Medibank announced today that it will increase its give back commitment from $215 million to $305 million as part of its COVID-19 support package and give back program for Medibank and ahm customers.
This increase brings the total support Medibank has provided to customers since the start of the pandemic to a record $1.46 billion.
The give back, part of Medibank’s commitment to not profit from the pandemic, is the largest by any health insurer in Australia to date.
For Medibank Customers
Eligible Medibank customers will receive an additional $35 million cash back, adding to the $200 million announced in February. Payments will be made by the end of September 2024.
As a result, customers will receive a minimum cash back of $100 per policy, with some receiving up to $360, depending on their level of cover.
On average, the cash back will be around $100 for extras-only policies and around $185 for combined hospital and extras policies.
Resident Medibank customers with a hospital and/or extras policy as of 30 June 2024 will be eligible for the cash back.
For ahm Customers
Eligible ahm customers will receive an estimated $55 million cash back in October 2024, with each customer receiving $100 per policy.
Resident ahm customers with a hospital and/or extras policy as of 30 September 2024 will be eligible for the cash back.
This is in addition to the rollover of most extras limits, valued at up to $15 million, announced earlier this year. ahm customers with an extras policy as of 30 June 2024 will be eligible for this rollover.
Medibank Chief Customer Officer Milosh Milisavljevic said:
“We made a commitment at the start of COVID that we would not profit from the pandemic, and we’ve continued to stick by that promise.
“COVID hospitalisations and other impacts continue to contribute to claims being lower than expected. This is why we are topping up our current give back commitment to $305 million.
“Eligible Medibank customers will receive at least $100 per policy in their bank account in September 2024, with some receiving up to $360.
“Eligible ahm customers will receive $100 per policy in their bank account in October 2024. This is in addition to the rollover of most unused annual extras limits we announced earlier this year.
“With our current give back commitment now standing at $305 million, we hope this will provide households with some cost-of-living relief.
“The top-up will bring Medibank’s total support for customers through our COVID give back program to $1.46 billion, the largest of any health insurer in Australia to date.”
Further Information
Resident Medibank customers with a hospital and/or extras policy as of 30 June 2024 will be eligible for the Medibank cash back. Payments will be made by the end of September 2024.
Resident ahm customers with a hospital and/or extras policy as of 30 September 2024 will be eligible for the ahm cash back. Payments will be made by the end of October 2024.
Customers do not need to take any action. For the majority of customers, the money will be deposited into the bank account nominated by the policyholder. Customers should ensure their bank account details are up to date to receive their payment as quickly as possible.
This give back is largely funded from COVID-19 permanent net claims savings arising in the current financial year and will not impact Medibank’s Group operating profit for the 12 months ending 30 June 2024.
This announcement has been authorised for release by the Chief Executive Officer.
