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2020 health insurance premium changes

6 minute read
young people eating fruit at a cafe discussing nib's premium increase 2018

Every year in Australia, private health funds review their range of health covers, including the benefits they provide and the premiums required to cover these costs.

At nib, we always take this opportunity to ensure we’re providing health covers that continue to give our members the best value for money. We aim to provide a range of benefits, services and inclusions that make being an nib member worthwhile, ensuring we’re here for you always, but especially when you need us most.

COVID-19 premium increase postponement

On 30 March 2020, we announced that we’ll be postponing premium increases for our Australian residents health insurance (arhi) members for six months. The average premium increase of 2.90% was meant to come into effect from 1 April 2020.

The decision to postpone this year’s increase complements nib’s member and community support package, which aims to support our members during the COVID-19 crisis. Learn more about the COVID-19 support package.

We will be directly contacting all members to advise them of the change and ways we can support them, particularly if they are experiencing financial hardship. Members are encouraged to contact us to discuss available assistance on 13 14 63 or by emailing [email protected]

What do members need to do to postpone their premium increase?

The postponement of premium changes for six months will occur automatically, there is nothing our members need to do.

Why has this change been made?

Our focus is to help provide immediate assistance and relief for our members, many of who are facing a lot of uncertainty. We are doing as much as we can to help them maintain their cover and more broadly, stay safe and healthy. We have been monitoring the COVID-19 pandemic closely to ensure we continue to provide support in the best way possible for our members while offering access to essential health services. As such, the decision was made to postpone premium increases for all members for six months from 1 April 2020.

I paid my premium in advance, what does this mean for me?

nib members can pre-pay for up to 12 months and receive the same premium, prior to any price changes. The announcement today is that nib will postpone the planned 1 April 2020 premium increase for six months. This means members who pre-paid for 12 months will still be entitled to the previous rate for the duration of the pre-paid period.

Will these changes be postponed further if the COVID-19 pandemic is still ongoing in six months?

We are monitoring the COVID-19 pandemic closely and will continue to review the best ways to support our members during this difficult time.

Prior to October, we’ll work with the Department of Health to review the measure after reassessment of demand for non-emergency surgery and the impact of COVID-19 on the Australian health system.

If you’d like more information about nib’s COVID-19 member support package, see all the details here or check out our guide to saving money on your health insurance for tips on how to get the most out of your cover.

We’re here to help, so if you need further assistance call 13 14 63 to talk to one of our private health insurance experts or email [email protected]

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