Medibank Private market leader in Queensland
Australia's largest private health fund, Medibank Private, has increased its market share of Queensland to 38 per cent - making it that state's largest private health insurer - according to the latest Private Health Insurance Administration Council (PHIAC) figures.
PHIAC is a Federal Government regulator for the private health insurance industry.
With coverage of over 603,000 Queenslanders for the January-March quarter, this places Medibank Private ahead of MBF which until now has been the No 1 health fund in the state.
Medibank Private is now market leader in Victoria, NSW and Queensland that collectively account for three-quarters of Australia's population.
The health fund also retains its market leadership in NT.
The latest PHIAC figures also show that Medibank Private has increased its share of the private health insurance market and now holds sway with 30.6 per cent of the market nationally.
|30.6 pc||41.2 pc||25.9 pc||38 pc||22.9 pc||16.7 pc||47.4 pc||35.8 pc|
|Medibank Private market share for the March quarter|
Medibank Private managing director, Mark Burrowes says what has been particularly gratifying about the latest PHIAC figures is the fact that the fund has been able to retain its strong membership base following Lifetime Health Cover.
The number of persons covered has stabilised at almost 3 million.
Mr Burrowes believes Medibank Private's success in maintaining its membership base has been helped long significantly by the introduction of the fund's Health Cover Review process which encourages members to review their level of care to ensure they have the most appropriate cover.
"We accept that people's needs change continuously and where a basic hospital cover may be appropriate for the young and healthy, this may change as people enter their 30s and 40s and require more extensive hospital and extras cover.
"Similarly changing circumstances - like children leaving home - may mean that other members need to reassess their medical insurance.
"Ultimately, we want our members to be happy with their health insurance decision and satisfied that they are spending their money wisely!"
Mr Burrowes says that since the introduction of the Health Cover Review late last year, over 40 per cent of Medibank Private members who have undergone a review, have changed their level of cover.
A second Medibank Private membership retention initiative geared at winning back lapsing members, has enjoyed an 80 per cent success rate.
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