Private health insurers operate in a regulated environment, where each year, they are required to make an application to the Federal Minister for Health to review premiums. Any changes must receive approval from the Federal Minister for Health prior to implementing.
Our underwriter, nib health funds, received approval to increase premiums in December 2019.
To help reduce financial pressure on our members during the coronavirus pandemic (COVID-19), we postponed this year’s health insurance premium increase from 1 April until 1 October 2020.
With the six-month deferral now ended, our annual premium changes will apply to members from 1 October 2020.