Medibank and ahm customers to get $125m back, bringing total support package to $1.15bn

Medibank today announced it will return a further $125 million to its customers, as part of its COVID-19 support package and give back program.

This brings the total amount of support that we have provided to customers since the start of the pandemic to $1.15 billion.

Medibank and ahm customers will receive funds through a “cash back”, which will be deposited into their bank account. It will range up to $91 for extras only policies and up to $402 for hospital and extras policies. On average this will be $19 for extras only policies and around $78 for hospital and extras policies.

Medibank Group Executive Milosh Milisavljevic said:

“We have now given back $1.15 billion to customers through our COVID-19 give back program since the start of the pandemic.

“This year alone we have returned $408 million to customers through cash backs, premium increase deferrals and rolling over extras limits. At a time when people are really feeling the pinch of cost-of-living pressures, we know this extra cash in their pocket will be welcomed.

“We made a commitment at the start of the pandemic that we would not profit from COVID-19, and we’ve stuck by that promise.”

Customers will receive their cash by October 2023 – this will occur automatically; customers do not need to do anything.

Resident Medibank and ahm customers holding an active hospital and/or extras policy at any time during the period between 1 January 2023 and 30 June 2023 will be eligible for the cash back. A proportional cash back will be applied to customers who joined or whose policies have lapsed since 1 January 2023.

This cash give back is being funded from additional COVID-19 permanent net claims savings and will not impact Medibank’s operating earnings for the six months ending 30 June 2023.

Medibank continues to monitor claims activity following COVID-19 restrictions easing in 2022 and will return any permanent net claims savings due to COVID-19 as part of its commitment to not profit from the pandemic.