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Medibank Health Insurance Review: Navigating Your Health Coverage

Medibank is one of the largest Private Health Insurance groups in Australia. The Medibank group encompasses other familiar health insurance providers such as AHM. With over 47 years of experience within the health insurance industry, Medibank attempts to improve the well-being of its members through a wide array of health insurance policies, rewards, benefits, and investments into wellbeing-oriented products.
Fact Checked

Updated: 27 May 2024

This article will serve as your all-encompassing guide to understanding Medibank. Choosing the right health insurance provider and policy that matches your personal health requirements can often be a daunting and confusing. To make things easier, we will discuss Medibank Health Inusrance’s history, policies, average costs, pros and cons, and any relevant information you may need to assist in making your decision.

Key facts

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ComparingExpert does not currently have access to this provider. Visit Medibank.com.au to request a quote and compare their price and benefits to the Australian private health insurance companies we have access to.

Medibank’s Background

Medibank is one of Australia’s largest Private Health Insurers and serves over 4 million Australians with services related to health and wellbeing. Originally established in 1976 as a not-for-profit fund, Medibank became a for-profit company in 2009 and was privatised in 2014 by the Abbott Government.

Medibank states that its purpose is ‘Better Health for Better Lives’, which means that Medibank Health Insurance aims to ensure that its products and services better the lives and well-being of its members. Medibank also states that it has 4 core values in which the company functions: customer centricity, compassion, brilliance together, and boundary-breaking.

What makes this company policy interesting is their forward-thinking approach to Health Insurance. Medibank has set out a specific guideline for diversity and inclusion known as the ‘Medibank Diversity and Inclusion Plan’ because the company states that everyone has the right to good health insurance. Medibank aims to provide an inclusive and diverse service that creates opportunities for those who may be disadvantaged.

Types of Health Insurance Policies from Medibank

Medibank offers its Private Health Insurance Policies to singles, couples, families, and single parents. Each policy is specifically designed to meet the personal health requirements of each lifestyle type. Medibank policies also provide coverage in the form of Hospital Cover, Extras Cover, and Combined Cover.

Let’s explore these intricate policy types and what Medibank Private Health Insurance offers.

Hospital Cover

Medibank offers Hospital Cover for singles, couples, families and single parents looking for varying coverage levels. Depending on the chosen plan, the price and level of coverage will change. A notable feature of Medibank’s Health Insurance Hospital Policies is that emergency ambulance cover is provided with every hospital policy taken out.

Medibank’s policy structure follows the standard tier structure most health insurance providers use. Medibank’s cheapest policy is the Medibank Basic Accidents and Ambulance Policy, which provides basic cover for accidents and emergencies. This is suitable for young and healthy singles looking for a cheap policy that provides coverage in an emergency.

Medibank’s most expensive hospital policy is the Medibank Gold Protect policy, which provides comprehensive coverage for many in-hospital services. This policy type provides the most comprehensive coverage that Medibank has to offer and also provides coverage for pregnancy and birth, assisted reproductive services, weight loss surgery and more.

Extras Cover

Medibank offers 3 different extras policies. Unfortunately, this is a lower number of options than other providers. Medibank does not allow applicants to choose their own Extras; rather, they must choose between the predesigned packages available.

Combined Cover

The combined cover offered by Medicare is known as the Medicare Hospital & Extras Cover. Instead of providing completely combined packages, Medicare allows its members to choose the hospital and extras cover separately and then merges them into one policy.

There are 7 available hospital policies and 3 available extras policies for the Medibank Combined Policies. This gives the applicant a little more freedom in choice. It also allows the applicant to tailor their further policy to directly meet their personal health requirements.

Pros and Cons

As with any other decision that one may make, there is a list of advantages and disadvantages to consider before applying for a Medibank policy. Let’s examine these pros and cons and how they may affect an applicant.

Advantages of Medibank Private Health Insurance:
  • There is a wide selection of family policies available. This assists families in finding the right coverage necessary for a growing household.
  • The pricing and coverage limits on the policies are competitive with the market.
  • Many different ways to submit a claim. This makes the claims process more diverse and accessible to a wide range of people.
  • The company focuses on diversity and inclusivity, which allows disadvantaged groups to receive good health insurance.
Disadvantages of Medibank Private Health Insurance:
  • Lack of policy choices for Extras cover. This is relevant for both the Extras-only and Combined policies.
  • Long waiting periods. Some policies require a 12-month waiting period before the applicant can utilise the coverage.
  • Inability to choose specific Extras means that members may have to spend more to receive the coverage they desire.

Cost of Medibank policies

Now that we have discussed the history and policies offered by Medibank Private Health Insurance, let’s take a closer look at the average costs an applicant could face when choosing one of the many policies offered. The average cost of a policy will change based on the personal lifestyle of the applicant, the age, geographical location, tier type, coverage, policy selected, and a range of other factors.

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