Medibank increases cashback payment
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The news: Australia’s biggest health insurer Medibank has lifted the total amount of cashback payments that it will hand out to policyholders on the back of lower-than-expected claims.
The numbers: Total payments will increase to $305 million from $215 million earlier, with eligible Medibank and ahm customers to receive a minimum of $100 per policy. On average, the cash back will be around $100 for Medibank’s extras only policies and around $185 for combined hospital and extras policies.
The context: Medibank announced the cashback in February 2024 thanks to lower-than-expected claims, as part of a commitment in 2020 that it would not benefit from the Covid-19 pandemic. At the time, it reported half-year net profit more than doubled to $343.2 million.
What they said: “Covid hospitalisations and other impacts continue to contribute to claims being lower than expected. This is why we are topping up our current give back commitment to $305 million,” chief customer officer Milosh Milisavljevic said.
“With our current give back commitment now standing at $305 million, we hope this will provide households with some cost-of-living relief.”
The source: ASX announcement
