Who are the best not for profit health insurers in Australia?

A 'not for profit' health insurance company is one that operates in the interest of its members, rather than to make profit for shareholders. A profit-driven fund will often pay profits to shareholders and even government health funds will usually pass on a dividend to treasury annually.

Without any dividend requirements, a 'not for profit' health fund can offer high value policies with added claim benefits. This is why these funds such as GMHBA have outstanding customer satisfaction scores from their members.

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

No 2 & 6 month waits on extras when joining on combined cover.*

* For new members on direct debit. 12 month waiting periods, annual and sub limits apply. Offer ends 31 October 2017

GMHBA is not the only not for profit health insurance company in Australia with several others including HCF in WA. While over the past decade some not-for-profit health funds have been purchased by 'for profit' companies, most have remained independent and rejected take-over approaches such a NIB's attempt to acquire GMHBA. This is because the members of these funds feel the best health insurance funds do not have the constraint of delivering profits for shareholders.

In many cases the members of not for profit health insurance receive:

  1. Lower premiums
  2. Additional choice in terms of hospital and doctors
  3. Great claim refunds
  4. Excellent customer service
  5. Value for money
  6. Notifications and instructions about ways to best utilise their health insurance

The not for profit health insurance funds are primarily responsible and accountable to the communities they serve. The reserves and earnings of not for profit health care organizations are invested back for the betterment of the community they serve.

Below are a number of factors that separate the not for profit health industry from others:

  1. Not for profit health industries do not compromise quality because the profit potential is not sufficient.
  2. Not for profit health organisations face fewer political issues, as they were created to meet a particular need rather than drive profit.
  3. Not for profit health insurance providers provide high quality health care for lower cost.

Not for profit health insurers are committed to their community. They provide peace of mind and essential medical services, with the flexibility and affordability which are normally impossible for most profit-driven insurers.