How do the major four health funds compare on price?
HCF has the cheapest extras policy, costing only $8 per month.
As the new financial year begins, health funds are trying to win our business with all manner of deals and discounts. However, there is one tried-and-true method for winning customers that requires no gimmicks: offer a comparable product for less than your competitors.
Below we've compared the costs for combined, hospital and extras cover for a single person across all states from the "big four" health funds: Bupa, HCF, Medibank and nib. Who comes out on top?
Combined cover
While nib only had the third most expensive policy out of the four, overall an nib combined health insurance policy will set you back on average $509.30, which is $64.38 more than the second most expensive fund which was Bupa.
Extras only
HCF offer the cheapest extras cover with one of it's policies costing a mere $8.00 a month. By contrast, at $32.91 nib's cheapest extras policy was more that four times the cost of the HCF policy.
Hospital only
HCF was once again the cheapest of the big four funds, with a maximum hospital only policy cost of $601.15. This was roughly $4.00 less than Bupa, $95.00 less than Medibank and almost $100.00 cheaper than nib.
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I am single and am currently insured with Teachers Union Health but the cost seems excessive at $110.00 per fortnight for top cover.
Are waiting periods honoured by a new provider if I decided to change providers?
Hi Leanne,
Thanks for your question. If you are switching to an equivalent policy, then portability legislation protects you from having to re-serve any waiting periods you’ve already served with TUH. If you would like to speak with an advisor about switching policies, please complete the contact form on the health insurance homepage and an advisor will be in touch.
I hope this was helpful,
Richard