Teachers Health Group has announced that approximately $31 million in COVID-19 claims savings will be distributed to members through one-off payments.
The company, which incorporates Teachers Health, UniHealth and Nurses & Midwives Health, said the distribution is part of its COVID Savings Give-Back initiative.
Members will receive between $47 and $242 per membership depending on the type of cover. The one-off payment will apply to all eligible members who held an active membership with Teachers Health Group as of 31 December 2021.
Payments will be distributed during August 2022.
CEO Brad Joyce said, "Since the outbreak of the pandemic, we've maintained that any savings realised due to COVID-19 will be passed back to our members. These new payments are the latest in a series of actions we've taken to deliver on that promise. With the higher cost of living putting increasing pressure on household budgets, we're proud to provide savings and support to our members at a time when it's needed most."
The company has previously announced a deferral in premium increases, the rolling over of unused Extras cover, establishing permanent telehealth benefits, financial hardship relief and cover for COVID-19 hospital admissions,
“Our approach reflects our commitment as a not-for-profit to deliver benefits to the over 370,000 members who put their trust in us,” added Mr Joyce.