Health insurance company Medibank will return a total of $215 million to its customers as a result of fewer health insurance claims during and following the COVID-19 pandemic.
Meanwhile, Medibank subsidiary AHM health insurance will extend its unclaimed extras annual limits so they can be used in the new financial year.
Medibank said all of its customers would receive at least $50 while some will receive up to $360, depending on their level of cover.
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“On average, it will be about $55 for extras-only policies and about $165 for hospital and extras policies,” Medibank said.
The rebates will be deposited into customer bank account by the end of September 2024.
For AHM customers, unclaimed extras annual limits from the 2023-2024 financial year will be rolled over to the 2024-2025 financial year, instead of resetting on July 1, 2024.
However, the extension will not apply to unused extras from the 2022-2023 financial year, optical cover or services with rolling limits such as post-natal services.
All Medibank and AHM customers who were with either company before July 1, 2024 will be eligible for the rebates and limits rollover schemes.
Customers are not required to submit any information to receive the benefits.
Medibank will contact customers directly with details of their payment, and AHM will automatically roll over unclaimed extras.
Medibank chief customer officer Milosh Milisavljevic said the company promised not to profit from the COVID-19 pandemic.
He said because there were fewer claims when public health restrictions were in place, Medibank has been able to offer the rebate to customers.
“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,” Milisavljevic said.
“At a time when household budgets are under pressure, we hope this extra cash in our customers’ pockets will be welcome news.”
