Medibank Is Rewarding Their Customers With An Unprecedented $950 Million Cashback As Part Of Their Pandemic Profit Share

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Soon, millions of dollars will be flooding into bank accounts in the form of cashback payments. Could you potentially receive some? Check your eligibility now to find out.

Medibank, an Australian health insurance provider, is returning a staggering $207 million in saved claims to its members.

This year, Medibank announced a $682 million support package to provide extra savings back to their customers in response to the pandemic. By offering cashback incentives, they are helping individuals and families when it matters most.

On Thursday, the insurer declared they would refund consumers an extra $207 million, bringing their total cashback amount to a whopping $950 million.

Milosh Milisavljevic, executive of customer portfolios at Medibank group, stated that the purpose was to assure their customers “that no profit would be made from the pandemic” and promised any COVID-19 permanent net claims savings would be returned to them.

While nearly all public health measures implemented during COVID-19 have eased and claims are recovering, they remain below normal levels,” Milosh Milisavljevic said.

This is why we’re returning those savings to our customers. We know many people are doing it tough at the moment with the rising cost of living, so we hope this will provide our customers with some financial relief.” Milisavljevic added. 

Medibank achieved the remarkable feat of generating an annual net profit of $441.2 million in the last financial year. In addition, its health insurance profits also rose by 10.3% to a total of $280.9 million premium revenue growth at 3.8 per cent amounting to $3.5 billion.

The cashback amount will be determined by the type of cover you hold and for how long, with up to $151 for extras-only policies and as much as $667 for hospital plus extras plans. Customers should anticipate receiving their money back in late May 2023.

Medibank customers need not worry; all funds will be directly placed into their bank accounts effortlessly. You’ll still enjoy the same free coverage if we don’t have your banking information on record.

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