Medibank Private is the country's largest and only private health insurer with almost three million Australians covered (or over three million persons covered when overseas members are included) and an over 30 per cent share of the private health insurance market.
The fund was established as a private health insurance fund in 1976 and on 1 May 1998 was incorporated as a public company, wholly owned by the Commonwealth and operating as a Government Business Enterprise (GBE).
Medibank Private is a not-for-profit private health insurer registered under the National Health Act 1953, with membership open to all Australians and overseas visitors to Australia.
Currently, Medibank Private provides private health insurance for hospital, ancillary and ambulance services to Australians, overseas visitors and overseas students.
Medibank Private's customer distribution network consists of:
- 98 retail centres located throughout Australia,
- a complementary network of 108 cash paying agents and close on 7,000 lodgement agencies,
- national telephone services for new and existing members,
- website facility for on-line joins, reviewing health options, changing membership details, getting quotes, suspending cover and so on.
Historically, private health insurance has been about providing members with access, choice and control over their health care needs.
However, the future will also be about playing a more active role on behalf of members by providing them with the information that will help them to better navigate their way through the health system.
The future will also be about moving away from the notion of only considering members' needs when they are ill but to expand its membership offering to include the various stages of both "wellness" and illness.
The fund's vision is: "When people think health and wellbeing they think Medibank Private."
Its mission is: "We will access the best health solutions for our customers."
Financial background
- Medibank Private now provides health insurance cover to close on 3 million Australians (or over 3.1 million persons when overseas members are included) - up from 2 million in November 1999.
- For the 2000-01 financial year, Medibank Private yielded a surplus of $105.9 million surplus. The result provides the first full-year picture of the impact of the Lifetime Health Cover campaign.
- Medibank Private remains the largest private health insurer and is a not-for-profit registered health benefits organisation.
- In the 2000-01 financial year, the company strengthened its statutory reserves to $557.9 million.
- Medibank Private is one of a few private health insurers to be upgraded to an "A" Standard & Poors credit rating, reflecting the company's strong financial position. It was upgraded from a BBB rating in May 2000.
Market share- Medibank Private has retained its 30.7 per cent share of the private health insurance market (hospital and ancillary products).
- Always dominant in the Victorian market (where its share has consistently held at around 41.3 per cent), Medibank Private now also has the largest market share of any private health insurance fund in NSW and Queensland which until the middle of last year were the MBF stronghold.
- Medibank Private now has over 26.1 per cent of the NSW market and 38.3 per cent share of the market in Queensland.
- During 2000-2001, the fund increased its market share in Tasmania (36.5 per cent), SA (23 per cent), and WA (16.8 per cent).