With energy prices rising, switch to a cheaper plan
Compare Prices Now

Are you happy with your health insurance?

Posted: 9 March 2018 8:51 am
Couple running through a field looking lovingly at each other

Couple running through a field looking lovingly at each other

Find out which health fund holds onto the most members.

Did you get a notification that your private health insurance premiums are going up and are now looking around for a better deal? You're not alone. Every year before the 1 April price hike, Australians do their best to find a policy that offers better value for money.

If you are looking for a new fund, one useful tool is the annual Private Health Insurance Ombudsman (PHIO) State of the Health Funds Report (SOHFR), which looks at the number of complaints a fund gets, how much a fund covers for various extras treatments and how many members a fund retains.

Looking at member retention is a great way to assess how a fund is doing, as it lets you see whether or not a fund is haemorrhaging members and which ones are better at holding onto its customers.

Out of the open membership funds with a market share greater than 0.5% HBF, which is potentially merging with HCF, did the best in 2016-17, retaining 97% of its members. It was followed by Health Partners (89%) and Bupa (85%). Out of the larger funds, GMHBA ranked the lowest for retention with 63%. Out of the larger restricted funds, Teachers Health performed the best with 93.26%.

Out of the smaller open funds, Onemedifund came out on top with 94.58%. And for the smaller restricted funds, ACA was in the number one spot with 93.06%.

On average, the restricted funds outperformed the open member funds overall, with an average retention rate of 89.7% versus 78.42%.

If we look back over the last five years, this trend holds true with restricted funds retaining 90.71% of their members over that time, with open funds averaging 82.85%. Over that period the best performing larger fund was still HBF, with 90.8%. It was closely followed by Health Partners (89.06%) and Westfund (88.08%).

If you're looking to ditch or switch health insurance this March, make sure you've reviewed your options before doing so. Also be sure to check out what incentives health funds are offering to win your business.

Compare your health insurance options today

Compare health insurance for free
Compare prices from 30+ Aussie funds in under 30 seconds.

Latest health headlines

Picture: Shutterstock

Save on your health insurance

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site