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Reviewed and updated 3 April 2024

About nib

What is nib?

NIB Health Funds Ltd (nib) is a private health insurer that operates as an open health fund

Background

nib began in the 1950s when workers at BHP Steelworks in Mayfield set up the Newcastle Industrial Benefits Hospital Fund and the Newcastle Industrial Medical Fund. In 1977, the insurer changed its name to NIB Health Funds Ltd after it amalgamated with the South Coast Medical Fund and the Hunter Medical Benefits Fund. 

nib expanded to Queensland, South Australia and the Australian Capital Territory in 1993.

In 2007, nib’s members voted in favour of de-mutualisation and it became the first health insurer to list on the Australian Securities Exchange (ASX). nib changed from a not-for-profit to a for-profit insurer.

nib has formed partnerships with Qantas, Apia and Suncorp to sell its health insurance under those brands. nib acquired GU Insurance, a specialist corporate private health insurer in 2017. nib recently partnered with ING Bank and Priceline.

The insurer provides health cover to almost 1.5 million Australian and New Zealanders and over 180,000 international workers and students in Australia.

nib claims to be one of Australia’s fastest growing health funds.

Who can join nib?

Anyone can join nib because it is an open fund.

What products does nib offer?

nib offers:

Do nib policies include Ambulance Cover?

nib includes emergency Ambulance Cover with:

  • Hospital Cover
  • Extras Cover
  • Combined Hospital and Extras Cover.

Is nib a not-for-profit health insurer?

No. nib is a for-profit health insurer.


Does nib operate in all Australian states and territories?

Yes. nib operates in all Australian states and territories.


Does nib sell its health insurance policies under other brands?

Yes. nib sells policies under many different brands, including:

  • AAMI 
  • Apia 
  • ING
  • Priceline
  • Qantas
  • Suncorp.

How does nib Hospital Cover compare with other insurers?

BenchmarksNIBIndustry average
Member retention for Hospital Cover81.9%88.6%
% hospital-related charges covered86.4%90.6%

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2022


Does nib have agreements with some private hospitals or day hospitals to provide services at low cost or with no out-of-pocket costs?

Yes. nib has agreements with a number of private hospitals that allow it to provide services to its members at low cost or with no out-of-pocket costs:

LocationNumber of private Agreement HospitalsIndustry maximum
ACT66
NSW9298
NT12
QLD5260
SA2023
TAS59
VIC6976
WA2124

nib also has agreements with a number of day hospitals so it can provide services at low cost or with no out-of-pocket costs:

LocationNumber of day Agreement HospitalsIndustry maximum
ACT89
NSW93103
NT22
QLD4557
SA2630
TAS88
VIC7279
WA2424

Source: nib: performance


How does nib Extras Cover compare with other insurers?

BenchmarkNIBIndustry average
% Extras Cover charges covered57.2%52.0%

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2022


How does nib compare with other private health insurers?

BenchmarksNIBIndustry average
Market share9.4%
% services with no gap91.8%88.8%
% services with no gap or where known gap payment made92.3%97.4%
Market share of complaints to the PHIO9.3%
% complaints investigated by the PHIO5.7%
Benefits as a % of contributions73.5%83.1%
Management expenses as a % of contribution income10.7%9.9%
Management expenses per average policy$374$375

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2022


Is nib a member of any industry organisations?

Yes. nib is a member of Private Healthcare Australia (PHA), a body that represents 20 registered health insurers and 97% of people covered by private health insurance.


Does nib let me claim online or via an app?

Yes. nib allows members to make a claim online or via the nib app.


How to contact nib

Phone:

13 16 42

Website:

https://www.nib.com.au

Email:

nib@nib.com.au

Address:

Level 5
22 Honeysuckle Drive
NEWCASTLE NSW 2300

Postal address:

Locked Bag 2010
22 Honeysuckle Drive
NEWCASTLE NSW 2300


Compare NIB Health Funds with other private health insurers

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