Important Disclosure

Our mission at ComparingExpert is to provide our users with free information and tools that empowers you to make decisions with confidence. We may be paid when readers visit links, purchase products or services from partners listed on this site.

You do not pay any extra for using our service.

While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.

Please don’t interpret the order in which products appear on our site as any endorsement or recommendation from us. www.comparingexpert.com.au compares a select range of products, providers and services, but we don’t provide comparisons or information on all available products, providers or services. There may be other options available to you than the products, providers or services covered by our service.

or call 1300 795 560 to speak with a specialist

Top 10 Health Insurance Companies in Australia 2022

Megan Fraser Updated: 24 January 2022
Types of Health Insurance

Finding the best health insurance companies in Australia can be difficult because there are so many factors that you need to take into consideration. you’ll need to compare the types of policies they offer, their premiums, the market share they hold as well as customer satisfaction ratings. This could help you find out which insurer is right for you and your family.

star

The Private Health Insurance Act 2007 currently has thirty-six insurance companies that are registered as open or restricted funds. An Open Fund is available for everyone while a Restricted fund only accepts applicants who meet specific criteria such as income level, nationality and age limitations before they’re allowed to join.

Key Facts

  • The top 5 companies in 2022 by market share are Medibank, Bupa, HCF, nib, and HBF.
  • Premiums for a Basic Hospital policy single adult range between $101.35 and $129.94 per month depending on the insurer you choose.
  • To find the best company for your requirements look for a fund that offers the benefits you need at a premium you can afford.

Top 10 private health insurance companies in Australia by market share

  1. Medibank: 26.9% market share. 
  2. Bupa: 25.4% market share. 
  3. HCF: 11.7% market share. 
  4. nib: 9.2% market share. 
  5. HBF:7.3% market share. 
  6. Australian Unity: 2.6% market share. 
  7. Teachers Health: 2.5% market share. 
  8. GMHBA: 2.1% market share. 
  9. Defence Health: 0.4% market share. 
  10. CBHS: 0.1% market share. 

Source: Source: Ombudsman.gov.au, Australian Prudential Regulation Authority (December 2021)

Compare Health Insurance Quotes

Save Time and Money
Save Time & Money
100% Free Services
100% Free Services
Simple & Convenient
Simple & Convenient
Please select your state
Please enter your postcode
Please select your health cover
Please select your health cover type
Please enter a valid email
Please enter a valid mobile number
Please enter your full name, ie. John Smith

By clicking on ‘Request Your Quotes’ you agree and accept our Privacy Policy and Terms of Use.

Call 1300 795 560
  • Australian-Unity
  • AHM
  • NIB
  • HIF
  • Phoenix-Health
  • AIA

Health Insurance Quotes

  • Reduce out-of-pocket expenses
  • Keep your family healthy
  • Easy and convenient
  • Free to use

Want to talk to a specialist? Call 1300 795 560

Which type of health cover to consider?

Select Private health insurance cover helps you avoid the Lifetime Health Cover (loading) and Medicare Levy Surcharge (MLS). You may also want to think about purchasing health cover if you have a health condition, are thinking about becoming pregnant, have a family, or are getting to an age where more medical assistance is required.

There are many private health funds in Australia, competing for your business. However, to find the most appropriate health fund to suit your requirements, you need to be clear about the type of plan you need. Typically you have the option to choose between the following types of cover:

Hospital cover

Covers some or all of the costs for treatments received in the hospital. The protection you’ll receive depends on the level of hospital insurance your purchase. Generally you’ll have the option to choose between gold, silver, bronze or basic. Each option offers different features and benefits so it may be a good idea to consider your requirements before deciding on a company that’s right for you.

Proportion of benefits paid by private health insurers for Hospital cover

ServiceAmount paid by private health insurance funds ($)
All other491,026,025
Anaesthesia592,741,923
Cardiothoracic109,092,499
Colorectoral surgical133,846,635
Diagnostics133,283,483
General surgical130,160,158
Obstetrics122,343,628
Ophthalmology120,971,196
Orthopaedic165,325,157
Specialist221,082,504
Pathology172,437,747

Source: APRA (December 2021)

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.

ServiceAmount paid by private health insurance funds ($)
All other491,026,025
Ambulance143,210,50
Chiropractic297,926,025
Dental2,804,036,044
Natural Therapies214,125,615
Optical915,316,498
Physiotherapy433,135,843

Source: APRA (December 2021)

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.

Compare top health insurers 2022

Medibank Health Insurance 

Medibank

The Australian government created Medibank in 1976 as a non-profit company. In 2009, they changed it over to for profit and continued operating that way ever since. Currently, they offer members the choice between several Hospital and Extras policies

Features and benefits 

Bupa Private Health Insurance

bupa 90

With more than 4 million customers, Bupa is one of the leading private health insurers in Australia. Customers can choose from six different Hospital plans and seven Extra cover options to ensure that their needs are met at affordable prices.

Features and benefits 

HCF Health Insurance

HCF

HCF Health Fund is a private health insurer that offers policies to millions of people each year. With four different plans and five extras packages, they offer cover for a wide variety of requirements. HCF is a company that strives to give Australians access, protection and peace of mind when it comes to their health care needs.

Features and benefits 

nib Private health insurer

NIB

With 5 Hospital policies and 4 Extras policies, nib offers their members the choice between a wide range of options. The rewards programme is available for those who live healthy lifestyles in order to encourage even more effective behavior change efforts by providing discounts at leading retail stores as well access exclusive programs.

Features and benefits 

HBF Private Health Insurance

hbf 90

HBF Health Insurance is a good choice for Australians who need health cover that fits their unique requirements. Combining policies into one plan and keeping all profits from premiums reinvested allows them to continue providing you with new or improved benefits.

Features and benefits 

Private Health Insurance from Australian Unity

Australian Unity

Australian Unity has a variety of policies to choose from, and it’s easy! They offer six Hospital plans and 6 Extras options for those who need them. Plus there are three pre-packaged packages which you also have the option to choose from.

Features and benefits 

Teachers Health Fund

teachers 90

Teachers health insurance provides a range of plans to meet the needs and requirements of any family. Choose between their Hospital and General over policies. Or, tailor your cover by combining Hospital and Extras policies

Features and benefits 

GMHBA Health cover

GMHBA

GMHBA insurance is a not-for profit health care provider that has different policies, such as nine extras and six hospital plans on offer. GMHBA is a growing insurers having served over 300,000 clients in 2020.

Features and benefits 

Defence Health Fund

defence 90

The Defence Health Fund offers a wide range of policies to suit your needs. You can choose from seven different Hospital plans and three extras cover options, which gives you the freedom to create an individual policy that suits what’s most important for yourself or your loved ones.

Features and benefits 

CBHS Health Insurance

cbhs 90

CBHS health insurance is a private solution for past or present Commonwealth Bank of Australia employees, contractors and their family members. With six different Hospital policies and 3 Extras options, you may want to compare their policies to learn if they’re right for your requirements.

Features and benefits 

Top 5 Bronze Hospital Cover Plans

Generally, health insurance providers are mandated to offer members the choice between policies which are categorized into Basic, Bronze, Silver and Gold tiers. A policy is assigned a tier based on the minimum level of cover it offers. These tiers will make it easier for you to compare and choose the right policy for you. 

Health InsurerProductMonthly Premium
Medibank Private & AHMEveryday Hospital Bronze Plus$113.84 – $122.11
MedibankBronze Everyday $114.45 – $131.95
HCF Hospital Bronze Plus $115.20 – $139.40
HBFBronze Hospital Plus$116.30 – $139.95
GMHBABronze Essential Hospital $116.55

Source: MyPrivatehealth.gov.au (December 2021; Premium estimates for a single adult with no dependents who lives in NSW)

Top 5 Silver Hospital Plans Compared

Health InsurerProductMonthly Premium
Medibank Private & AHMHospital Standard Silver Plus$143.60 – $171.00
BUPASilver Plus Essential Hospital$145.70 – $179.05
Defence HealthCore Hospital Silver Plus 750$145.77
Teachers HealthMid Classic (Silver Plus)$148.23 – $169.49
nibSilver Hospital$156.21 – $167.68

Source: MyPrivatehealth.gov.au (December 2021; Premium estimates for a single adult with no dependents who lives in NSW)

Top 5 Hospital Gold Plans Compared

Health InsurerProductMonthly Premium
Teachers HealthMedibank Gold Complete Hospital$206.54 – $235.73
CBHSGold Complete Hospital$750 Excess – $217.97
HBFHCF hospital gold$220.10 – $278.60
MedibankGold Top Hospital $224.90 – $290.95
 HCFGold Hospital $234.00 – $284.50

Source: MyPrivatehealth.gov.au (December 2021; Premium estimates for a single adult with no dependents who lives in NSW

How many health insurance companies are there?

There are 37 private health insurance companies in Australia for you to choose from. However, not all funds are open to the public; some are restricted to specific groups of people, for example, the Doctors Health fund generally only offers cover to members of the medical community and their families.

Funds open to the public

Funds restricted to specific members

Source: Privatehealth.gov.au  (December 2021)

Frequently asked questions

  • Which health insurance company is the best in Australia?

    There is no best health insurer for every person. As the saying goes ‘you can’t please all people all of the time’. Each person and family unit is different, with specific health requirements and budget. The best private health insurance provider for you should be one that you can afford and provides the type and level of coverage you want.
  • Can health insurance companies exclude pre-existing conditions?

    No, health insurance companies cannot exclude pre-existing conditions, for example, asthma, cancer, or diabetes, because the Australian Federal Government prohibits it. Private health insurers may not refuse to let you buy health coverage or even to charge you a higher premium because you have a pre-existing condition. They can, however, have strict waiting periods associated with pre-existing conditions.
  • 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.
  • Which company offers the best cheap health insurance?

    Premiums for health insurance typically varies according to the insurer and product tier. For Basic cover Bupa offers the cheapest health insurance while Teachers Health is the insurer who offers affordable cover for individuals who are looking for Gold level cover. Typically it’s a good idea to compare all of the options available to you before making a decision.
  • Who are the top 5 health insurance companies?

    Typically, it’s up to you to compare offerings and premiums from the list of health insurance companies available in Australia. However, the top 5 private health insurance companies in Australia by market share are:
    • Medibank
    • BUPA
    • HCF
    • NIB
    • HBF

Health Insurance Quotes

  • Reduce out-of-pocket expenses
  • Keep your family healthy
  • Easy and convenient
  • Free to use

Want to talk to a specialist? Call 1300 795 560

Other topics

Thanks for reaching out!

We will review your comment and get back to you as soon as possible. If your inquiry is urgent, please use the phone number listed at the top of this page.

Talk to you soon.

Have a question? Ask a specialist.

Did you know we also compare Life Insurance?

Get life insurance quotes online in under 60 seconds. Compare the features and benefits from some of the largest life insurance companies in Australia.

  • Protect Your Loved Ones
  • Save Time & Money
  • Support at Every Stage
To receive great value when comparing premiums and policy features from select insurance brands, please provide us with a few details about yourself in the quote form below.
Please select your level of cover
Please select your age
Please select your gender
Please select your smoking status
Please select your state

Almost done...

We just need a few more details about you, so that we can help you find the right cover for your requirements.
Please enter your full name, ie. John Smith
Please enter a valid email
Please enter a valid mobile number

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.

Call 1300 743 254

Thank you!

We’ll be in touch soon to ensure that we have all the information needed to create a quote specific to your unique requirements.