Medibank has today announced it is returning a further $160 million to customers this year as part of its give-back program.
Customers can get anywhere from $50 to $255 through the cash back, about $50 for eligible extras-only policies and about $130 for eligible hospital and extras policies.
On average, it will be about $50 for eligible extras-only policies and about $130 for eligible hospital and extras policies.
The health insurer will contact eligible customers with details of their payment, which will be automatically deposited into their bank accounts.
Customers will receive the payments by the end of September.
Resident Medibank customers who hold an active hospital or extras policy on June 30 will be eligible for the cash back.
The initiative is funded through the COVID-19 permanent net claims savings, reducing the reserve balance by $160 million.
Medibank committed to not profit from the pandemic while customers’ ability to make claims was impacted, chief customer officer Milosh Milisavljevic said.
“While COVID restrictions have eased over the past couple of years, we are still seeing slightly lower than expected claims levels, which is why we are announcing we’ll be returning more money to our customers,” he said.
“We know that many household budgets are under a lot of pressure with rising cost of living, and we hope this extra money provides some relief for our customers.”
Medibank returned $305 million in 2024, $408 million in 2023 and $443 million in 2022.
Since the start of the pandemic, the health insurer has provided a record $1.62 billion in support.
