One health insurer in deep trouble – NIB Holdings Ltd

In trouble for a deceptive conduct:NIB Holdings Ltd.’s (ASX: NHF) stock plunged by 4.6% on May 30, 2017. The Australian Competition and Consumer Commission (ACCC) has indicated to institute proceedings in the Federal Court against NIB’s Australian resident’s health fund, primarily in relation to a suspected failure in August 2015 to communicate to customers about limited changes made to its MediGap Scheme. Particularly, NIB failed to warn customers in advance that it had removed few procedures from its MediGap Scheme. One of the objectives behind the limited changes made to MediGap related to improved clinical practice. MediGap is a scheme in which doctors and other in-hospital medical providers can elect to receive a higher level of fee reimbursement subject to there being no “out of pocket” expense for the patient. On the other hand, NIB has rejected the allegations put up by the ACCC, and stated that the group worked collaboratively with the ACCC throughout its investigation and has already taken steps to address many ACCC concerns.   

 

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