Medibank to Refund $160 Million—Check Your Eligibility

Medibank is giving back more cash to its customers, announcing today that it will return another $160 million this year as part of its ongoing give-back program.

If you're a Medibank customer, you could get anywhere from $50 to $255, depending on your policy. For those with eligible extras-only policies, expect around $50, while those with eligible hospital and extras policies will receive about $130 on average.

The best part? You don’t need to do anything—Medibank will automatically deposit the cash into eligible customers’ bank accounts. Payments are set to roll out by the end of September.

To qualify, you need to be a resident Medibank customer with an active hospital or extras policy as of June 30. The initiative is funded through COVID-19-related claims savings, with Medibank reducing its reserve balance by $160 million.

Medibank's Chief Customer Officer, Milosh Milisavljevic, said the company remains committed to not profiting from the pandemic.

“Even though COVID restrictions have eased, we're still seeing slightly lower-than-expected claims. That’s why we’re returning more money to our customers,” he said.

With the cost of living rising, Milisavljevic hopes this extra cash will help take some pressure off household budgets.

This isn’t the first time Medibank has given money back—last year, it returned $305 million, and in 2023 and 2022, the figure was even higher at $408 million and $443 million, respectively. Since the start of the pandemic, Medibank has provided a total of $1.62 billion in financial support.

So, if you’re with Medibank, keep an eye on your bank account—you might just get a little extra cash coming your way!