Publication:	news.com.au
Date:	1 October 2009
Section:	Business

 

MEDIBANK Private's full conversion into a "for-profit" enterprise will improve competition in the health insurance market, Finance Minister Lindsay Tanner says. The change of status to a Government Business Enterprise (GBE), announced in the May Budget, will put Medibank Private on an equal footing with its major competitors. "This important change will ensure competitive neutrality in the private health insurance industry," Mr Tanner said. "With this conversion, over 70 per cent of health fund members are serviced by for-profit health insurers who pay tax and dividends.''