Hundreds of thousands of Australian women will have access to another affordable contraception option as a vaginal ring is added to the government's medication subsidy scheme for the first time.

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The NuvaRing is a prescription contraceptive method which is inserted into the vagina by the user and distributes hormones to stop ovulation.

It can be used for three weeks in a row before being removed for a week, and a new one is then inserted.

Used correctly, the ring is is 99.5 per cent effective, which is similar to other hormonal contraceptive op

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