Australians with Medibank, ahm get $105m Covid cash back

Some Australians will get up to $175 back in their accounts as one of the nation’s leading health funds finally returns some of its Covid cash stockpile.

Medibank and ahm members will get a one off reduction in their premiums worth up to $175 in September as the fund finally returns some of its Covid cash stockpile.

Collectively health funds have saved over $1.8 billion from the Covid-19 surgery bans and delays in surgical procedures linked to the pandemic.

Medibank announced on Tuesday it would give back $105 million of the money by reducing the monthly premium payment of its members in September.

“The give back adds to our record $195 million financial support package during COVID-19 – with the total package reaching $300 million so far,” the fund said.

The money will be handed back in September by reducing the monthly premium Medibank members pay.

Medibank is giving money back to customers. Picture: Hollie Adams/The Australian

To be eligible customers must have held an active hospital and/or extras policy at any time during the period between 1 July 2020 and 30 June 2021.

Approximately 2 million policies will be eligible.

People with extras only policies will receive up to $52, those with hospital and extras policies will get back up to $175 – which on average will be $25 for extras only policies and on average around $60 for hospital and extras policies.

The cash hand back will be applied to policies automatically and customers do not need to do a thing

“We said right from the start of the pandemic that we would not profit from COVID-19, and that we were committed to returning any COVID-19 savings back to our customers because it is the right thing to do,” Medibank CEO David Koczkar said.

Medibank said it still has $210 million in reserve to pay for catch up surgeries that were delayed due to Covid-19.

Originally published as Australians with Medibank, ahm get $105m Covid cash back