Medibank returning a further $207m to customers, bringing total COVID-19 support package to a record $950m
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Medibank today announced it will return an additional $207 million in COVID-19 permanent net claims savings to customers as part of its COVID-19 support package and give back program.
This brings the total amount of support that Medibank has provided to customers since the start of the pandemic to a record $950 million – to date, this is the largest financial give back from any major Australian health insurance fund.
Customers will receive funds through a “cash back”, which will be deposited into their bank account. It will range from up to $151 for extras only policies and up to $667 for hospital and extras policies. On average this will be $30 for extras only policies and around $129 for hospital and extras policies. Customers will receive their cash by late May 2023 – this will occur automatically; customers do not need to do anything.
Medibank Group Executive Customer Portfolios, Milosh Milisavljevic, said:
“Our commitment has been to ensure that we would not profit from the pandemic and to return any COVID-19 permanent net claims savings to our customers, because it is the right thing to do.
“Our COVID-19 support package and give back program has now reached a record $950 million. While nearly all public health measures implemented during COVID-19 have eased and claims are recovering, they still remain below normal levels. This is why we’re returning those savings to our customers.
“We know a lot of people are doing it tough at the moment with rising cost of living expenses, so we hope that this provides our customers with some financial relief.”
Medibank continues to monitor claims activity impacted by COVID-19 restrictions, with restrictions at the beginning of this year impacting some customers’ ability to access services.
Resident Medibank and ahm customers holding an active hospital and/or extras policy at any time during the period between 1 July 2022 and 31 December 2022 will be eligible for the cash give back and the premium increase deferral announced in October 2022.
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 31 December 2022.
This announcement has been authorised for release by the Chief Executive Officer, David Koczkar.
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