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GMHBA returns $62 million in COVID savings

GMHBA returns  million in COVID savings

GEELONG-based private health insurer GMHBA has announced it will refund $62 million in COVID-19 related savings to GMHBA and Frank Health Insurance members.

The funds are being refunded to members after healthcare disruptions during the pandemic led to a drop in claims.

GMHBA Chief Executive David Greig said he hoped the funds would support members facing cost of living pressures.

“We are proud to be Australia’s largest regional not-for-profit private health insurer and we are committed to caring for our members and their families.

GHMBA CEO David Greig. Photos: SUPPLIED

“During the pandemic, we set aside money to pay claims that had to be deferred because we expected our members to seek treatment in the future.

“Because not all treatments have taken place, we have generated additional set aside funds and as a non-profit organization we have committed to returning any excess profits due to COVID to members.”

Since 2020, the health insurer has kept its promise to pay back the profits generated by the pandemic to its members. A premium reduction was also passed on last year.

“Australians have had a very challenging few years and we hope the impact of this decision will provide welcome relief,” Mr Greig said.

“GMHBA offers members access to a variety of programs and educational resources that can support and enrich their lives, complementing their private health insurance.

“We are grateful for their continued support and are pleased to be able to fulfill the commitment we made during the pandemic.”

GMHBA Limited will be contacting GMHBA and Frank Health Insurance members in the coming weeks regarding the return.

For members who pay monthly, the premium will be waived in October and they will pay a reduced rate in November.

For prepaid policies, the payment term is postponed by seven weeks.

The average contribution is $164 for members with an individual policy and $344 for family policies.

For more information about refunds, visit gmhba.com.au