Major $255 cash back offer for eligible Aussies
Eligible customers will get at least $50, depending on their coverage. However, they could get up to $255. "On average it will be around $50 for eligible extras only policies and around $130 for eligible hospital and extras policies," Medibank said.
Medibank said the latest round of returns will push the total balance returned to customers to $1.62 billion — "the largest financial give back from any Australian health insurer".
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'We know that many household budgets are under a lot of pressure with rising cost of living, and we hope this extra money provides some relief for our customers," Medibank Chief Customer Officer Milosh Milisavljevic said.
The give back has been funded "from COVID-19 permanent net claims savings and reduces the COVID-19 reserve balance by $160 million (pre-tax)".
Medibank said it will not impact the group's operating profit for the year ending June 30, 2025.
Medibank said customers with an active hospital or extras policy on June 30 will be eligible for the cash back.
They will receive their cash back automatically into their bank accounts by September 2024.
"Customers do not need to do anything; we will contact them directly with details of their payment," Medibank said.
Medibank returned $305 million in 2024, $408 million in 2023 and $443 million in 2022.
The customer give-back program is expected to end this year.
Any remaining net claims savings will be returned to customers.
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