Trying to cancel

nib

? Avoid the runaround.

As a nib member, you can cancel your health insurance policy anytime without facing lock-in contracts. The main requirement is that only the primary policyholder can request cancellation. nib usually asks for confirmation either through your secure online account or in writing.

New policyholders enjoy a 30-day cooling-off period: if you cancel within these 30 days and haven’t made claims, you’ll receive a full premium refund. After the cooling-off period, nib continues to provide refunds on a pro-rata basis for unused premiums—meaning you only pay up until your cancellation date.

For members with Overseas Student Health Cover (OSHC) or Overseas Visitors Health Cover (OVHC), extra documentation may be required, such as proof of visa cancellation or departure from Australia.

If you’re switching to another health fund, nib generally coordinates with your new insurer to ensure a seamless cancellation and transfer.

Follow these straightforward steps to smoothly cancel your nib health insurance:

1. Choose Your Method (Online or Phone):
   
   
   • Online: Log in to your account at my.nib.com.au, navigate to "My Policy," and select the "Cancel Policy" option.
     
     
   • By Phone: Call nib customer service at 13 16 42 (within Australia). Provide your membership details and specify your cancellation date.
     
     
2. Prepare Your Details:
   Have your nib membership number and personal information ready, plus your chosen cancellation date. You don’t need to justify your reason unless you choose to.
   
   
3. Provide Written Confirmation (if required):
   nib may request written confirmation via email or your secure online account. Respond promptly to ensure smooth processing.
   
   
4. Confirmation & Documentation:
   After initiating cancellation, nib will provide a confirmation email or letter with your cancellation date. Keep this confirmation for your records. If you don’t receive confirmation promptly, follow up with nib customer service.
   
   
5. Check for Premium Refunds:
   nib automatically processes refunds of any premiums paid beyond your cancellation date. Refunds typically appear in your account within 5–10 business days.
   
   
6. Final Steps & Future Considerations:
   If switching funds, provide your nib details to your new insurer. They'll request a transfer certificate from nib (usually issued within 14 days). Remember to cancel direct debits to prevent accidental charges.
   

Key timing considerations when cancelling your nib policy:

• 30-Day Cooling-Off Window: Cancel within 30 days (without claims) for a full refund.
  
  
• Billing Cycle Considerations: Cancel before your next premium payment date to avoid unnecessary charges. Aim to cancel several days ahead of your billing cycle for ease.
  
  
• Effective Cancellation Date: You can choose immediate cancellation or schedule it for the end of your current billing cycle. nib typically accommodates your requested date.
  
  
• Refund Processing Time: Refunds usually appear within 5–10 business days post-cancellation, though OSHC/OVHC refunds may take slightly longer due to additional paperwork.
  
  
• Transfer Certificate Deadline: nib issues your transfer certificate within 14 days after cancellation if you're switching to another insurer.
  
  
• Yearly Premium Changes: nib usually increases premiums around April 1 annually. Consider cancelling before this date if planning to leave.
  

nib does not impose any special cancellation or exit fees for ending your health cover:

• No Exit Fees: nib doesn’t charge any administrative or cancellation penalties for standard health insurance policies.
  
  
• Premiums Up to Cancellation: You only pay for coverage up to your cancellation date. Any prepaid premiums beyond that are refunded in full.
  
  
• OSHC/OVHC Considerations: Overseas cover cancellations may involve minor admin deductions following government guidelines. Check specific OSHC/OVHC policy documents for details.
  
  
• Ancillary Products: Separate rules apply for nib dental, life, or travel insurance - always verify these product terms independently.
  
  
• Bank & Transaction Fees: Avoid dishonour fees from your bank by ensuring direct debits are stopped post-cancellation.