Members Health insurers set to return over $894.7 million to policyholders

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Members Health says new data shows that its insurers will return $894.7 million in savings back to policyholders by the end of the COVID-19 pandemic.

It said its members have already returned $661.6 million with another $233 million on the way.

During the pandemic, the prudential regulator instructed private health insurers to set aside funds for claims deferred as a result of the shutdown of many health services. The insurers are now in the process of returning this 'deferred claims liability' in the form of benefits or savings.

Members Health CEO Matthew Koce said, “Consumers can be confident that Members Health insurers are providing all the support they can, during what has been an incredibly tough and challenging time for Australian families.

“Throughout the pandemic Members Health funds have been standing shoulder to shoulder with their members to help provide timely access to the care and support they need.

“We are immensely proud of the efforts Members Health funds have gone to in extending telehealth coverage, expanding benefit coverage for COVID-related care, and donating to Lifeline and other important community mental health initiatives. Time and time again Members Health funds have gone above and beyond to help provide access to the best possible care to their more than 5 million members.

“Long public hospital waits have made private health cover more important than ever, while cost of living pressures are stretching family budgets, so we need to do all we can to help keep health insurance as affordable and accessible as possible."