1974 |
- The Labor Federal Government decided to create an independent statutory authority to administer its proposed universal health insurance scheme (cover for everyone like Medicare today)
- After a long political battle and a historic Joint Sitting of both Houses of Parliament in August 1974, legislation was passed establishing the Health Insurance Commission
- It was established under its own Act of Parliament in August 1974
- Its first priority was to set up the business
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1975 |
- 4000 staff were recruited and trained
- Retail centres around Australia were established
- Medibank started operating 1 July 1975
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1976 |
- The Government changed bringing the Liberal/National coalition into power.
- The new Government decided to develop two programs of cover –
- Medibank (Standard) was the cover for all Australians and was funded by a levy on people’s pay (similar to today’s Medicare)
- Medibank Private (the beginning of our business) was set up as a new private health insurance company to promote competition in the industry
- On 1 October 1976 Medibank Private started operations
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1977 |
- Medibank Private proved a success becoming the second largest fund in the country within the year.
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1978 |
- The Federal Government abolished Medibank (Standard) leaving only Medibank Private
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1979 |
- Medibank Private converted the entire retail centre network to on-line computerisation, becoming the world’s largest ‘online’ health insurance computer system at that time. This allowed for immediate payment of claims and retrieval of customer information at any retail centre across Australia
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1981 |
- On Medibank Private’s 5th birthday in October 1981, Medibank Private claimed the top spot as the largest health insurance organisation in Australia.
- Free public hospital treatments are ended creating more demand for private health insurance
|
1982 |
- 2.24 million Australians covered
|
1984 |
- The Labor Federal Government introduced Medicare on 1st February
|
1985 |
- Gap insurance for medical services introduced
|
1986 |
- Our 10th birthday saw us continue as market leader
- This was the year we started our ongoing endeavours to encourage Australians to follow healthier lives. We were a major sponsor of the Life Be in It campaign.
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1990 |
- Medibank Private adopts the ‘I feel better now’ song as its theme
- Merged with Health Australia and acquired an additional 45000 members
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1996 |
- Medibank Private paid out $936 million in claims on behalf of members
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1997 |
- The Federal government announced Medibank Private would become a company separate from the Health Insurance Commission. The Health Insurance Commission (Reform and Separation of Functions) Act 1997 was passed in November 1997.
- Medibank Private became a registered public company limited by shares with the Australian Securities Commission on 1st December.
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1998 |
- In March, Medibank Private became a Government Business Enterprise – meaning the Government was the sole shareholder.
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1999 |
- The Liberal/National Federal Government established a 30% rebate for all privately insured people.
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2000 |
- On 1st July,Lifetime Health Cover, a Federal Government initiative, came into effect.
|
2002 |
- This was not a good year financially. We posted a loss of $175 million
- The Federal Government conducted a scoping study into the possible sale of Medibank Private, but given the financial position of the company they decided not to proceed.
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2003 |
- Following the completion of a scoping study,the Federal Government announced its decision to maintain ownership of Medibank Private.
- The Commonwealth Government also announced that the Minister for Finance and Administration would be Medibank’s single shareholder representative, moving from the previous dual shareholder representative structure with the Minister for Health and Ageing.
- Medibank Private upgrades its brand.
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2005 |
- The Liberal/National Federal Government introduces two new rebate levels for Australians aged 65 or over. From 1 April 2005, the 30% rebate increased to 35% for members aged 65 to 69, and to 40% for members aged 70 or over.
- Medibank Private completed the turn-around posting a $131 million profit. The business launched two new products and paid a total of $2.3 billion in claims on behalf of our members.
- The Federal Government announced a refreshed scoping study into the possible sale of Medibank Private
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2006 |
- The Australian Government announces that following the new scoping study it would move to sell Medibank Private via a share market float if it is re-elected at the 2007 election.
- The introduction of MyOptions, a product targeted at young singles and couples, helps Medibank Private record the strongest growth in membership of any health fund since the introduction of Lifetime Health Cover in 2000.
- Medibank Travel Insurance goes on sale, the first non-private health insurance product offered by the fund.
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2007 |
- In April 2007 the Private Health Insurance Act 2007 takes effect. The new act supersedes all previous legislation governing the actions of private health insurers and introduces a range of reforms. Included in the new regulation is an increased ability for private health insurers to pay for preventative and health management programs.
- Medibank Life Insurance goes on sale for the first time.
- Medibank Private premium contribution income passes $3 billion for the first time.
- The Australian Labor Party is elected to government. The new government states that it intends to retain Medibank Private as a Government Business Enterprise.
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2008 |
- The Australian Government increases the Medicare Levy Surcharge thresholds to $70,000 for singles, and $140,000 for couples/families, with indexed growth each year based on growth in average weekly earnings.
- Medibank passes the 3 million resident members mark.
- Medibank Pet Insurance launched, providing cover for the family dog and cat.
- In December, members of Wollongong-based private health insurer, ahm, approve its sale to Medibank Private. The acquisition is the first such activity in Medibank’s history.
- The Australian Government announces its intention to merge Medibank Private with Health Services Australia, a complementary Government Business Enterprise.
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2009 |
- Merger between Medibank Private and ahm completed. Under the two brands the group covers 3.4 million people, representing 33 per cent of the private health insurance market.
- Merger between Medibank Private and Health Services Australia completed. Medibank Private becomes Australia’s largest integrated private health insurance and health services group.
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