Medibank to return a further $25 million to customers, bringing total give back to $1.64 billion

Medibank announced it will return an additional $25 million to customers as part of its COVID-19 support package and give back program.

As part of this give back, during the month of June, eligible Medibank customers can receive $50 worth of Live Better rewards points, which is equivalent to 5,000 Live Better points.

This will bring the total amount of support Medibank has provided to customers since the start of the pandemic to a record $1.64 billion – to date, this is the largest financial give back from any Australian health insurer.

Medibank Chief Customer Officer Milosh Milisavljevic said the give back continues Medibank’s commitment to not profit from COVID-19.

“While the pandemic feels like a long time ago, claims levels are still slightly lower due to the impacts of COVID. We made a commitment in 2020 that we wouldn’t profit from the impact of COVID-19 and that we’d return savings to customers. Today’s announcement demonstrates we are continuing to honour that commitment,” said Mr Milisavljevic.

"Our Live Better rewards program encourages customers to be healthy as well as delivering value to assist with cost-of-living pressures. With these pressures continuing to be felt in the community, we hope the $50 worth of rewards points provides some relief to customers.

“Eligible customers can redeem the points for a range of services and items such as a $50 Amcal or adidas voucher, or they can get a $50 out-of-pocket reward with Members Choice Advantage dentists or our optical partner, Specsavers.

“Medibank’s Live Better rewards program rewards customers for making healthy decisions, such as exercising, meditating and eating healthy foods – with customers able to earn up to $400 worth of rewards every year.

“This is in addition to the $160 million cash give back that we announced earlier this year, with the money to land in customer’s bank accounts in September.”

Eligible Medibank customers who are Live Better rewards members will be able to redeem the points via the My Medibank app or website. Medibank customers with hospital or extras cover who are not Live Better rewards members can sign up to the program to access the points at no additional cost. Customers will be sent an email with more details in June.

This give back is being funded from the COVID-19 reserve and it will not impact Medibank’s Group operating profit for the 12 months ending 30 June 2025.

Medibank will finalise the customer give back program in FY25. Any remaining COVID-19 permanent net claims savings as at 30 June 2025, after deducting the cost of this Live Better give back, will be returned to customers.

Further information:

Eligibility: The give back will be made available to resident Medibank customers aged 16 years and over holding an active hospital and/or extras policy on 30 June 2025.

Claim points: Customers will be able to claim the give back points until 30 June 2025 via the My Medibank app or website.

Points fulfillment: The give back points will be issued to eligible customers’ Live Better accounts by 31 July 2025 and will be handled in accordance with Live Better T&Cs.