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Private Health Insurance Comparison

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Are you looking for a new health insurance policy? Private health insurance is an important decision, so it’s worth getting the facts before making your choice. It can be confusing to understand what each type of cover offers and how much they cost. Luckily, this health insurance comparison will provide you with the answers you’re looking for. 

This article is designed to help you navigate private health insurance in Australia. Whether that’s choosing the right level of cover or simply answering any questions you may have along the way! There are many things to consider when buying private health insurance but don’t worry; we’re here every step of the way.

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Benefits of private health insurance

With private health insurance, you can avoid the hassles of dealing with Medicare by having all your treatments and services covered. For example, elective surgeries, orthodontics, and physiotherapy visits, just to name a few. With this type of plan, it’s also possible that being treated as an individual patient in either public or private hospitals will be beneficial, depending on what kind of care is needed. Below are a few benefits:

  • Avoid Medicare Levy Surcharge and Lifetime Health Cover loading charges.
  • Prevent long waiting periods
  • Receive personal care and private hospital rooms
  • Claim back for selected treatments, saving out-of-pocket costs
  • Choose your own doctor or surgeon

Why apply for health insurance in Australia

Private healthcare is a personal choice that allows you to opt for private treatment if the publicly funded NHS isn’t available. The reasons people choose this type of health insurance include:

Those who want faster service can be seen and treated quickly, want to avoid long wait times, want access to specialist services not offered anywhere else. Receiving private health cover also helps you avoid the Lifetime Health Cover Loading charges, which add up in the end. 

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Types of health cover

Private Hospital cover

Your Hospital cover will typically depend on the level of benefits you choose. If your policy does not cover it, an Excess Waiting Period of up to six months may apply. During this time, any expenses are considered out-of-pocket costs and don’t count towards satisfying a deductible or healthcare card spending threshold(s). Hospital policies are organised into categories based on the types of treatment they cover. 

Extras cover

Also known as general treatment policies, Extras insurance usually covers ancillary services like physiotherapy. You can claim the type of benefits that will depend on your chosen health insurer and policy style. Still, it is usually more than just this single aspect since most also have requirements for maximum amounts that each person may contribute towards their expenses during illness or injury-related visits to specialists’ offices too!

Combined Hospital and Extras cover

With the option of pre-packaged policies, you can enjoy peace of mind knowing that your health is covered in both hospital and extras. The way these coverages are mixed varies by insurer, so for example, one plan may offer top coverage with mid-range services. In contrast, another offers only bottom tier hospitals plus all‑inclusive maxillofacial care packages – giving patients more flexibility when it comes time for their next visit or procedure!

Ambulance only cover

With a hospital or extras policy, you’re covered if someone needs an emergency ambulance ride. But some health funds offer stand-alone Ambulance policies that cover state and Australia wide services, with other insurers providing nonemergency coverage as well!

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How much does health cover cost?

The cost of private health insurance in Australia can be difficult to understand. It depends on the company you choose, your policy type and Excesses that are willing each time admission into hospital is required for treatment or diagnosis. Although price is an important decision-making factor when comparing policies, there are other things such as life stages and requirements specific individuals might have which will determine what’s best suited towards them at their expense level.

Is private health cover worth it?

Private health insurance is an important option for individuals who want to protect their financial and medical future. Whether it’s worth getting private cover depends on the individual, as well as age/stage in life (e.g., whether you’re pregnant). It can also benefit from being budget-conscious; knowing how much money will be required upfront before benefits kick into effect helps determine if this type of policy makes sense based on your needs alone.

Bronze Hospital Cover

Health InsurerMonthly Cost
Medibank$114.45 – $131.95
HCF$115.20 – $139.40
HBF$116.30 – $139.95
GMHBA$116.55

Silver Hospital Cover

Health InsurersMonthly Cost
Medibank Private & AHM$143.60 – $171.00
BUPA$145.70 – $179.05
Defence Health$145.77
Teachers Health$148.23 – $169.49
nib$156.21 – $167.68

Gold Hospital Cover

Health InsurerMonthly cost
Teachers Health$206.54 – $235.73
CBHS$750 Excess – $217.97
HBF$220.10 – $278.60
Medibank$224.90 – $290.95
HCF$234.00 – $284.50
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Health insurance at different stages in your life

health insurance

Single

The best way to avoid long waiting times is by using our service. We can get you fast access to medical care if anything happens, saving the NHS an embarrassing crisis where people are stuck waiting for days on end with no resolution in sight!

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Couples

What’s the best way to protect yourself from expensive medical bills? Get a single insurance policy with coverage for both you and your partner. This will often be cheaper than taking out two separate policies, but we can’t guarantee that it always stays this way!

health insurance

Families

If you have a large family and want to save money on insurance, it could be worth looking into cover for everyone under the same policy. This could work out cheaper than buying individual covers personally because there won’t even need to take place any additional costs or paperwork when signing up. 

health insurance

Single parents

Single parents have a lot on their plate. Whether you’re providing for one or more children, private health insurance can help provide peace of mind when your child needs treatment in case anything goes wrong and the policy covers them. Generally, it’s wise to compare all options, so make sure this suits the best type of family atmosphere. 

Seniors

senior health insurance

Private insurance might considerably reduce out-of-pocket expenses, with Medicare only covering some medical costs for seniors’ healthcare needs. For example, a hospital policy can help cover heart disease and eye surgery. At the same time, extras protect them in case there is a need for remedial massage or occupational therapy. With so many options available nowadays, we must take the time before deciding on what type best suits us. 

How to compare health insurance policies

Health insurance is an important decision that can affect your health and the health of those around you. It’s best to make sure this coverage lasts no less than 12 months, but it should also be affordable for most people so they won’t negatively impact their day. When you’re looking for private health insurance, there are a few things you can do:

  • Decide which policy type will suit your requirements, stage of life and budget.
  • Fill in the above quote form and request health insurance quotes.
  • Compare policy pricing, features, benefit limits and waiting periods.
  • Apply for a policy that you feel confident will provide you with value for money.
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Frequently asked questions and answers

  • What does a health insurance policy not cover?

    Private healthcare policies can vary depending on what you need them for. Treatment only covers some aspects, while other hospital visits and outpatient treatments may also be included in the plan- it all depends on how much coverage there is. You can receive treatment only cover, ambulance only cover, Extras cover, or Hospital cover. Each comes with its benefits, costs, waiting times, and covered treatments.
  • Is it compulsory to have private health insurance in Australia?

    No, purchasing private health insurance is not compulsory. There are a number of factors that you should take into account when deciding whether or not private health insurance is right for your needs. This includes how much it will cost, what benefits are offered in return for premiums paid by customers and if there might be implications with tax obligations as well access to certain medical treatments, which could affect plans depending on where they live geographically at any given time.
  • How many times can I use my health insurance in a year?

    You can claim unlimited times with an insurance policy, and the insurer will pay up to their limit. However, there is a chance that your sum insured might get exhausted in 2-3 claims; if this happens, they offer restoration benefit upon request once yearly. Be sure to review and check up on your policy, health insurance company, and your yearly limits.
  • Does health insurance affect tax returns?

    Health insurance companies are required to provide you with a Form 1095-C if your employer or union offers health care coverage for any part of the year. This form has important information to help file taxes, but it’s not included on actual tax returns, so make sure this gets sent over. Private health insurance is often considered a benefit in kind, which means that it’s not tax-deductible, and you’ll need to pay taxes on any premiums reported when filing your P11D.
  • What happens if you don’t have health insurance and you go to the hospital?

    Without health insurance, you may find yourself in a hospital without affording the treatment costs. The Emergency Medical Treatment And Labour Act requires that all doctors and medical professionals who come across an uninsured person treat them as if they were patients with needs for immediate care; this includes any charges related or associated (such as hospitals). The lack of coverage can lead to many things, such as increasing bills because there’s no insurer absorbing some/most expenses.
  • What if you don’t have private health cover?

    Medicare Levy Surcharge is a new tax imposed on top of your monthly Medicare fee. It’s only applicable if you don’t have private health insurance. It applies to single people who make more than $90,000 or couples making over 180k combined annual salaries as members within one household, depending on what they choose at income levels above those amounts (1%-1½%).
  • What all things are covered in health insurance?

    Health insurance is a great way to protect yourself from the unexpected. It typically covers most doctor and hospital visits, prescription drugs, as well as wellness care. But there are some things it won’t cover, such as elective or cosmetic procedures; beauty treatments which can include things like off-label drug use; brand new technologies where you’re paying extra just because they don’t exist in any other form yet.

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