Get your money back from this insurer's pandemic support program!
- Replies 7
The word 'unprecedented' has become all too familiar, especially in recent years.
While some events are inevitable, unprecedented events often get used by companies as a reason not to deliver any promises to customers.
Yet, it's refreshing to see that some companies are still committed and still sticking to their word.
Medibank, one of Australia's leading health insurers, will soon be putting money back into their policyholders' pockets.
This cashback scheme was part of their commitment to not profit from the COVID-19 pandemic.
The insurer recently announced a generous give-back program for its policyholders, with a substantial amount of $160 million to be distributed to its customers.
This initiative was a continuation of Medibank's promise to assure customers that the financial challenges of the pandemic should not translate into profits at the expense of its members.
Eligible Medibank policyholders should expect to receive a cashback amount ranging between $50 and $255.
This is a welcome boost for many, especially considering the financial strain many Australians faced during the pandemic.
The payments, along with eligible extras-only policies or hospital extras policies, should land on policyholders' accounts by the end of September.
Medibank's cashback program should give members financial breathing room as they navigate the post-pandemic landscape.
Since the onset of the pandemic, Medibank has returned over $1.62 billion to its customers.
This time last year, Medibank returned a staggering $215 million worth of cash to their policyholders.
These figures should be a testament to their dedication to supporting its members through thick and thin.
Medibank's chief customer officer, Milosh Milisavljevic, shared that while COVID restrictions have eased, Medibanks' expected level of claims remained lower than anticipated.
'Which is why we are announcing we'll be returning more money to our customers,' Mr Milisavljevic shared.
'We know that many household budgets are under a lot of pressure with the rising cost of living, and we hope this extra money provides some relief for our customers.'
But where do the cashback funds come from?
'This give-back is being funded from COVID-19 permanent net claims savings and reduces the COVID-19 reserve balance by $160 million, pre-tax,' Mr Milisavljevic explained.
'It will not impact Medibank's Group operating profit for the 12 months ending 30 June 2025.'
Medibank's cashback program should end this year.
However, they assured policyholders that any remaining net claims savings would be returned to them.
As we look towards a future beyond the pandemic, Medibank's cash-back program should be a reminder of corporate responsibility and its impact on their customers' lives.
For Medibank policyholders, this news just offered a tangible benefit during challenging times.
Medibank members should keep an eye on their accounts for the incoming cash back.
Have you received any cashback from Medibank before, or are you expecting one soon? How do you plan to use this windfall of money? Share your thoughts and experiences with us in the comments below.
While some events are inevitable, unprecedented events often get used by companies as a reason not to deliver any promises to customers.
Yet, it's refreshing to see that some companies are still committed and still sticking to their word.
Medibank, one of Australia's leading health insurers, will soon be putting money back into their policyholders' pockets.
This cashback scheme was part of their commitment to not profit from the COVID-19 pandemic.
The insurer recently announced a generous give-back program for its policyholders, with a substantial amount of $160 million to be distributed to its customers.
This initiative was a continuation of Medibank's promise to assure customers that the financial challenges of the pandemic should not translate into profits at the expense of its members.
Medibank policyholders have benefitted from the cash-back program since its implementation. Image Credit: Medibank
Eligible Medibank policyholders should expect to receive a cashback amount ranging between $50 and $255.
This is a welcome boost for many, especially considering the financial strain many Australians faced during the pandemic.
The payments, along with eligible extras-only policies or hospital extras policies, should land on policyholders' accounts by the end of September.
Medibank's cashback program should give members financial breathing room as they navigate the post-pandemic landscape.
Since the onset of the pandemic, Medibank has returned over $1.62 billion to its customers.
This time last year, Medibank returned a staggering $215 million worth of cash to their policyholders.
These figures should be a testament to their dedication to supporting its members through thick and thin.
Medibank's chief customer officer, Milosh Milisavljevic, shared that while COVID restrictions have eased, Medibanks' expected level of claims remained lower than anticipated.
'Which is why we are announcing we'll be returning more money to our customers,' Mr Milisavljevic shared.
'We know that many household budgets are under a lot of pressure with the rising cost of living, and we hope this extra money provides some relief for our customers.'
But where do the cashback funds come from?
'This give-back is being funded from COVID-19 permanent net claims savings and reduces the COVID-19 reserve balance by $160 million, pre-tax,' Mr Milisavljevic explained.
'It will not impact Medibank's Group operating profit for the 12 months ending 30 June 2025.'
Medibank's cashback program should end this year.
However, they assured policyholders that any remaining net claims savings would be returned to them.
As we look towards a future beyond the pandemic, Medibank's cash-back program should be a reminder of corporate responsibility and its impact on their customers' lives.
For Medibank policyholders, this news just offered a tangible benefit during challenging times.
Medibank members should keep an eye on their accounts for the incoming cash back.
.png){kind=icon}
