Millions of Australians to benefit from additional financial support

The Australian health insurance giant is returning an extra $228 million to customers this year as part of its COVID-19 give-back program.

Customers will receive a minimum of $50 back, with some receiving up to $375.

The amount will be $55 on average for customers with extras only policies and around $190 for those with eligible hospital and extras policies.

Medibank announced in 2020 that it had made a decision not to profit from the COVID-19 pandemic.

Over the past five years, the insurance company said it has returned a total of $1.71 billion to customers.

“We hope this cash back is a nice boost for our customers, especially when we know a lot of people are still doing it tough,” said Medibank chief customer officer Milosh Milisavljevic.

“We have returned it through various ways, including cash backs, delaying premium increases, extras roll overs, hardship support and Live Better points.

“Not only is this the largest give back of all health funds, but our customers have on average received more back per policy compared to other health funds.”

Medibank customers, of which there are around four million in Australia, will receive their cash by the end of this month.

Payments will be automatically deposited into their bank accounts.

Eligible customers include anyone who had an active hospital and/or extras policy on June 30 this year.

Medibank returned $305 million in 2024, $408 million in 2023 and $443 million in 2022. 

In February, Medibank increased this year’s total payment from $160 million to $228 million.

This month’s give-back marks the end of its COVID-19 support package.