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2016 premium and health cover changes

2 minute read
Private health insurance annual price review 2016

UPDATE: Please see our 2017 Premium and Health Cover changes information

Like all health funds in Australia, every year we review our range of health covers to ensure that we continue to provide the benefits our customers need at prices that deliver value for money. Following this process, we apply to the Federal Minister for Health to review our premiums.

On Wednesday 2 March 2016, we received approval from the Federal Minister for Health to change our premiums effective 1 April 2016. All health funds in Australia are required to follow this process and review their premiums and cover at this time of the year so these changes will affect everybody.

These changes are necessary to keep pace with increasing healthcare costs. In financial year 2015 we returned almost 86 cents for every dollar received in premiums. This represents more than $1.2 billion in claims, state levies and compulsory payments to the government's risk equalisation scheme – 7.4% more than the previous year.

When will I receive my Premium and Health Cover notification?

On Wednesday 2 March 2016, we received approval from the Federal Minister for Health to change our premiums. We are working towards sending notification of these changes to you as soon as possible. Notification will be sent by your preferred method of correspondence (email or mail).

I want to review my health cover

As your life changes so do your health cover needs. We encourage customers to review their health cover at least every two years to ensure it meets their current needs.

There are a number of ways to contact us to receive a free review of your health cover. Please be aware at this time of year there may be longer than usual wait times to contact us. You can also check out our guide to comparing health insurance.

Why stay with nib

Our more than 1 million customers have access to:

  • Unlimited emergency ambulance (conditions apply)
  • Around 80% of private hospitals around Australia
  • Over 146,000 nib recognised Extras providers
  • The latest App to claim, view and manage your policy on your smartphone

Find out more about the value of your nib cover.

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