In a world where the Covid-19 pandemic has forced many businesses to change the way they operate; one health insurance company is taking an innovative approach to return funds to their customers. nib health insurance company is returning $40 million in healthcare claims to more than 600,000 Australians due to reduced access of services during Covid.
This is a significant move by the company, which has said that the pandemic has resulted in a dramatic reduction in the use of healthcare services across the board.
In particular, there has been a significant drop in the number of people attending hospitals for elective surgery and other procedures.
After the healthcare service agreed to pay back, customers will see the cash boost in their bank accounts as soon as November.
The company also plans to invest an additional $5 million in targeted health management programs, in addition to the cashback.
“This give back is to show our appreciation for members who have had reduced access to healthcare services during the COVID-19 pandemic,” nib Managing Director, Mark Fitzgibbon said.
“We saw a significant reduction in the amount of hospital and healthcare treatment required. So far, the amount of money that has been spent on catching up on claims has been lower and slower than expected, so we are able to give back an extra $40 million to our members.”
Members will receive the decided payment amount at the end of November, depending on their level of coverage and policy.
The healthcare firm provided a $15 million COVID credit last year, which also reflected pandemic-related savings made throughout that year.