You are here:

The 10 Best Health Insurance Companies in Australia

Health insurance companies play a critical role in Australia’s healthcare system, particularly, offering a wide range of coverage options meeting diverse health and financial needs. Their impact extends beyond individual health, significantly improving the nation’s healthcare accessibility.

Megan Fraser

Fact Checked

Updated: 19 May 2024

Navigating the offerings of Australia’s top health insurers can feel like a puzzle. They’ve got everything covered – from emergencies to comprehensive healthcare plans. It’s all about finding that perfect fit for your health journey, whether you’re a fitness enthusiast or a family planning for the future.

Key facts

Compare Health Insurance Quotes

Protect what’s most important to you. It’s easy, convenient and free!

By clicking ‘Compare & Save Now’, you are accepting our Terms of Use, Privacy Policy and consenting to us contacting you about the products and services provided. Please consider the PDS before purchasing any products.

Top 10 Health Insurance Companies 2024

Source: Private Health Insurance Ombudsman (January 2024; Take note; the list above is based on market share)

Health cover for your lifestyle

Health insurance plays a pivotal role in enhancing both physical and mental well-being. It encourages preventive care, leading to early detection of health issues and better outcomes. The peace of mind from knowing you’re covered in emergencies reduces stress and its adverse health effects. Access to a wide network of top healthcare professionals ensures quality care. 

Additionally, many policies offer lifestyle benefits like gym memberships and wellness programs, promoting a healthier way of living. Finally, the financial security provided by insurance protects against the high costs of unexpected medical issues. Overall, health insurance is an essential tool for maintaining holistic health.

Types of Health Insurance

Private health insurance in Australia generally comes in three main types: Hospital Cover, Extras Cover, and Combined Cover. Each type offers different protection and benefits, catering to various healthcare requirements.

What to Look for in a Health Insurance Company

When choosing a health insurance company, it’s important to consider several key factors to ensure you get the best coverage for your needs:

Compare the best health insurance companies

Insurer
Hospital Cover
Extras Cover
Market Share
Complaints Rating
Demo Image
$121.95 – $142.00
$36.40
27.50%
19.30%
Demo Image
$121.80 – $154.15
$30.95
24.70%
23.60%
Demo Image
$119.10 – $145.70
$17.20
12.40%
18%
Demo Image
$122.04 – $129.99
$30.78
9.40%
9.30%
Demo Image
$130.40 – $160.10
$24.90
7.30%
5.90%
Demo Image
$148.96 – $164.36
$53.21
2.60%
2.70%
Demo Image
$137.60 – $147.35
$38.55
2.40%
4.60%
Demo Image
$132.40
$29.15
2.30%
3.20%
Demo Image
$118.26 – $126.41
$30.38
2.00%
1.60%
Demo Image
$153.05 – $175.93
$53.39
1.50%
2.50%

Source: Privatehealth.gov.au, Private Health Insurance Ombudsman (January 2024)

Medibank

Medibank is one of Australia’s leading health insurers, offering diverse policy options for every budget. Celebrated for over four decades for its dependable coverage and exceptional service, it offers:

Bupa

As a multinational healthcare giant, Bupa tailors health insurance for various needs, from individual to corporate. Their focus on innovation and customer service ensures comprehensive plans that include:

HCF

HCF, operating as a non-profit, provides a range of affordable health insurance products focused on member wellbeing. They are dedicated to improving Australians’ health through plans that offer:

Nib

Nib offers a variety of health insurance products designed to provide affordable yet comprehensive coverage. They pride themselves on their approach to healthcare, ensuring members have access to:

HBF

With a legacy of over 80 years, HBF provides a wide range of health insurance products to millions of Australians. As a leading health insurer, HBF focuses on offering:

Australian Unity

With a history spanning over 180 years, Australian Unity offers private health insurance alongside a range of well-being services. They focus on holistic health solutions, offering policies that include:

Teachers Health

Catering specifically to the education sector, Teachers Health offers comprehensive health insurance with a personal touch. As a not-for-profit organisation, they provide:

GMHBA

GMHBA, an Australian health insurance provider with over 85 years of service, offers customised health coverage. They emphasise personalised care and community health, providing:

Defence Health

Exclusively serving Defence Force members and their families, Defence Health offers tailored health insurance options. Their products are specifically designed to meet the unique needs of the defence community, including:

CBHS

CBHS provides health insurance exclusively for government employees, offering comprehensive coverage. Their plans are tailored to meet the needs of this specific group, ensuring:

How much does private health insurance cost?

When considering the costs of health insurance in Australia, Hospital coverage typically ranges from around $120 to $175 per month, while Extras cover can vary significantly, often starting as low as $17 and going up to around $53 per month. These estimations are based on general market trends observed across major insurers. The actual cost depends on the level of coverage, benefits included, and individual insurer pricing policies. It’s important to balance the cost with the coverage needs to find a plan that offers value for money and meets your healthcare requirements.

Do I need private health insurance?

When it comes to private health insurance, it’s all about what’s right for you and your situation. Start by looking at your health needs. Do you have any ongoing medical conditions or a family history that might require quick access to a specialist? Your budget is also key. Health insurance isn’t cheap, so ensure it fits your finances comfortably.

Then there’s your lifestyle and plans to think about. Are you thinking about having kids soon? Private cover can give you more choices when it comes to maternity care. So, weigh up if the perks of private cover, like shorter wait times and picking your doctor, make sense for you. In the end, it’s about whether the peace of mind and extras you get with private insurance are worth the cost of your unique life.

What happens if
I don’t have
health coverage?

Without health insurance, you’re liable for all medical expenses, which can be substantial in emergencies or chronic conditions. You might also face longer wait times for elective procedures in the public system. Additionally, high-income earners without private coverage may incur the Medicare Levy Surcharge, increasing their tax burden. Not having sufficient private insurance means balancing potential financial risks with reliance on the public healthcare system.

How to Get Health Insurance Quotes

To find the right health insurance, start by filling in the quote form at the top of this page. Input your age, location, and health requirements to tailor the quotes to your specific needs. This step ensures you get personalized options from various Australian health insurance providers.

Once you have your quotes, compare them carefully. Consider the coverage, benefits, and waiting periods beyond just the price. This way, you can make an informed choice, finding a plan that balances cost with your healthcare needs and budget.

List of Health Insurance Companies in Australia

Currently, there are 35 active private health insurers in the market. Each offers unique coverage options and benefits tailored to various healthcare requirements and preferences

  • ACA Health Benefits Fund
  • ahm health insurance
  • AIA Health Insurance Pty Ltd
  • Australian Unity Health Limited
  • Bupa HI Pty Ltd
  • CBHS Corporate Health Pty Ltd
  • CBHS Health Fund Limited
  • CDH Benefits Fund
  • CUA Health
  • Defence Health Limited
  • Doctors’ Health Fund
  • GMHBA Limited
  • GU Health
  • HBF Health Limited
  • HCF
  • HCi
  • Health Insurance Fund of Australia Limited
  • Health Partners
  • Latrobe Health Services
  • Medibank Private Limited
  • Mildura Health Fund
  • National Health Benefits Australia Pty Ltd (onemedifund)
  • Navy Health Ltd
  • nib Health Funds Ltd.
  • Peoplecare Health Insurance
  • Phoenix Health Fund Limited
  • Police Health
  • Queensland Country Health Fund Ltd
  • Reserve Bank Health Society Ltd
  • rt health – a division of The Hospitals Contribution Fund
  • St.Lukes Health
  • Teachers Health
  • Transport Health – a division of The Hospitals Contribution Fund
  • TUH Health Fund
  • Westfund Limited

Frequently Asked Questions and Answers

The average cost of health insurance varies based on the level of coverage. For basic hospital cover, prices generally start around $75 to $110 monthly, while comprehensive policies can exceed $150 monthly. Extras policies can range from $20 to over $50 per month.

Choosing the best plan involves assessing your health needs, budget, and the specific benefits each plan offers. Consider factors like hospital and extras coverage, waiting periods, annual limits, and any additional benefits. Comparing plans from different providers can help you find the best fit.

Yes, you can switch health insurance providers without losing your accumulated benefits. Thanks to portability rules in Australia, you won’t have to re-serve waiting periods for equivalent levels of cover. However, new waiting periods may apply for additional benefits if you upgrade your coverage.

Tax incentives include the Private Health Insurance Rebate, which is income-tested and can reduce the premium cost. Additionally, having private hospital cover can help you avoid the Medicare Levy Surcharge (MLS) if your income exceeds a certain threshold.

If you’re unhappy with your provider, try resolving the issue directly with them. If this doesn’t work, you can lodge a complaint with the Private Health Insurance Ombudsman (PHIO), an independent body that helps resolve disputes between consumers and health insurers.

Share:

Specialist

Megan has extensive experience writing about health and life insurance in Australia. Megan has a special interest in health and wellness. She relies on her background in counselling psychology to convey the latest findings in a manner that is most beneficial to ComparingExperts readers. In every article she writes, Megan aims to uphold the standards of the Private Health Insurance Intermediaries Association (PHIAA) which ComparingExpert is part of.

Other Topics

Find out more with our useful guides

Have a question? Ask a specialist.

Submit