Medibank made a commitment to return any COVID-19 claims savings back to members. The cash give back is the next phase in our support package. Since the start of the pandemic, our $682 million financial support package has included the pause of premium increases, free days of cover and other member support options.

COVID-19 claims savings are savings Medibank has made due to government restrictions on elective surgeries and limited access to extras services for our members. 

In 2020, the private health insurance regulator required all health funds to hold COVID-19 claims savings in order to pay for an anticipated catch up in elective surgeries and other claims.

Premiums will increase on 1 November 2022. We'll let you know about your new premium later this year.

Medibank policyholders who held an active resident hospital and/or extras policy between 1 January 2022 and 30 June 2022.  

You will receive confirmation of your cash back later this year and receive your cash back around the same time. If we don’t have your bank details you will receive the free days of cover to the equivalent value.

If you want to check we have the correct bank details or update your bank detail with us, please do so via My Medibank:

To view your current bank details

1.       You’ll find your current bank details on My Medibank Web under ‘Payments’ > ’How we pay you for claims’ or in Medibank Mobile App under ‘Me’ > ’Manage Payments’ > ’How we pay you for claims’.

To change your bank details

1.       Log in to your My Medibank account

2.       Navigate to the ‘How we pay you for claims’ information above

3.       On My Medibank Web, click on the Edit button and update your bank details. On Medibank Mobile App simply select the relevant fields that require updating and enter the new details before hitting Save. 

This cash back amount is based on the type of cover you have held and the period of time you were an active member on that policy. 

For most members, after we have notified you that the free days of cover has been applied, you’ll notice you pay less the next time you are due to make a premium payment. When this happens depends on how often you pay your premium. You don’t have to do anything; your premium will be automatically adjusted. 

Reviewing premiums allows us to keep up with rising health costs due to a range of factors including increased cost of health services, the growing use and cost of medical technology, Australia’s ageing population and an increase in chronic health conditions.

Any payments made before 1 November 2022 will be at the existing 2021 rates. If you have already paid your health cover premiums in advance, your new premium won’t come into effect until your next payment is due or any payment you make after 1 November 2022, provided you don’t make certain changes to your cover during this time - this includes changing your level of cover, changing your membership category or state of residence, adding or removing a component of your cover (eg. Hospital or Extras) or reactivating your membership after a period of suspension.

It was vitally important for Medibank to support our members throughout COVID-19 from a financial and health aspect.  Medibank introduced a range of support programs in 2020 which continued to be available for members when they need them. More information can be found here.

Yes, in order to pay in advance at your current premium, payments must be made before 1 November 2022 and can be paid no further in advance than 31 October 2023. If you make a change to your cover, the new cover premium will apply from the date the change is effective which will result in an adjustment to the date your payments are next due.