Medibank customers are in for a treat this month as millions of Australians will receive a fresh cash boost. As part of its COVID-19 give-back program, the health insurer is returning significant amounts of money to those who are eligible. With tough times continuing for many, this cash-back initiative aims to offer a bit of relief during a challenging period. If you’re a Medibank customer, it’s likely you’ll notice some extra cash in your account soon.
A Generous Refund: How Much Can You Expect?
So, how much can customers expect to receive? Well, the amount varies depending on the type of policy a customer holds with Medibank. The insurer is distributing a massive $228 million in total across the country this year. On average, customers will receive about $55 if they have extras-only policies, while those with hospital and extras policies will see an average of $190. However, some customers could receive up to $375, depending on the level of cover they have, details Yahoo Finance. It’s a welcome sight for many, especially as the cost of living continues to rise.
The best part? You don’t have to lift a finger. Payments are being processed right now, and customers don’t need to do anything to get the money. Whether you’re on a hospital or extras-only policy, Medibank will automatically deposit the funds into your bank account. This will happen throughout the month of September, so don’t worry if you don’t see the payment immediately—it should be there by the end of the month.
Why is Medibank Doing This?
This cash-back initiative is part of Medibank’s larger COVID-19 response plan. Back in 2020, the insurer made a commitment to not profit from the pandemic, especially since people weren’t able to fully utilize their health insurance during lockdowns and restrictions. Medibank has followed through on this promise by offering a range of support for its customers, including this year’s cash back, delaying premium increases, rolling over extras, and providing hardship support.
It’s worth noting that this isn’t the first time Medibank has done something like this. Over the past five years, the company has returned a staggering $1.71 billion to its members, making it the largest give-back from any health insurer in Australia. Medibank’s chief customer officer, Milosh Milisavljevic, noted that this is not only the largest give-back in the industry but also that their customers have received, on average, more money per policy than those with other health funds. That’s quite a feat when you think about it.
The Last Cash-Back
Unfortunately, this will be the last time Medibank offers a cash-back initiative like this. As the company has fulfilled its COVID-19 commitment, this marks the final round of payments. If you’re eligible, you don’t need to worry about submitting any forms or filling out applications—your refund will come directly to you. Just ensure you’ve had an active hospital and/or extras policy by June 30, 2025, and you’re good to go.
While the program ends this year, the total amount Medibank has returned over the last five years is certainly impressive. After all, returning $1.71 billion to customers speaks volumes about the company’s commitment to supporting its members. So, if you’re a Medibank customer, take a moment to appreciate the extra cash coming your way and remember that it’s the result of a decision to not profit off customers during difficult times.
What’s Next for Medibank ?
If you’re wondering what’s next for Medibank, well, that remains to be seen. While this might be the last cash-back, it’s likely the company will continue to focus on customer support in other ways. Perhaps there’ll be more initiatives like the Live Better points, or maybe we’ll see adjustments to premiums or coverage. Who knows? But one thing’s for sure: Medibank is finishing up this particular chapter of its pandemic response with a huge gesture for its customers.
