This is the fourth distribution from Medibank, following an announcement in June that it would defer premium increases and roll over extras coverage for members of budget brand AHM.
Medibank will return another $207 million of the savings it made during COVID-19 to customers, taking the total redistribution to $950 million since the initial outbreak in 2020.
The funds will be delivered automatically through a “cash back” feature directly to customers’ bank accounts from late May, the company told the ASX on Thursday. Large insurers like Medibank have accumulated hoards of cash during the pandemic, as members were often unable to realise their benefits because of public health restrictions at the time.“Our COVID-19 support package and give back-program has now reached a record $950 million,” customer portfolios executive Milosh Milisavljevic said.
“While nearly all public health measures implemented during COVID-19 have eased and claims are recovering, they still remain below normal levels. This is why we’re returning those savings to our customers.” “We know a lot of people are doing it tough at the moment with rising cost of living expenses, so we hope that this provides our customers with some financial relief,” he said.