Yahoo Finance Medibank’s $215 million cash boost for thousands of Aussies
Health insurance customers will receive at least $50 through the latest cashback scheme.
Thousands of Aussies will be getting a slice of $215 million in cash back from major health insurer Medibank.
All eligible customers will receive at least $50, with some able to get up to $360 cash back, depending on the level of cover they have.
On average, policy holders will be able to nab around $55 for extras-only policies and around $165 for hospital and extras policies.
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Medibank said the cashback was part of its COVID-19 support package and Give Back program. The insurer made a commitment that it would not profit from the pandemic and started rolling out support measures in 2020, including cash back and premium deferrals.
“This will bring the total amount of support Medibank has provided to customers to $1.37 billion through our COVID-19 Give Back program, which is the largest give-back of any Australian health insurer,” Medibank chief customer officer Milosh Milisavljevic said.
“At a time when household budgets are under pressure, we hope this extra cash in our customers’ pockets will be welcome news.”
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Customers of subsidiary ahm will also be able to roll over their unused extras limits for another year, which Medibank says is valued at up to $15 million.
How to claim the cashback payment
Medibank customers do not need to do anything to receive the cash back. The money will be deposited into their bank account by the end of September 2024.
Resident Medibank customers with an active hospital and/or extras policy on June 30, 2024 will be eligible for the cash back.
Medibank said it would contact customers directly with details of their payment.
Health insurance premiums to rise
Health insurance premiums are set to rise on April 1 this year, however, the exact increases are yet to be confirmed by the federal government.
In December, Health Minister Mark Butler rejected initial proposals from insurers - believed to be as high as 6 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.
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