Medibank Private converted to tax-paying entity
Medibank Private has welcomed the Australian Government's decision to convert the government-owned private health insurer to a for-profit private health insurer and tax-paying entity.
The move brings Medibank Private in line with other Australian Government Business Enterprises. It will also put Medibank on the same footing as most of the larger private health insurers such as BUPA (which includes MBF) and NIB, which also recently became tax-paying organisations.
"The change to a tax-paying status is an important milestone for us," George Savvides, Managing Director Medibank Private said.
"Medibank has been operating in the commercial health insurance sector for 32 years. We have contributed to the healthcare system on many levels, particularly through the procurement and funding of medical services, and now we will contribute further through paying corporate tax and providing a dividend return to government that it can in turn reinvest back into the Australian community," George Savvides, Managing Director Medibank Private said.
Importantly, the change will not in itself place any upward pressure on insurance premiums and Medibank's strong financial position will continue to protect the interests of its 3.5 million customers.
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