Medibank returning another $205 million to customers

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Medibank has announced it will return an additional $205 million in COVID-19 permanent net claims savings to customers.

The company said customers will receive funds through cash back. The funds will be deposited directly into their bank accounts.

According to Medibank, this latest package brings the total amount of support it has provided to customers since the start of the pandemic to $682 million.

The cashback will provide up to $145 for extras-only policies and up to $620 for hospital and extras policies. On average, it will be $28 for extras-only policies and around $123 for hospital and extras policies. The deposits will occur automatically in September.

The company is also deferring is approved 2022 premium increase for a further month (from six months to seven months) to 1 November 2022.

The premium increase deferral and cash give back is being funded from additional COVID-19 permanent net claims savings.

CEO David Koczkar said, "We said right from the start that we would not profit from COVID-19. We’ve stuck by that promise with our broader package now reaching a record $682 million.

“Returning these COVID-19 savings back to our customers is the right thing to do.

“The cash giveback will be welcomed by our customers as they grapple with pressures on household budgets due to rising inflation, interest rates, fuel prices and home energy costs.

“We’ve also put premium increases on hold for another month, taking the premium increase deferral to 7 months until 1 November 2022.

“Our focus remains on delivering value for our customers and supporting them through the ongoing impacts of COVID-19.

“We also encourage any customers who are experiencing financial hardship to contact us.”