and wellbeing.
Disclaimers
^Figures are general claims statistics taken for the full financial year July 1 2022 – June 30 2023 for nib Health Insurance, including nib Corporate Private Health Insurance, Real Health Insurance, Australian Seniors Health Insurance, GU Health Insurance, Qantas Health Insurance, AAMI Health Insurance, APIA Health Insurance, Suncorp Health Insurance, Priceline Health Insurance, ING Health Insurance.
1 nib First Choice providers offer competitive fees for many commonly claimed treatments and consultations. These fees are reviewed at least annually and are subject to change. Always check nib.com.au/find-a-provider or the nib App before booking to see if your provider participates or simply ask your provider if they are part of nib’s network at the time of booking. Providers occasionally leave the nib First Choice network so it’s important to check before booking to avoid disappointment. Annual limits, waiting periods & T&Cs apply.
2 Coverage may differ depending on your level of cover and policy exclusions, waiting periods, hospital excess and limits and whether you go to an nib Agreement Hospital, a non-agreement private hospital or a public hospital. Out-of-pocket expenses may apply.