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2017 premium and health cover changes
3 minute read
UPDATE: For an update on this year's changes, please visit our new article - 2018 premium and health cover changes.
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.
nib will be increasing health insurance premiums by an average of 4.48%.
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The changes are effective from 1 April 2017.
Why is my health insurance premium increasing?
No one likes to hear that their premiums are increasing; however these changes are necessary to keep up with increasing healthcare costs.
The cost of hospital procedures continues to increase each year, as does the amount of benefits paid to our nib members. On top of this, reduction in government rebates mean the price you pay is set to increase.
In financial year 2016 we returned almost 85 cents for every dollar received in premiums. This represents more than $1.4 billion in claims, state levies and compulsory payments to the government's risk equalisation scheme – 5.5% more than the previous year.
Are there any other changes to my health cover?
There are no changes to services or annual limits as part of this year’s review.
How will I know what my premium increase is?
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).
When will my premium increase take effect?
1 April 2017
Why should I review my cover each year?
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.
You can 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 70% of private hospitals around Australia
- Over 146,000 nib recognised Extras providers
- The nib app to claim, view and manage your policy on your smartphone