Yahoo Finance Medibank, ahm customers set for $100 cash boost as health fund upholds COVID promise
The health fund said it didn't want to profit from the pandemic and has been steadily giving money back to its members
Medibank customers will soon see a little cash boost in their accounts as the major Aussie health fund upholds a promise it made during the COVID pandemic. Eligible account holders who have a policy on June 30 will get at least $100 and some will get as much as $360.
The money is expected to arrive by the end of September and will also apply to customers of Medibank's subsidiary ahm. On average it will be around $100 for extras-only policies and around $185 for hospital and extras policies.
The health fund said this is part of a promise made several years ago to ensure it wouldn't profit from the pandemic.
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"Staying true to our promise to return COVID-19 claim savings to our members, we’re pleased to announce the latest round of Give Back for members," Medibank said.
"This time, we’re giving back a minimum of $100 to everyone who’s an eligible Medibank member as of June 30, 2024.
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"That’s an extra $35 million back to members, on top of the $200 million we announced in February. This brings our total COVID-19 Give Back to $1.46 billion since 2020."
Medibank and ahm said it will be contacting customers soon to explain how the cashback will work.
How do I know if I'm eligible for the payment?
The Give Back cash boost will be for all members with hospital and/or extras policies at the end of June.
However, those on Ambulance Only, Overseas Visitors Cover, Overseas Workers Cover, Overseas Student Health Cover and select Corporate policies will not be part of the cashback.
You'll get at least $100, but the the amount is based on the type of cover you have held and the period of time you were a member on that policy.
"We will be paying the cash back by the end of September 2024. It will be credited from ‘Medibank’ into the same bank account we normally pay your claims into," the health fund said.
ahm customers should expect their cash boost to arrive by October.
How do I get the cashback?
Thankfully, you don't need to do anything to ensure the money makes its way to you.
The cashback will be deposited into the same bank account that Medibank pays your claims to.
The health fund has urged eligible customers to make sure your bank details are up to date.
If you don't have a bank account listed with Medibank, then they will send a cheque to your registered address.
“The cash give back is the next phase in our support package,” the company said.
“Since the start of the pandemic, our $1.46 billion financial support package has included the pause of premium increases, free days of cover and other member support options.”
Insurance premiums go up
Medibank announced earlier this year that its insurance premiums would go up by an average of 3.31 per cent.
More than half of the Australian population have private health insurance. Last year, premiums rose by an average of 2.9 per cent in April but many insurers, including Medibank, opted to defer the rise until later in the year.
"Reviewing premiums allows us to keep up with rising health costs due to a range of factors including increased cost of health services, the growing use and cost of medical technology, Australia’s ageing population and an increase in chronic health conditions," Medibank said.
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