Australian health insurance company nib is giving back $40 million in health insurance claims savings to members.
It’s the second cashback from the company in two years, and more than 600,000 members will qualify for it.
The amount will begin hitting bank accounts in November and vary depending on the level of cover each member has. The amount will automatically be deposited into members’ nominated bank accounts.
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Members with hospital and extras combined policies will receive $71 on average, members with hospital-only policies $47, and those with extras-only policies about $15.
In addition to the cashback, the company also plans to invest another $5 million in targeted health management programs.
This will provide members with access to professional support services to manage cancer treatment, mental health, diabetes, cardiovascular conditions, and weight loss.
“The give back is in recognition of members’ reduced ability to access healthcare services during the COVID-19 pandemic,” nib Managing Director, Mark 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.”
The insurance company last year provided a $15 million COVID credit which also reflected pandemic-related savings made throughout that year. It was offered as a discount on premium payments from September 2021.
Earlier this year the company also delayed a premium increase from April to November and extended COVID cover to December.
“nib’s COVID-19 support package now totals around $145 million,” Fitzgibbon said.
“Further support may be offered in the future should circumstances allow. In healthcare, we are hoping for a return to normal, better health and well-being for our members, their families, and the communities we serve.”
Other cashback offers
Other insurance funds have also recently offered COVID-related cashbacks this year.
The 1.8 million Australian customers of health insurance fund HCF are set to receive a $130 million cash back payment before Christmas.
Meanwhile, 3.4 million Bupa customers will receive a total of $155 million in cashback payments from October.
Earlier this year, Medibank, HBF and CUA, and AIA also announced COVID-related cashbacks or refunds.