Medibank

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About Medibank

What is Medibank?

Medibank Private (Medibank) is a private health insurer that operates as an open health fund. 

Background

Established in 1976 by the Australian Government as a not-for-profit health insurer, the Health Insurance Commission initially ran Medibank. 

In 1998, the Australian Government removed Medibank from the control of the Health Insurance Commission, created Medibank Private Limited and made itself the sole shareholder. 

In 2009, Medibank purchased ahm, a Wollongong-based health insurer, and converted into a for-profit entity. During the same year, the Australian Government transferred Health Services Australia to Medibank, which enabled the insurer to expand further into preventative and health management programs.

In 2014, the Australian Government sold Medibank via an initial public offering (IPO). It became a public company and listed on the Australian Securities Exchange (ASX). This marked Medibank’s complete transformation into a for-profit insurer.

Medibank is one of Australia’s largest health funds with over 4.0 million members. 

Who can join Medibank?

Anyone can join Medibank because it is an open health fund.

What products does Medibank offer?

Medibank offers:

• Hospital Cover
• Extras Cover
• Combined Hospital and Extras Cover
• Ambulance Only Cover
• Overseas Student Health Cover (OSHC)
• Overseas Visitors Health Cover (OVHC).

Do Medibank policies include Ambulance Cover?

Medibank includes emergency Ambulance Cover with:

• Hospital Cover
• Extras Cover
• Combined Hospital and Extras Cover.

Does Medibank offer corporate policies?

Yes. Medibank provides corporate policies to certain organisations. Search your organisation’s website or intranet to find out whether a corporate health insurance policy is available to you, and what conditions apply.

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Is Medibank a not-for-profit health insurer?

No. Medibank is a for-profit health insurer.

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Does Medibank operate in all Australian states and territories?

Yes. Medibank operates in all Australian states and territories.

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How does Medibank Hospital Cover compare with other insurers?

Benchmarks	Medibank	Industry average
Member retention for Hospital Cover	86.9%	86.9%
% hospital-related charges covered	90.0%	89.9%

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2023

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Does Medibank have agreements with some private hospitals or day hospitals to provide services at low cost or with no out-of-pocket costs?

Yes. Medibank has agreements with a number of private hospitals that allow it to provide services to its members at low cost or with no out-of-pocket costs:

Location	Number of private Agreement Hospitals	Industry maximum
ACT	5	6
NSW	92	98
NT	1	2
QLD	50	60
SA	20	23
TAS	9	9
VIC	65	76
WA	21	24

Medibank also has agreements with a number of day hospitals so it can provide services at low cost or with no out-of-pocket costs:

Location	Number of day Agreement Hospitals	Industry maximum
ACT	6	9
NSW	77	103
NT	1	2
QLD	44	57
SA	21	30
TAS	6	8
VIC	53	79
WA	20	24

Source: Medibank: performance

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How does Medibank Extras Cover compare with other insurers?

Benchmark	Medibank	Industry average
% Extras Cover charges covered	52.6%	51.1%

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2023

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How does Medibank compare with other private health insurers?

Benchmarks	Medibank	Industry average
Market share	27.1%	–
% services with no gap	83.8%	88.3%
% services with no gap or where known gap payment made	96.5%	97.2%
Market share of complaints to the PHIO	29.9%	3.1%
% complaints investigated by the PHIO	19.2%	3.1%
Benefits as a % of contributions	83.4%	80.5%
Management expenses as a % of contribution income	7.4%	13.1%
Management expenses per average policy	$263	$592

Source: Private Health Insurance Ombudsman: State of the Health Funds Report: 2023

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Is Medibank a member of any industry organisations?

Medibank is a member of Private Healthcare Australia (PHA), a body that represents 20 registered health insurers and 97% of people covered by private health insurance.

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Does Medibank let me claim online or via an app?

Yes. Medibank allows members to make a claim online or via the My Medibank app.

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How to contact Medibank

Phone:

Sales and Support: 1300 576 282
Members: 132 331

Website:

https://www.medibank.com.au/

Email:

ask_us@medibank.com.au

Address:

Level 6
720 Bourke Street
DOCKLANDS VIC 3008

Postal address:

GPO Box 9999
MELBOURNE VIC 3001

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