List of Health Insurance Companies in Australia in 2024
Health insurance is a type of insurance that covers the cost of medical expenses for individuals or groups. In Australia, there are two main types of health insurance: public and private.
Public health insurance is provided by Medicare, a government-funded scheme that covers most Australians for essential health services, such as visits to the doctor, hospital stays, tests and scans, and some medicines. Medicare is funded by taxes, including the Medicare levy, which is 2% of your taxable income.
Private health insurance is optional and covers you for additional or complementary health services that Medicare does not cover, such as dental, optical, physiotherapy, and hospital treatment as a private patient. Private health insurance can also help you avoid paying extra taxes, such as the Medicare levy surcharge, which applies to high-income earners who do not have private hospital cover.
There are many benefits of having private health insurance, such as:
– Having more choice and control over your health care, such as choosing your doctor, hospital, and level of cover
– Having access to shorter waiting times for elective surgery and other treatments
– Having access to a wider range of services and treatments that may not be available or affordable under Medicare
– Having peace of mind and financial security in case of unexpected or complex health issues
However, there are also some drawbacks of having private health insurance, such as:
– Having to pay premiums, which can vary depending on your age, health status, location, and level of cover
– Having to pay out-of-pocket costs, such as excesses, co-payments, and gaps between the fees charged by providers and the benefits paid by insurers
– Having to deal with complex and confusing policies, terms and conditions, exclusions and limitations, and waiting periods
– Having to compare and switch policies regularly to ensure you are getting the best value and coverage for your needs
If you decide to get private health insurance, you need to know that there are over 30 health insurance companies in Australia that offer different products and services. Choosing the right one for you can be challenging, but it is important to do your research and compare your options carefully.
To help you with this process, we have compiled a list of the 10 best health insurance companies in Australia based on their market share, customer satisfaction, industry rating, claims performance, and policy features. These are:
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Medibank
Medibank is the largest health insurer in Australia with a market share of 27.5%. It has over 3.7 million members and offers a range of hospital and extras covers to suit different budgets and needs. Medibank also provides travel insurance, pet insurance, life insurance, and health services such as dental clinics, optical stores, mental health support, and telehealth.
Some of the benefits of choosing Medibank are:
– Access to over 500 private hospitals and 1,600 extras providers across Australia
– Access to Medibank Live Better Rewards program that gives you discounts and rewards for healthy activities
– Access to Medibank Mobile App that lets you manage your policy, make claims, find providers, and access health advice
– Access to Medibank 24/7 Nurse and Medibank Mental Health Phone Support lines that offer free health guidance
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Some of the drawbacks of choosing Medibank are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
Bupa
Bupa is the second-largest health insurer in Australia with a market share of 24.7%. It has over 3.4 million members and offers a range of hospital and extras covers to suit different lifestyles and preferences. Bupa also provides travel insurance, home insurance, car insurance, life insurance, aged care services, dental clinics,
optical stores, hearing centres, and wellness programs.
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Some of the benefits of choosing Bupa are:
– Access to over 500 private hospitals and 10,000 extras providers across Australia
– Access to Bupa Plus Rewards program that gives you discounts and offers on various products and services
– Access to Bupa Online Services that lets you manage your policy, make claims, find providers, and access health information
– Access to Bupa HealthLine that offers free health advice from nurses, dietitians, and mental health professionals
Some of the drawbacks of choosing Bupa are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
HCF
HCF is the third-largest health insurer in Australia with a market share of 12.4%. It has over 1.7 million members and offers a range of hospital and extras covers to suit different needs and goals. HCF also provides travel insurance, pet insurance, life insurance, and health services such as dental clinics, optical stores, hearing centres, and health coaching.
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Some of the benefits of choosing HCF are:
– Access to over 500 private hospitals and 10,000 extras providers across Australia
– Access to HCF Thank You Rewards program that gives you cashback and vouchers for healthy activities
– Access to HCF My Membership App that lets you manage your policy, make claims, find providers, and access health tools
– Access to HCF Health Agenda that offers free health articles, podcasts, videos, and webinars
Some of the drawbacks of choosing HCF are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
nib
nib is the fourth-largest health insurer in Australia with a market share of 9.4%. It has over 1.3 million members and offers a range of hospital and extras covers to suit different stages and situations. nib also provides travel insurance, life insurance, income protection insurance, funeral insurance, and health services such as dental clinics, optical stores, skin clinics, and telehealth.
Some of the benefits of choosing nib are:
– Access to over 500 private hospitals and 21,000 extras providers across Australia
– Access to nib Rewards program that gives you discounts and deals on various brands and experiences
– Access to nib App that lets you manage your policy,
make claims,
find providers,
and access health tips
– Access to nib Health HQ that offers free health articles,
videos,
and podcasts
Some of the drawbacks of choosing nib are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
HBF
HBF is the fifth-largest health insurer in Australia with a market share of 7.3%. It has over 1 million members and offers a range of hospital and extras covers to suit different needs and preferences. HBF also provides travel insurance, home insurance, car insurance, life insurance, and health services such as dental clinics, optical stores, physiotherapy centres, and wellness programs.
Some of the benefits of choosing HBF are:
– Access to over 500 private hospitals and 10,000 extras providers across Australia
– Access to HBF Member Plus program that gives you higher benefits and lower out-of-pocket costs at selected providers
– Access to HBF Online Services that lets you manage your policy,
make claims,
find providers,
and access health resources
– Access to HBF Health Hub that offers free health articles,
videos,
and webinars
Some of the drawbacks of choosing HBF are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
Australian Unity
Australian Unity is the sixth-largest health insurer in Australia with a market share of 2.6%. It has over 360,000 members and offers a range of hospital and extras covers to suit different needs and budgets. Australian Unity also provides travel insurance, home insurance, car insurance, life insurance, and health services such as dental clinics, optical stores, hearing centres, and wellness programs.
Some of the benefits of choosing Australian Unity are:
– Access to over 500 private hospitals and 7,000 extras providers across Australia
– Access to Australian Unity Wellplan Rewards program that gives you discounts and cashback on various products and services
– Access to Australian Unity Online Services that lets you manage your policy, make claims,
find providers, and access health information
– Access to Australian Unity Health Hub that offers free health articles,
videos, and podcasts
Some of the drawbacks of choosing Australian Unity are:
– Higher premiums than some other insurers
– Some policies have higher excesses or co-payments than others
– Some policies have lower benefits or limits than others
– Some policies have longer waiting periods than others
## Teachers Health
Teachers Health is the seventh-largest health insurer in Australia with a market share of 2.4%. It has over 330,000 members and offers a range of hospital and extras covers to suit different needs and lifestyles. Teachers Health is a restricted membership fund that only caters to people who work in the education sector or their families. Teachers Health also provides travel insurance, pet insurance, life insurance, and health services.