NIB Group will return $40 million in health insurance claims savings to members in "recognition" of their reduced ability to access healthcare services during the COVID-19 pandemic.
More than 600,000 nib members will qualify for the "give back", which managing director Mark Fitzgibbon said would automatically be deposited into their nominated bank accounts by November 30, 2022.
Last year, nib provided $15 million in a one-off COVID credit for premium payments.
"We saw a significant reduction in hospital and healthcare treatment," he said. "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 amount nib members receive in November will depend on their policy and level of cover. Members with combined hospital and extras policies will receive about $71 on average; those with hospital only policies $47, and those on extras only policies, $15.
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