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Medibank began as an Australian Government private health insurance scheme, established by the Whitlam government in 1975 through the Health Insurance Commission. [4] In its original form, it was a universal health insurance programme funded through taxation, that also ensured free treatment at public hospitals and provided subsidies to private hospitals.
Health insurance in Australia is community rated; health funds cannot take age, gender, pre-existing conditions or other underlying risk factors into account in the calculation of premiums. The largest health fund with a 26.9% market share is Medibank. Medibank was set up to provide competition to private "for-profit" health funds.
Bupa Health Insurance, with 3.9 million customers, is a leading health insurance provider in Australia and also offers health insurance for overseas workers and visitors. Bupa Health Services is a health provision business, comprising dental, optical, audiology, medical assessment services and health care for the Australian Defence Force.
nib Group (nib, formerly Newcastle Industrial Benefits) is an Australian health care fund. It was established in 1952 to provide health insurance for workers at the BHP Newcastle Steelworks, and has since grown into a national and international operation. [1] As of 2017, nib held an 8.3% share of the Australian private health cover market. [2]
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance.These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of ...
HBF Health Limited is an Australian health insurance provider. It is Australia's fifth biggest private health insurance provider with a national market share of 7.82%. [ 1 ] Although HBF does operate nationwide, the vast majority of its members are located in Western Australia , where HBF is headquartered.
Today HIF is an Australian public company limited by guarantee and governed by the Corporations Act 2001 (Cth). HIF is registered with the federal regulator, the Australian Securities and Investments Commission (ASIC) and the Private Health Insurance Administration Council (PHIAC) as an open access, not for profit, private, health insurer. [4]
Founded in 1932, it has grown to become one of the country's largest combined registered private health fund and life insurance company. HCF is the third-largest health insurance company by market share, and is the largest not-for-profit health fund in Australia. [2] [3]