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Some of Australia's major health insurers are passing on hundreds of millions of dollars worth of claims savings to its customers.
Not-for-profit insurer HBF announced the decision earlier this week to deposit $110 million in COVID-19-related savings into customer bank accounts.
That was followed today by the announcement of a further $125 million returning to Medibank and ahm customers.
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Both HBF and Medibank said the money would go straight into customers' bank accounts.
HBF's payments range from $45 for singles holding an extras-only policy, up to $330 for families holding a hospital and extras policy.
"The payments are part of HBF's commitment that as a not-for-profit, member-based organisation we would not financially benefit from the pandemic, with COVID-19 support provided to HBF members now totalling more than $255 million," CEO Dr Lachlan Henderson said.
"We are returning this round of claims savings via a cash payment after our members told us in surveys they would prefer the simplicity of having the money directly in their bank accounts rather than returned via premium increase deferrals."
The payments will be offered to HBF members who had an active policy on March 1 this year and who remained with HBF during the payment period.
"We hope these payments help support our members at a time when Australian households are dealing with rising cost-of-living challenges," Henderson said.
Medibank payments range from up to $91 for extras only policies and up to $402 for hospital and extras policies.
On average this will be $19 for extras only policies and around $78 for hospital and extras policies.
"We have now given back $1.15 billion to customers through our COVID-19 give back program since the start of the pandemic," Medibank group executive Milosh Milisavljevic said.
Medibank and ahm customers will receive their cash by October 2023 as an automatic payment.
Eligible customers are those holding an active hospital and/or extras policy at any time during the period between January 1, 2023 and June 30, 2023.
A proportional cash back will be applied to customers who joined or whose policies have lapsed since January 1.
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