The Best Health Insurance in Australia: Finding the top health insurance companies in Australia may be challenging since there are so many variables to consider. You must compare the sorts of policies they provide, their rates, their market share, and customer satisfaction ratings. This might assist you in determining which insurance is best for you and your family.
What is Health Insurance?
Health insurance is a coverage policy that helps protect you and your family from major medical expenses. It can cover hospitalization and doctor’s visits, as well as other necessary medical expenses. Some plans also cover drugs, like antibiotics or cholesterol medication. If you have a health issue that is expensive to address on your own, insurance can help.
What is the best health insurance in Australia in 2022?
This is a hard question to answer, as there are so many great providers. The best health insurance in Australia depends on your situation and what you need coverage for. Some people who find they need health insurance might not need it at all.
If you have a family history of heart disease or cancer, you may want to consider getting health insurance. If you’re self-employed, you may want health insurance so you can easily call for help in an emergency when needed.
Top 10 Best Health Insurance in Australia
- Medibank: 26.9% market share.
- Bupa: 25.4% market share.
- HCF: 11.7% market share.
- nib: 9.2% market share.
- HBF:7.3% market share.
- Australian Unity: 2.6% market share.
- Teachers Health: 2.5% market share.
- GMHBA: 2.1% market share.
- Defense Health: 0.4% market share.
- CBHS: 0.1% market share.
Medibank
Medibank was established as a non-profit corporation by the Australian government in 1976. They switched to a for-profit model in 2009 and have been doing so ever since. Currently, they provide members with the option of selecting from a variety of Hospital and Extras coverage.
Membership type: Open
Market share: 27.3%
| Service performance and finance indicators | |
|---|---|
| Membership retention | 86% |
| Percentage of all complaints | 18.5% |
| Percentage of complaints investigated | 19.7% |
| Benefits as a percentage of contribution | 83.6% |
| Management expenses as a percentage of contribution income | 7.7% |
| Management expenses per average policy | $271 |
Features and benefits
- Policies:
- 9 Hospital plans with premiums starting at an estimated $101.80 per month.
- 21 Extras policies, you can expect to look at premiums that start at $30.30
- Waiting periods: Between 0 days and 36 months depending on your requirements.
- Unique features: This insurer offers members the opportunity to make use of a large network of health providers with the Medibank Members’ choice benefit.
Source: PHIO, State of the Health Funds Report 2021
Bupa
Bupa is one of Australia’s largest private health insurers, with over 4 million policyholders. Customers may select from six different Hospital plans and seven different Extra cover choices to guarantee that their needs are addressed at a reasonable price.
Membership type: Open
Market share: 24.8%
| Service performance and finance indicators | |
| Membership retention | 87% |
| Percentage of all complaints | 23.5% |
| Percentage of complaints investigated | 21.6% |
| Benefits as percentage of contribution | 84% |
| Management expenses as percentage of contribution income | 8.6% |
| Management expenses per average policy | $335 |
Features and benefits
- Policies:
- 6 different Hospital cover options, premiums start at $101.35 per month.
- 21 Extras policies with premiums that start at $26.70 monthly.
- Waiting periods: Varies between 2 months and 3 years. However, this depends on the condition and type of coverage you have in place.
- Unique features: Access to the Members first network of health care providers which Bupa will typically pay between 60% to 100% of the cost on most dental, physio, chiro, and podiatry consultations.
HCF
HCF Health Fund is a private health insurance that serves millions of customers each year. They meet a wide range of needs with four distinct plans and five supplementary packages. HCF is a corporation that attempts to provide Australians with health care access, protection, and peace of mind.
Membership type: Open
Market share: 11.9%
| Service performance and finance indicators | |
| Membership retention | 88% |
| Percentage of all complaints | 24.5% |
| Percentage of complaints investigated | 17.8% |
| Benefits as percentage of contribution | 89.6% |
| Management expenses as percentage of contribution income | 9.9% |
| Management expenses per average policy | $387 |
Features and benefits
- Policies:
- 7 Hospital policies with premiums that start at $102.30 per month.
- 5 Extras cover options with monthly premiums that start at $16.90.
- Waiting periods: Between 2 – 12 months.
- Unique features: Get up to 100% back on selected Extras from over 10,000 participating program providers with the HCF provider network.
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NIB
With 5 Hospital policies and 4 Extras policies, nib provides their members with a variety of alternatives. The rewards program is accessible to people who lead healthy lives to encourage even more successful behavior change initiatives by giving discounts at prominent retail outlets as well as access to unique activities.
Membership type: Open
Market share: 9.3%
| Service performance and finance indicators | |
| Membership retention | 81% |
| Percentage of all complaints | 9.1% |
| Percentage of complaints investigated | 9.4% |
| Benefits as percentage of contribution | 83.2% |
| Management expenses as percentage of contribution income | 10.3% |
| Management expenses per average policy | $353 |
Features and benefits
- Policies:
- Choose between 5 different Hospital policies with premiums starting in the range of $107.55 monthly.
- 4 Extras options available with monthly premiums starting at $43.97.
- Waiting periods: Range between 1 day and 12 months.
- Unique features: Join the nib Rewards program for meeting specific health goals.
HBF
HBF Health Insurance is a wonderful option for Australians who need health insurance that is tailored to their specific needs. By combining policies into a single plan and reinvesting all premium revenues, they may continue to provide you with new or enhanced benefits.
Membership type: Open
Market share: 7.3%
| Service performance and finance indicators | |
| Membership retention | 90% |
| Percentage of all complaints | 3.9% |
| Percentage of complaints investigated | 5.6% |
| Benefits as percentage of contribution | 89.7% |
| Management expenses as percentage of contribution income | 15.0% |
| Management expenses per average policy | $490 |
Features and benefits
- Policies:
- This insurer offers 7 different Hospital policies with premiums that start at $102.45 each month.
- Choose between one of 13 different Extras policies with monthly premiums starting at $22.95.
- Waiting periods: Between 7 days and 12 months.
Australian Unity
Australian Unity provides a range of policies from which to pick, and it’s simple! They provide six Hospital plans as well as six Extras choices for individuals who require them. In addition, there are three pre-packaged options from which to pick.
Membership type: Open
Market share: 2.5%
| Service performance and finance indicators | |
| Membership retention | 80% |
| Percentage of all complaints | 4.8% |
| Percentage of complaints investigated | 2.3% |
| Benefits as percentage of contribution | 79.2% |
| Management expenses as percentage of contribution income | 12.3% |
| Management expenses per average policy | $473 |
Features and benefits
- Policies:
- 6 Hospital plans with premiums starting at an estimated $107.70 per month.
- 6 Extras cover options with monthly premiums that start at $38.55.
- Waiting periods: Between 2 and 12 months.
- Unique features: As a member of the health insurance company, you can receive a wide range of benefit and rewards.
Teachers Health
Teachers health insurance offers a variety of options to match the needs and expectations of each family. Select between their Hospital and General insurance coverage. Alternatively, you may customize your coverage by combining Hospital and Extras packages.
Membership type: Restricted
Market share: 2.5%
| Service performance and finance indicators | |
| Membership retention | 92% |
| Percentage of all complaints | 2.1% |
| Percentage of complaints investigated | 1.9% |
| Benefits as percentage of contribution | 87.8% |
| Management expenses as percentage of contribution income | 7.9% |
| Management expenses per average policy | $366 |
Features and benefits
- Policies:
- This insurer offers 10 different Hospital policies with premiums that start at $119.70 each month.
- Choose between one of 4 different Extras policies with monthly premiums starting at $51.49.
- Waiting periods: Between 0 days and 12 months depending on your circumstances.
- Unique features: The Teachers Health member app to view your cover details, check your remaining annual benefits and make claims.
GMHBA
GMHBA insurance is a non-profit health care provider that offers a variety of policies, including nine extras and six hospital plans. GMHBA is a rising insurance, with over 330,000 clients by 2021.
Membership type: Open
Market share: 2.1%
| Service performance and finance indicators | |
| Membership retention | 78% |
| Percentage of all complaints | 2.0% |
| Percentage of complaints investigated | 0.9% |
| Benefits as percentage of contribution | 86.3% |
| Management expenses as percentage of contribution income | 12.1% |
| Management expenses per average policy | $452 |
Features and benefits
- Policies:
- GMHB offers 13 different Hospital policies with premiums starting at $104.95 monthly.
- Extras cover options with monthly premiums that start at $27.70.
- Waiting periods: Between 2 – 12 months.
- Unique features: Members may be eligible for a variety of discounts with the company’s Rewards program.
Defence Health
The Defence Health Fund has a variety of insurance to meet your needs. You may select from seven different hospital plans and three supplementary cover choices, allowing you to tailor a personalized insurance to what is most essential to you or your loved ones.
Membership type: Restricted
Market share: 2.1%
| Service performance and finance indicators | |
| Membership retention | 89% |
| Percentage of all complaints | 1.8% |
| Percentage of complaints investigated | 3.3% |
| Benefits as percentage of contribution | 90.3% |
| Management expenses as percentage of contribution income | 9.8% |
| Management expenses per average policy | $420 |
Features and benefits
- Policies:
- 7 Hospital plans with premiums starting at an estimated $109.72 per month.
- Choose between one of 3 different Extras policies with monthly premiums starting at $30.38.
- Waiting periods: Between 2 and 12 months depending on your circumstances.
CBHS
CBHS health insurance is a private option available to former or current Commonwealth Bank of Australia employees, contractors, and their families. With six distinct Hospital policies and three Extras choices, you may wish to evaluate their policies to see whether they are appropriate for your needs.
Membership type: Restricted
Market share: 1.5%
| Service performance and finance indicators | |
| Membership retention | 92% |
| Percentage of all complaints | 1.4% |
| Percentage of complaints investigated | 3.3% |
| Benefits as percentage of contribution | 88.5% |
| Management expenses as percentage of contribution income | 9.0% |
| Management expenses per average policy | $409 |
Features and benefits
- Policies:
- This insurer offers 10 different Hospital policies with premiums that start at $119.70 each month.
- Choose between one of 3 different Extras policies with monthly premiums starting at $37.01.
- Waiting periods: Between 1 day and 12 months depending on your circumstances.
- Unique features: Members generally have access to several different rewards and discounts.
Which form of health insurance should you consider?
You can avoid the Lifetime Health Cover (loading) and Medicare Levy Surcharge by choosing private health insurance (MLS). If you have a health issue, are planning to get pregnant, have a family, or are at an age where additional medical help is necessary, you should consider acquiring health insurance.
In Australia, there are several private health funds competing for your business. However, in order to obtain the best health fund for your needs, you must first choose what sort of plan you desire. Typically, you have the choice of selecting one of the following types of coverage:
Hospitalization insurance
Covers some or all of the costs of hospitalized treatments. The amount of hospital insurance you choose determines the level of protection you will receive. In general, you’ll have the choice of selecting gold, silver, bronze, or basic. Each alternative has distinct features and benefits, so it’s a good idea to think about your needs before selecting on a firm.
Benefits paid by private health insurers for Hospital cover
| Service | Amount paid by private health insurance funds ($) |
| All other | 491,026,025 |
| Anaesthesia | 592,741,923 |
| Cardiothoracic | 109,092,499 |
| Colorectoral surgical | 133,846,635 |
| Diagnostics | 133,283,483 |
| General surgical | 130,160,158 |
| Obstetrics | 122,343,628 |
| Ophthalmology | 120,971,196 |
| Orthopaedic | 165,325,157 |
| Specialist | 221,082,504 |
| Pathology | 172,437,747 |
Extras cover
Provides a benefit for treatments and services received outside of a hospital, for example, optical, dental and psychology. Depending on your fund, you generally have a choice between comprehensive, mid or basic extras.
| Service | Amount paid by private health insurance funds ($) |
| All other | 491,026,025 |
| Ambulance | 143,210,50 |
| Chiropractic | 297,926,025 |
| Dental | 2,804,036,044 |
| Natural Therapies | 214,125,615 |
| Optical | 915,316,498 |
| Physiotherapy | 433,135,843 |
Combined cover
Includes both hospital and extras. Many insurers will allow you to tailor cover to suit your requirements.
Take note: You do not have to buy Hospital and Extras plans from the same company. Find the option that works for you, even if that means buying a Hospital policy from one insurer and an Extras policy from another fund.
Health Insurance in Australia FAQ
Is it worth having private health insurance in Australia?
Private health insurance helps people avoid long wait times for non-urgent procedures and lets them access services that Medicare does not cover. But out of pocket costs may be a deterrent for many people to use it to pay for their medical costs
Who is Australia’s largest private health insurer?
HCF (HCF) As Australia’s largest not-for-profit health fund, HCF is uniquely positioned to offer great value health cover. Unlike some other funds, we give our members more, not shareholders. More benefits, more cover and more savings.
What is the best insurance company in Australia?
10 private health insurance companies in Australia
Medibank: 26.9% market share.
Bupa: 25.4% market share.
HCF: 11.7% market share.
nib: 9.2% market share.
HBF:7.3% market share.
Australian Unity: 2.6% market share.
Teachers Health: 2.5% market share.
GMHBA: 2.1% market share.
Defence Health: 0.4% market share.
CBHS: 0.1% market share.
How much does health insurance cost in Australia?
The premium you’ll have to pay for your health insurance policy depends on various factors, including the state you live in, the type of plan you want (hospital, extras or combined), the co-payments you’re willing to make and the level of coverage you require (comprehensive, medium or basic). Remember, premiums rise every year on the 1st of April.