The cashback will also be automatically applied to all active members with hospital or extras policies, and the funds will land in bank accounts in September.
Customers who are no longer active will also be eligible for the cashback, provided they held a policy at any time in the first six months of this year. Those who do not have their bank details registered with the insurer will instead have the cashback applied to their policies.
Support for customers
The cashback includes up to $145 for extras-only policies and up to $620 for hospital and extras policies. Members will receive an average of $28 for extras-only policies, and $123 for hospital and extras policies.
The cashback program takes the amount Medibank has sent back to customers to $682 million since the beginning of the pandemic, in the form of cashbacks, premium delays and hardship support.
“Returning these COVID-19 savings back to our customers is the right thing to do,” chief executive David Koczkar said.
“The cash give back will be welcomed by our customers as they grapple with pressures on household budgets due to rising inflation, interest rates, fuel prices and home energy costs.”
He said customers experiencing financial hardship should contact the insurer.
Fellow insurer Bupa announced a $155 million tranche of cash give-backs on June 16, taking its COVID-19 support to $618 million.
The give back, set to hit bank accounts in October, will go to 3.4 million customers who will receive payments of between $16 and $118.
“Australians are facing increasing cost of living pressures, so we know every dollar makes a difference to household budgets. This is not just about doing what we said we’d do but doing it in a way that’s best for customers,” said Bupa health insurance managing director Chris Carroll.