We’ve compiled the Top 5 Health Insurance Companies In Australia Steadfast Marine, based on the PHIO report. They are arranged according to member retention, a crucial measure of customer satisfaction
So if you’re on the lookout for a health insurer that can provide the best coverage tailored to your healthcare needs, you can consider these insurers.
- Health Partners
It is the largest open health insurer in South Australia, headquartered in Adelaide.
This insurer takes care of over 90,000 members. One noteworthy aspect of t is that it operates the state’s biggest private dental practice and multiple optical stores.
It’s health insurance coverage extends across Australia, offering hospital and extras cover to its members.
Now, let’s take a look at the some more details of Health Partners –
- Membership Retention:
An impressive 91% of members choose to stay with Health Partners.
- Complaints:
It receives only a minimal percentage of complaints, with just 0.5% of members expressing concerns. The fact that it has investigated 100% of these complaints demonstrates its commitment to addressing any issues promptly.
- Financial Benefits:
An outstanding 88.5% of the contributions go back to the members in the form of benefits.
- Management Expenses
Health Partners keeps their management expenses at a reasonable 9.5% of the contribution income.
- Management Expenses per Policy:
On average, the management expenses per policy amount to $366, which is a reasonable figure in the context of the benefits they provide.
- Market Share:
Health Partners holds a market share of 0.7%, indicating their growing presence and popularity within the health insurance landscape.
- HBF
HBF, established in 1941, stands as one of Australia’s largest not-for-profit health insurers. It covers nearly one million members across the country.
With its headquarters located in Perth and over a dozen branches in Western Australia, it has a significant presence in the region.
It offers a diverse range of health insurance policies tailored to various demographics, including single parents and overseas visitors.
Its Basic Hospital Plus plan is available for a weekly premium of $14.06. It provides coverage for essential services like dental surgery, gynaecological services, hernia and appendix treatments, hospital psychiatric services, joint reconstructions, palliative care, rehabilitation, and procedures like tonsil, adenoid, and grommet treatments.
Recently, in February 2023, it welcomed Lachlan Henderson as its CEO, who assumed the position after being appointed in October 2022.
In 2021, HBF further expanded its influence in the health insurance market through the acquisition of Brisbane-based CUA’s health insurance arm. This strategic move boosted it’s overall market share, with almost one-fifth of its members now residing outside Western Australia.
With a remarkable membership retention rate of 90% and benefits accounting for 89.7% of contributions, it demonstrates a strong commitment to serving its members’ needs.
Although its management expenses are slightly higher at 15% of contribution income.
On average, its management expenses amount is $490 per policy.
- Westfund
Westfund is a not-for-profit health insurer based in New South Wales. It may represent a small fraction of the overall market at 0.9%, but it excels in member retention, with an impressive rate of 89%.
The company takes pride in offering comprehensive coverage, including hospital, dental, and eye care, to over 110,000 members throughout Australia.
Its Basic Hospital Policy provides coverage for shared room accommodation and the freedom to choose your preferred doctor within the hospital.
Additionally, it includes unlimited emergency ambulance cover and a generous $5,000 coverage for non-emergency ambulance trips per member.
In alignment with their mission of “building a new kind of healthcare for collective good,” Westfund demonstrated its commitment to its members during the COVID-19 pandemic.
In 2021, the insurer extended its COVID-19 Community Support Package, resulting in over $5 million being returned to eligible members.
With a low percentage of complaints at 0.6%, and a substantial 88% of contributions returned as benefits, it proves itself as a reliable and caring health insurance option for Australians.
Although its management expenses averages to $540 per policy.
- HCF
HCF was established in 1932. It serves about 1.8 million members from its headquarters in Sydney. As a not-for-profit insurer, it has expanded its services beyond health insurance to include travel and pet policies.
HCF’s commitment to its members is evident through its membership retention rate of 88%. While it holds a substantial market share of 11.9%, it is their dedication to providing quality benefits and services.
One of HCF’s popular insurance plans is the My Future 500 Basic Plus, priced at $24.25 per week, which offers a range of important coverages, such as dental surgery, ear, nose, and throat care, hernia and appendix treatments, joint reconstructions, tonsils, adenoids, and grommets procedures.
Moreover, the plan provides up to $750 cash back on extras treatments annually and a separate $180 cash back for optical services.
With a manageable 24.5% of complaints and a diligent investigation rate of 17.8%, this insurer shows its dedication to addressing any concerns raised by their members. Their benefits, accounting for 89.6% of contributions, exemplify their focus on giving back to their members.
- BUPA
Bupa is an international healthcare services provider with a strong presence in more than 20 countries. It also operates in Australia, with offices in Sydney and Melbourne.
In addition to health and travel insurance, Bupa offers a wide range of services, including aged care and retirement, dental and optical care, and community wellbeing programs.
It has a significant market share of 24.8%.
One of its popular insurance plans is the Bronze Plus Simple Hospital plan, available at $21.19 per week. In this plan, it provides essential coverage for a variety of treatments, including chemotherapy, immunotherapy, and radiotherapy for cancer, ear, nose, and throat care, gastrointestinal endoscopy, gynaecology, hernia and appendix treatment, hospital psychiatric services, joint reconstructions, kidney and bladder treatment, lung and chest treatment, pain management, palliative care, rehabilitation, and tonsils, adenoids, and grommets procedures.