Date Time
NIB to continue to notify consumers of health insurance changes which increase out-of-pocket expenses
The ACCC and NIB Health Funds Limited (NIB) have agreed to the ACCC’s Federal Court proceedings against NIB being discontinued after NIB committed to continue to provide advance notice to its members of policy changes which are likely to result in higher out-of-pocket expenses for consumers.
In these proceedings, the ACCC had alleged NIB engaged in misleading or deceptive conduct, unconscionable conduct and made false or misleading representations by failing to inform policy holders of its decision to remove coverage for certain eye procedures from its ‘MediGap Scheme’ in 2015. It was alleged that, as a result, NIB members who had undergone certain eye procedures were likely to incur increased out-of-pocket expenses. NIB had not given its members advance notice of the changes.
AN ARMCHAIR GUIDE TO BUDGET TERMINOLOGY
BUDGET: Like a household budget, it estimates government income and spending. Income is generated through taxes and investments. Spending is on things like welfare, schools, roads, health and defence.
BUDGET OR FORWARD ESTIMATES: The budget covers this financial year - the 12 months ending June 30 - and a further four-year period, known as the estimates. The first two years are forecasts, the latter two are projections.
GDP (gross domestic product): The value of a nation s output. As the economy grows, the government collects more revenue from company taxes and income tax. Things like deficits, revenue, spending and debt are often measured as a proportion of GDP.
Sonya Sawtell-Rickson, HESTA chief investment officer (CIO), said his appointment would continue to build on the internalisation program that would see management of fixed interest and cash begin to shift in-house in 2022.
“Stephen will be leading the next phase of our internalisation journey, as we move to internally manage fixed interest and cash instruments,” Sawtell-Rickson said.
“It’s exciting to have Stephen come on board as he has a proven track record of investing significant portfolios, managing highly successful teams and leading strategic thinking.”
Howard said he looked forward to joining HESTA and being part of an innovative and leading investment team with strong growth plans.
Nib Holdings May Need To Tread Carefully fnarena.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fnarena.com Daily Mail and Mail on Sunday newspapers.
Letâs put human rights before money and trade
Weâre sorry, this service is currently unavailable. Please try again later.
Dismiss
April 22, 2021 â 12.02am
Save
Normal text size
Credit:Illustration: Andrew Dyson
To submit a letter to The Age, email letters@theage.com.au. Please include your home address and telephone number.
CHINA
Letâs put human rights before money and trade
Human Rights Watch and Stanford Law School accuse the Chinese government of committing crimes against humanity in its systematic persecution and incarceration of 1million Uighurs in Xinjiang (The Age, 20/4). How long can our government treat this as a side issue in its pursuit of trade and financial gain? If the Uighurs were Jewish, not Muslim, would this alter our governmentâs views on our relationship with China? Perhaps, though, the lessons of pre-World War II Germany have not been learnt by a Coalition government which clearly places no value in the humanities.