GMHBA returns $62 million in COVID savings

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

The funds will be returned to members after disruptions to health services during the pandemic led to a drop in claims.

GMHBA chief executive officer David Greig said he hoped the funds would support members feeling the cost-of-living pressures.

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

“During the pandemic, we set aside funds to pay for claims that had to be postponed as we expected our members would seek treatment in the future.

“As not all treatments have occurred, we have generated increased reserved funds, and as a not-for-profit, we have been committed to returning to members any excess profits due to COVID.”

Since 2020, the health insurer has upheld its commitment in returning profits generated from the pandemic to members, also passing on a premium relief last year.

“Australians have experienced a really challenging few years, and we hope the impact of this decision will be a welcome reprieve,” Mr Greig said.

“GMHBA offers members access to a range 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 uphold the commitment we made during the pandemic.”

GMHBA Limited will get in touch with GMHBA and Frank Health Insurance members about the return in the coming weeks.

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

Polices paid in advance will have the paid-to date moved forward seven weeks.

The average contributions is $164 for members on single policies, and $344 for family policies.

For more information on the refunds, head to gmhba.com.au