Medibank, one of Australia’s largest health insurers, has announced that it will be providing an additional $125 million in support to its customers. This brings the total support provided by the company to $1.15 billion since the start of the global pandemic in early 2020.
The funds will be directly deposited into the bank accounts of Medibank’s customers, with extras-only policyholders receiving up to $91, and hospital and extras policyholders receiving up to $402. These cash returns are funded from additional COVID-19 permanent net claims savings and will not impact the company’s operating earnings for the first half of 2023.
In a statement, Medibank’s group executive, Milosh Milisavljevic, highlighted the company’s commitment to supporting its customers during these challenging times. He stated, We have now given back $1.15 billion to customers through our COVID-19 give-back program since the start of the pandemic. Milisavljevic also emphasized the importance of providing this extra cash to alleviate the financial pressures that many people are facing.
In addition to the cash-back package, Medibank has implemented various measures to assist its customers throughout the pandemic, including cash backs, premium increase deferrals, and extras limits rollovers. These efforts have been well-received by customers and have contributed to Medibank’s strong performance in 2023, with the company’s share price showing a 21% increase year to date.
This latest announcement regarding the additional support funds is not expected to have a significant impact on the Medibank share price. However, it demonstrates the company’s ongoing commitment to its customers and its dedication to not profiting from the COVID-19 crisis.
Medibank customers who hold an active hospital and/or extras policy at any time during the first half of 2023 will be eligible for a portion of the cash-back package. The funds are expected to be disbursed by October, providing much-needed financial relief to Medibank’s policyholders.
Overall, Medibank’s continued efforts to support its customers during the pandemic have solidified its position as a leader in the healthcare industry. The company’s commitment to giving back and prioritizing its customers’ well-being has been warmly received by policyholders and has contributed to its strong performance in the market. As the pandemic continues to impact individuals and communities worldwide, Medibank’s ongoing support programs are making a positive difference for its customers.
