NiB currently allow new customers to waive 2 and 6 month waiting periods. Does this mean we can claim on the policy start date and then cancel the following day?
If so how do we do this seamlessly? Presumably it would take a couple of days for the card to be delivered? Can we claim using some online card if the physical card hasn't been delivered yet?
I don't really understand.
NIB is offering this on Extras.
https://www.nib.com.au/docs/join-offer-terms-dec-2021-jan-20…
What do you plan to do in a day? Hit the Dentist/Optician/Podiatrist/Physio etc?
16. The Promoter reserves the right to disqualify any
persons that provides false information or who
seeks to gain an unfair advantage or to manipulate
this Waiver.
Not dentist/optician/podiatrist/physio all in the one day. Probably just one of them. Wondering if anyone has done this before and if it is possible.
Well, say you sign up and pay just after Midnight for Hospital and Extras, and even then if they give you an Online or Virtual Card for your Phone app.
Then you would need to book an appointment with a Provider (could take a few days to a week).
You might need to pay the provider upfront and then try claiming the extras benefit back.
Then, subject to (16.) above, is it really worth it?
Booking an appointment shouldn't be a problem as the practice I go to is not very busy. NIB also allows you to choose the policy start date so it doesn't have to be the same day you sign up.
Assuming they give a virtual card and the provider has HICAAPs (instant on the spot claiming at the practice), the only complication is clause 16 which you pointed out above.
If fellow ozbargainers have done this in the past and it's worked, seems worth it to me. But otherwise, I don't want to be the first to risk it lol.
@brainactive: The 2 and 6 month waiver is central to the NIB promotion.
To then use a clause to disqualify someone for making a claim pursuant to the promotion would seem to be contrary to the central tenet of the promotion - a promotion when you're not having a promotion.
I am confident that the Australian Competition and Consumer Commission (ACCC) and the Private Health Insurance Industry Ombudsman (PHIO) would be interested in any claim knocked back based on the above clause.
It's just a scare tactic - nothing more.
You are free to sign-up, take advantage of the promotion, then cancel.
Note that you can't make a claim until you are financial (have paid your premium). You would then have to seek a refund for any unused premium.
@YesPleaseThankYou: I don't think the promotion is all bad, but it shouldn't invite "hit and run" "Members" who really want membership for a day either…
@holdenmg: NIB offered the 2- and 6-month waiver inviting the very behaviour we are discussing.
NIB must, consequently, wear the cost of the related member behaviour (just as NIB consequently reaps the reward of premiums obtained through the promotion).
NIB can't have it both ways.
@brainactive: The NIB app is very good. Snap a picture of the receipt and they pay you back pretty quick.
Probably have to pay full price upfront if you don't have a card to run it through HICAAPs. Looks like they have a digital card now too - https://www.nib.com.au/mobile-apps/digital-card
https://www.nib.com.au/the-checkup/how-to-claim-on-the-nib-a…
PDS?
OzB NIB
No, if it's like most insurance policies (they're all bound by similar terms), you can't get a refund on the policy if you've already made a claim.
Incorrect.
Once you cancel your policy, you get a refund for unused (prepaid) days.
You just can't get a full refund (that is, for days prior to the date of request of the cancellation).
See clause C8.3(a), here https://www.nib.com.au/docs/fund-rules.
C8.3 Refund of Premiums
(a) nib may in its discretion refund any Premiums paid beyond the date of cancellation or termination of a Policy when a Policy is cancelled if requested to do so by the Policy Holder in writing.
As for discretion, that's another NIB scare tactic.
PHI is designed to be portable (you can move around from insurer to insurer for the best deal). See, for example, what NIB says here about refunds https://www.nib.com.au/the-checkup/switching-health-insuranc…
I’ve paid my cover in advance with my old fund, will I lose this?
If you’ve paid your private health premiums in advance and decide to transfer your policy to nib, your old health fund should refund you the excess money you’ve paid.
So does C8.3(a) Refund of Premiums mean that it is pro-rata or at their discretion subject to clawback?
i like the way you think op. the world needs more people like you.
how about actually paying for your service and not trying to find a loop hole. These losses by insurance companies just get passed onto other users and increase their premiums.
Same guy who posted an ad to sell iphone -__-
Yeah but by the same token do you have any idea how many BS private hospital admissions for “falls for investigation” happen every year due to granny dumping.
The 70 and up cohort are responsible for the majority of healthcare payouts in private land and as a proportion of claims pay the least premiums.
Time for young people to milk the system legally as well.
But then granny dumping is because young ppl can't be bothered caring so just dump them in the hosp. It isn't the elderly fault…
Well it’s not the young people’s responsibility in Australian society like it is in others.
Well it’s not the young people’s responsibility
Doesn't matter whose responsibility it is, it's who will end up paying for it.
I think they'll charge you with what the can get away with regardless. I don't have sympathy for insurance companies because they look for any reason to not pay out and are there more to make money than to provide insurance. I wouldn't do this and i don't know OP's situation, but if our healthcare was better and actually universal (access to dental, optical, physio etc.) and we aren't expected to save all our money just to get a deposit on a house, then maybe they wouldn't have to resort to this. I know I wouldn't do it cause I can afford it but if I really need physio or dental work and wouldn't be able to afford to eat if I paid them, then maybe I'd look at doing this.
FYI - insurance companies, unless they are not for profit are looking to make money off people taking out insurance policies. They are a BUSINESS after all. Insurance, for the most part, is a "just in case" thing. You needn't have sympathy for insurance, but trying to actively take it for all it's worth and exploit the waiver, like the OP is extreme. Btw, I agree that out health care system isn't truly Universal but it's a lot beter than many out there, even in the developed world. The Governemnt has to draw a line somewhere. I think there's a lot of minor tweaks that could be made to make it a lot fairer.
The government can start by not trying to privatise it so much and use the money people pay for insurance and the money they give these insurance companies to improve the healthcare system. Dental has been shown to contribute greatly to health so yearly checkups should be at least free to encourage dental hygiene. Our healthcare is only good if you need a quick visit to the GP or you're in a life or death situation, anything in between and you're out of pocket. My mum has spent probably close to 50k in the past 15 years in surgeries because the healthcare system wouldn't do anything or the wait was too long.
It's funny that these businesses will happily exploit tax loopholes by the government, accept money or use small details in contracts to avoid payouts but when a person, who is probably in need to some health treatment they can't afford and despite everyone's belief of universal healthcare, we don't really have and they need to exploit a detail in insurance policies, ozbargain comes to their rescue. On the other hand, companies that avoid tax are just smart.
You needn't have sympathy for insurance, but trying to actively take it for all it's worth and exploit the waiver, like the OP is extreme
Isn't that what everyone does? Didn't people buy properties to minimise the amount of tax they pay? I've heard of people tax deducting COFFEE.
I signed up to Medibank (Hospital + Extras) on 30th Dec last year and was able to use the optical allowance which resets on 1st Jan every year. It took about a day for the membership, etc to be setup, and I only received login to app around midday on 31st Dec. This in turn allowed access to digital card in app, however, I was not able to claim with it straight away as it took almost a week for the financials/payment to be recognised. I had to pay full price at optometrist initially but was able to make claim via app a few weeks later and did get benefits back.
In summary, I think you would need to hold the policy around a minimum of about to 2 weeks before cancelling. If you do this in late Dec/early Jan, you can possibly use 2 years worth of limits. Note, I didn't cancel myself and still hold this policy, but appears that's how it should work.
I work for a health fund and unless you are planning to purchase a high extras policy you are going to save very little on a trip to the dentist, check what work you are wanting to get done, is it actually covered under the 6 month waiting? Majority of dental high cost is covered under 12 month waiting period which is why that waiting period is not waived. Get your item codes off your dentist and you should be able to get a quote on nib's website on your out of pocket expenses then you can do the math!
Also note, it says this on the NIB home page:
Skip the wait
We'll waive the 2 and 6 month wait on Extras when you choose any Hospital + Extras cover online by 31 January.
So you can start claiming right away!
It doesn't get clearer than that.
Get some glasses and go for your dental check-up :)
Has people figured there are two type of covers?
- hospital, and this is 'mandatory' for people earning 90k+, otherwise the government will put a medicare surcharge ontop of your tax bill.
- extra, optional cover. In most cases, one will better off not take out this cover and pay for whatever out of own pocket.
Welcome to Nib help line. Read the PDS.