With the cost of living still biting and the hangover from the pandemic lingering, Mildura Health Fund has announced it will again use its COVID-19 Support Package and Give Back Program, to return over $7 million dollars to members.
Chief Executive of Mildura Health Fund, Mr. Gerard Op de Coul, said the decision is on the back of member returns the Fund delivered in both 2022 and 2023.
“Mildura Health, as a member-owned Fund, has always prioritised members and focused on supporting our community. Returning money to members through the COVID-19 Support Package and Give Back Program is consistent with this commitment.
“Including this latest announcement, we have returned a total of $19 million to members over the last three years and further underpinning our community-centred approach, we have also deferred three premium increases, rolled over unused extra benefits, and provided members with access to telehealth services.
“Our Give Back Program is a tangible way we can thank members for maintaining Mildura Health Fund hospital cover, during undeniably challenging times.”
Throughout the pandemic, Fund claims were lower than forecast, with this trend persisting into 2023 and early 2024 and it is these net claim savings that are being passed on to members.
“In 2020, Mildura Health resolved not to profit from the lower claims but instead, to return the savings to members. Today’s announcement is a continuation of that resolution.”
Mr. Op De Coul said that eligible members – those who held a financial hospital policy at April 30, 2024, for a minimum of seven months – can expect to receive details about their personal returns towards the end of May. The disbursement of these funds is planned for the conclusion of June.
The amount eligible memberships receive is dependent on the level of cover they have but will range between $196.87 and $907.78, averaging $500.96. In total, 13,889 memberships are eligible.
With members spread across the Murray-Mallee region and beyond, Mildura Health Fund estimates that $4.7 million will be directed back into the Sunraysia economy because of the return, giving a much-needed boost to local businesses.
“We hope that the extra funds deposited into bank accounts will provide a measure of relief to our members and the businesses they patronise,” Mr. Op de Coul said.
