Health

10 Best Health Insurance Companies of Australia 2019

Health insurance application form with pen, calculator, and glasses

Based on a recent report, health insurance premiums are all set to rise once again in April this year and numerous health funds dipping their benefits in response to the government reforms. Perhaps you are thinking which Health Insurance Company in Australia is the best you can trust to protect you and your family from unexpected medical expenses, right?

Frankly speaking, there is no one best private health fund that will fulfill your requirements whenever you need. It entirely depends on you to compare health insurance companies’ offerings and premiums from the list available in Australia.

Without a doubt, a private health insurance industry is growing significantly and becoming more competitive. Here we have compiled a list of 10 best Health Insurance Providers in Australia based on 2019 market share.

1: Medibank

First and foremost, Medibank Health Insurance in Australia has a 26.9% market share and has more than 40 years of experience delivering health insurance to approx. 3.7M customers all over Australia through their Medibank and AHM brands.

2: Bupa

Bupa has got the same percentage when it comes to market share – 26.9%. Bupa is actually a foreign-based private company who started delivering their services in Australia back in 2002 and now serving more than 4M people across Australia as well as New Zealand.

3: HCF

HCF is covering only 10.4% of market share. It was founded back in 1932 as a not-for-profit health insurance company. 1.5M people are being covered in 52 locations all over Australia.

4: Nib

It’s been 67 years since Nib has been providing their services to more than 1.5M customers in Australia and New Zealand. The Nib is the Best Private Health Care Company which has covered 8.3% of market share.

5: Australian Unity

Only 3% of market share is being covered by Australian Unity. This is a mutual company owned by its members – founded almost 175 years ago alongside 194000 private health insurance policyholders.

6: HBF

Very much like HCF, HBF is also a not-for-profit insurance company – founded back in 1941. Since then, HBF is providing health coverage to more than 1M people all over the country.

7: Teachers Health

When it comes to the education community, Teachers Health is the Best Health Insurance Company – covered 2.3% of market share and serving exclusively to 156000 Australian members.

8: GMHBA

GMHBA started providing their services back in 1934 and has covered 2.3% of market share. GMHBA remains a not-for-profit health insurer and 400,000 people have been served across Australia so far.

9: Defence Health

With only 2% of market share, Defence Health for over 65 years – is providing coverage to the Australian Defence Force (ADF) and wider defence community. Now, more than 131,000 polices provided to the people.

10: CBHS

Last but not the least, with only 1.5% of market share, CBHS since 1951 has been protecting the health of Commonwealth Bank of Australia’s (CBA group) employees as well as families with more than 100K members today.

2019 Biggest Health Funds Australia

The listed above 10 best insurance companies across Australia are entirely based on market share. Above, market shares indicate the competitive position of an insurance provider by assessing how many people in Australia enrolled in a specific health fund.

Whenever any insurance company (whether private or government) owns more of the market, it normally means they have sold a plethora of policies. It may show that people are drawn to their offerings and trust them with their health protection needs.

According to the latest report provided by APRA (Australian Prudential Regulation Authority), 5 biggest health funds across Australia account for over 5M health insurance policies.

The higher the number of policies offered, the most likely it normally is that the health insurance is getting higher profit. Obviously, it leads to lower premiums and more benefits. It becomes really true if the insurance company is a not-for-profit organization as they don’t have any shareholders to whom they need to pay dividends. Rather, the earned profit goes straight back into the funds – used by their members.

Private Health Insurance Reviews Australia 2019

When it comes to comparing Best Family Health Insurance Companies alongside their funds, you might also want to consider how satisfied their customers are with their offerings and how many complaints they receive per annum. 

Medibank

  • Customer Satisfaction: 66.8%
  • All Complaints: 46.3%

Bupa

  • Customer Satisfaction: 68.3%
  • All Complaints: 17.6%

HCF

  • Customer Satisfaction: 70.2%
  • All Complaints: 9.7%

Nib

  • Customer Satisfaction: 68.3%
  • All Complaints: 6.1%

HBF

  • Customer Satisfaction: 76.6%
  • All Complaints: 4.4%

Australian Unity

  • Customer Satisfaction: 73.7%
  • All Complaints: 4.8%

Teachers Health

  • Customer Satisfaction: 83.4%
  • All Complaints: 1.5%

GMHBA

  • Customer Satisfaction: 71.3%
  • All Complaints: 2%

Defence Health

  • Customer Satisfaction: 82.8%
  • All Complaints: 0.7%

CBHS

  • Customer Satisfaction: 82.1%
  • All Complaints: 0.6%

Tips to Find the Best Health Insurance for You

  • Coverage

In order to determine which Private Health Insurance is the best option, you should, first and foremost, decide which type of coverage you are looking for – for instance, a basic hospital policy that covers accommodation as a private patient no matter if it’s a private or government hospital.

  • Benefits

Perhaps an insurance company you decide to go with use dollar or percentage amounts or both to indicate how much you can get for a particular service – for instance, $250 per person or 75% of the total costs.

  • Annual Limits

The annual limits refer to the maximum benefits insurance company is liable to pay every year for a particular service. The annual limits may differ between policies and funds. Therefore, don’t forget to review the company’s SIS (Standard Information Statement).

  • Premium

The cheap policy provided by the Cheapest Health Insurance Company isn’t necessarily a good policy. Make sure you compare funds that provide the coverage you require and review the cost then. That way, you can easily find an excellent value policy at unmatched rates.

  • Waiting Periods

It’s a bold move to look at the length of time you will be going to wait before you can claim benefits. Putting an example, when you have a pre-existing condition, you need to wait almost 12 months. The waiting periods can range anywhere from 1 day, 2 months to a year. It varies from company to company. Let’s finish this off by saying, go through our mentioned above best health insurance companies to find the best health policy suited to you and your family members’ requirements.

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