What is the best way to compare private health insurance?

Health is the most important thing in life, so getting your private health insurance in order should be a high priority. The most expensive policy isn’t necessarily the best value for you. Here are three key elements to consider when comparing health insurance policies.

Bronze Hospital & Bronze Extras Set Benefits

Entry level hospital cover. Includes preventative dental and optical.
$ 20.35*
per week
Select

Bronze Hospital & Silver Extras Set Benefits

Entry level cover. Cover for a range of popular services that suit your lifestyle.
$ 24.35*
per week
Select

Silver Hospital Plus & Bronze Extras Set Benefits

Moderate cover. Includes private hospital with some exclusions. Includes cover for preventative dental.
$ 29.90*
per week
Select

Bronze Hospital & Bronze Extras Set Benefits

Entry level hospital cover. Includes preventative dental and optical.
$ 20.35*
per week
Select

Bronze Hospital & Silver Extras Set Benefits

Entry level cover. Cover for a range of popular services that suit your lifestyle.
$ 24.35*
per week
Select

Silver Hospital Plus & Bronze Extras Set Benefits

Moderate cover. Includes private hospital with some exclusions. Includes cover for preventative dental.
$ 29.90*
per week
Select

* The price shown is per week and applies to a Single living in VIC with a $500 excess. It excludes LHC loading and includes a Base Tier Government Rebate.

Choose your own extras provider.*

*With GMHBA, you have the choice to use any extras provider with professional qualifications recognised by GMHBA.

1) What hospital elements do you need included?

One of the most expensive elements of private health insurance is pregnancy cover. If you are not planning to have a baby in the next 12 months, a policy with pregnancy cover will not be the best health insurance policy for you. There are many other medical services to keep in mind, such as:

  • IVF
  • Chemotherapy treatment
  • Gastric banding and obesity surgeries
  • Joint replacements including hips and knees
  • Haemodialysis

Most health funds have a 12 month waiting period for the above services. Therefore it is important to consider your plans in the medium term future, such as whether you are likely to have children within the next few years, so that your cover can be increased accordingly.

2) What extras cover elements do you need covered?

Like hospital cover, there are a lot of extras services that are offered by different health funds that many individuals will not use in the next 12 months. Some of the most common elements not used by the general population include:

  • Speech therapy
  • Occupational therapy
  • Orthodontics
  • Acupuncture

If you are planning to use these services, the best health insurance for you may be a premium policy. On the other hand, if your expected extras needs are minimal, the best health insurance for you would be a basic policy such as GMHBA’s Bronze Extras Cover.

3) Which private hospitals are covered by the health fund?

Health funds will have agreements with private hospitals to minimise your gap payments when you are treated. An example is gmhba's participating private hospitals list. if you have a particular hospital in mind for future treatments, the best health insurance policy for you will be one that includes an agreement with that hospital.

Other Comparison Items To Find The Best Health Insurance

  • What are the limits that exists on the health insurance policy?
  • What percentage back you will receive on extras claims?
  • What is the excess when going to hospital?
  • Are there co-payments for hospital stays?
  • What is the age limit for children on a family health insurance policy?
  • What are the waiting periods?
  • What is the track record of the fund and their service levels?

Overall, the best health insurance policy for you will meet your life stage and requirements over the next one to two years. Make sure you consider some worst case scenarios when planning, as many Australians require their hospital or extras policy for circumstances. The key when comparing health insurance is to find the best balance between policy price and benefits.