Which health insurance company in Australia provides good and cheap health insurance? Find out if it provides you with good and suitable cover.
The country’s private health insurance industry is dominated by the sector’s biggest names, with the top ten insurers accounting for more than 90% of the total market. However, a company’s size is only one of many factors that experts consider when ranking the best private health insurance companies in Australia.
This article can help you find an insurer that can provide the best coverage for your healthcare needs. Here are the top ten health insurers in the country, according to the PHIO report. The list is organized based on member retention, which is an important indicator of customer satisfaction.
Best private health insurance companies in Australia
1. Health Partners
- Membership retention: 91%
- Percentage of all complaints: 0.5%
- Percentage of complaints investigated: 0.0%
- Benefits as percentage of contribution: 88.5%
- Management expenses per average policy: $366
- Market share: 0.7%
Adelaide-based Health Partners is South Australia largest open health insurer, with over 90,000 members, propelling it to the top of our list of private health insurance companies in US. The not-for-profit health insurer also runs the state’s largest private dental practice, as well as several optical stores. Members can also access the organization’s extensive network of participating physiotherapists and pharmacies.
Health Partners offers hospital and extras coverage across Australia, with benefits detailed in the table below.
Byron Gregory is the CEO of Health Partners and has been in this position since 2004.
2.HBF
- Rate: 90%.
- 3.9% of total complaints
- The percentage of complaints investigated is 5.6%.
- Benefits as a percent of contribution: 89.7%
- Management expenses are 15% of contribution income.
- Management expenses per average policy are $490.
- Market share: 7.3%. It is headquartered in Perth and has more than a dozen other branches throughout Western Australia.
- Dental surgery
- Gynecological services
- Hernia and appendix treatments
- Hospital psychiatric services.
- Joint reconstructions
- Palliative Care
- Rehabilitation
- Tonsils, Adenoids, and Grommets
Lachlan Henderson became HBF’s CEO in February 2023. In 2021, HBF completed the acquisition of CUA’s health insurance arm in Brisbane, increasing its overall market share, with nearly one-fifth of all members living outside Western Australia.
3.Westfund
- Class retention 89
- Chance of all complaints0.6
- Chance of complaints delved 1.4
- Benefits as chance of donation 88
- operation charges as chance of donation income13.3
- operation charges per average policy$ 540
- request share0.9
Despite accounting for less than one percent of total requests, Westfund, based in New South Wales, is one of Australia top private insurance companies in terms of membership retention.
Westfund’s Basic Hospital Policy offers content for participated room accommodation and your choice of croaker at that sanitarium. The plan also includes unlimited exigency ambulance cover and$ 5,000 per member content fornon-emergency ambulance passages.
In with Westfund’s charge of “ erecting a new kind of healthcare for collaborative good, ” the insurer returned over$ 5 million to eligible members as part of an extension of its COVID- 19 Community Support Package in 2021. CEO Mark Genovese described the move as a way to “ support our members through this veritably grueling time. ”