- nib health funds (NHF) has received approval to increase health insurance premiums from the Federal Minister for Health by an average of 2.66 per cent
- This marks its lowest premium change in two decades
- Managing Director Mark Fitzgibbon says the company may defer the premium increases for three months
- NHF’s health cover reportedly remains lower following the 2022 premium increase compared to the industry average premium base
- Shares closed 1.3 per cent higher today at $7.02
nib health funds (NHF) has received approval to increase health insurance premiums from the Federal Minister for Health by an average of 2.66 per cent, its lowest premium change in two decades.
Managing Director Mark Fitzgibbon said the company is considering deferring premium increases for three months in recognition of the ongoing impact COVID-19 has had on its members.
The company’s health cover reportedly remains affordable compared to the industry average premium base. Following the 2022 premium increase, nib’s annual average premium per single equivalent units is estimated to be $2484, compared to the industry’s $2657.
He also announced a range of government led reforms it will be introducing next year.
“We’re supportive of any changes that enhance the sustainability and value of health cover including increasing the maximum age of dependants to 31 and removing the age limit for dependants with a disability,” he said.
“We’re also passing on anticipated savings from Prostheses List reforms through lower than otherwise premium increases this year.”
Mr Fitzgibbon said it will also extend elements of its COVID-19 support package.
“While ever the pandemic persists, we’ll provide additional support to help our members manage their health and well-being.”
Shares closed 1.3 per cent higher today at $7.02 each.