Nib is the 4th largest private health insurer in Australia and is one of the best known funds thanks to extensive advertising that specifically targeted young people. While nib offer above average cover for extras compared to other funds they do draw a comparatively large number of complaints about benefit payments to customers.
Every policy in the private health insurance market is a distinct product, and in different funds policies that look similar can vary significantly in the benefits they offer. Making a decision based on fund loyalty can mean you’re paying more for the exact same level of cover. When searching for private health insurance the best value cover can be found by comparing to find the right policy for your needs.
“I wanted to switch to a fund with better cover for physio because I work out a lot. Got a higher benefit limit and my local is a preferred provider. Feels good to know the cover’s working for me
Picture #3: Young man relaxing on park bench on a summers day.”
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nib (Newcastle Industrial Benefits) was established in 1952 and has become one of Australia’s fastest-growing health funds. It has over one million customers in Australia and New Zealand and makes up 8.1% of the private health insurance market share. nib OSHC (Overseas Student Health Cover) also provides private health insurance policies for international students in Australia. The fund recently announced plans to acquire GU Health, which boosted the nib share price. nib contact is possible both online and through their mobile app as well as over the phone.
nib’s mission is to offer affordable health care when and where it is needed. nib offer four levels of hospital cover (Basic, Standard, Advantage and Top) and three levels of extras cover (Core, Core Plus and Top). Compared to industry standards, nib offer above average cover for extras (dental, physio, chiro) and below average hospital cover.
Certain policies include an accidental injury benefit. If you seek treatment from a hospital Emergency Department within 24 hours of an accident and are admitted, nib will provide benefits in line with their top hospital cover for the next 90 days. You and the doctor will need to fill out an nib accident form. With nib extras, you receive either 60% (Core and Core Plus) or 75% (Top) back on extras every time you claim, up to your annual limit. For example, if you hold nib Core Extras cover a routine $200 dentist visit will put $120 back in your pocket after an nib dental claim. nib extras also offer additional benefits, such as 100% back on selected glasses and contact lenses through nib eye care.
The Private Health Insurance Ombudsman’s State of the Health Funds Report shows that nib made up 5.2% of service complaints and 7.8% of all complaints in the 2015-16 financial year. nib returns 85% of contributions as benefits to their customers, compared to the industry average 86.1%. Their membership retention is 79.9%, compared to the industry average 84%.
nib has a broad selection of hospital and extras policies, making it possible to create a highly customised package. The challenge is that health insurance can be complicated, so too much choice may backfire if we don’t know what we’re looking for. You can mix and match nib health insurance policies to come up with a great package, but it is likely to be a time-consuming process. Make comparing health insurance simple by using HealthInsuranceComparison.com.au, where you can let a sophisticated search engine do the heavy lifting.
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