Health insurer nib has announced it will postpone increasing its health insurance premiums until September to provide financial relief to Aussies struggling with the economic impact of COVID-19.
Announcing its decision to the market this morning, nib said it would defer the fee hike until September 1, 2022.
Originally health insurance premiums were approved to change from April 1, where they would increase by 2.66 per cent on average.
After September 1, when the premiums take affect, it is estimated that the annual average premium per single unit would be $2,484.
Managing Director Mark Fitzgibbon said postponing the fee hike “was the right thing to do” given that many healthcare services were currently suspended to avoid the spread of COVID-19.
“It’s a highly stressful time and I don’t want to downplay the financial toll it’s having on our members,” Mr Fitzgibbon said.
“We also recognise that many healthcare services have been suspended or delayed which has impacted our claims experience and risk equalisation commitment.
“By deferring premium increases we’re making good on our commitment to returning any permanent savings to our members.”
Members of nib will be notified of the premium postponement and the changes will be automatically applied to their health cover policy.
The nib Group is one of the largest health insurance providers in the country, providing cover to 1.4 million members across Australia and New Zealand.