Health Insurance Cost comparison

How much does private health insurance cost?

Need private health insurance but worried about the cost? Find out what you'll be paying for health insurance.

The one question everyone wants an answer to when looking for health insurance: "How much is this going to cost?" Unfortunately, there is no one answer.

The cost of private health insurance in Australia varies depending on a variety of factors. From where you live to level of cover you need. However, finder.com.au compared range of open private health insurance policies from 30+ funds in Australia listed on PrivateHealth.gov.au to find out which fund offered the cheapest policy, the most expensive policy and the average cost of cover in each state.

We found the average cost of of a hospital policy in Australia is around $2,000 per year. While an extras policy could cost you roughly $850 on average per year. Keep reading to find out more.

Disclaimer: This article was written using pricing data gathered in 2016 and is subject to change. Prices shown in this article should be viewed as illustrative only and not be used as a guide to how much you will pay for your cover.

Compare policies and quotes from over 30 Australian health funds

Which were the most expensive policies?

Standing out isn't always a good thing. One policy that jumped out was the Ultra Health Cover SPFWAC from Medibank in Victoria, which cost a staggering $1,152.75 per month for a single person. HBF came in a close second with its Ultimate with GapSaver $1200, which if you lived in Western Australia would set you back $1,132.90 per month.

Across Australia three policies from three funds were consistently the most expensive:

  • Medibank. Ultra Health Cover SPFWAC
  • HBF. Ultimate with GapSaver
  • Bupa. Ultimate Corporate Health Cover - Single Parent Plus
FundPolicyStateCost p/m
MedibankUltra Health Cover SPFWACVIC$1,152.75
HBFUltimate with GapSaver $1200WA$1,132.90
BupaUltimate Corporate Health Cover - Single Parent PlusACT$1,126.95
BupaUltimate Corporate Health Cover - Single Parent PlusNSW$1,126.95
BupaUltimate Corporate Health Cover - Single Parent PlusVic$1,117.30
HBFUltimate with GapSaver $800WA$1,099.55
MedibankUltra Health Cover SPFWACQLD$1,093.20
HBFUltimate with GapSaver $400WA$1,066.15
BupaUltimate Corporate Health Cover - Single Parent PlusQLD$1,058.45
HBFUltimate with GapSaver $200WA$1,049.50

How do Australian health insurers compare on cost?

Medibank Victoria followed by HBF Western Australia and Bupa New South Wales offered the top three most expensive combined policies, with the cheapest three combined policies coming from ahm in the Northern Territory.

If you live in Northern Territory, you can also take advantage of the country's cheapest extras policy from HCF, which is available for $8. Westfund offer the next two cheapest policies at $9.97, which is available around the country. The most expensive extras policy in Australia comes from Medibank, which is available to NSW residents for $471.65.

Doctors' Health Fund members in Victoria, Tasmania, South Australia and Queensland can all expect to pay $634.90 for a top hospital insurance policy. Once again, the Northern Territory has the cheapest policies, with HBF providing the cheapest hospital policy for $28.55.

How much does health insurance in different states of Australia

The table below is the average cost per state, across the various tiers of cover, of health insurance in Australia.

StateCombinedExtrasHospital
ACT$330.54$117.80$239.36
NSW$330.54$117.80$239.36
NT$267.42$107.50$181.60
QLD$339.11$116.35$252.44
SA$329.08$116.84$239.93
TAS$326.04$110.98$245.80
VIC$342.97$116.12$259.24
WA$313.52$116.13$217.84

How does the cost of health insurance vary depending on the level of cover?

Level of coverCombinedGeneral TreatmentHospital
Public$233.46n/a$136.25
Basic$266.26$54.59$191.51
Medium$343.45$109.02$244.38
Top$388.46n/a$275.05
Comprehensiven/a$162.68n/a

Methodology:

  • 19,194 open private health insurance policy varisations were compared from 35 health funds available in Australia. The data was gathered from privatehealth.gov.au.
  • Only single policies were analysed.
  • Some health funds don’t offer all levels and types of cover.
Picture: Shutterstock

Richard Laycock

Richard is the insurance editor at finder.com.au. He is on a mission to make insurance easier to understand.

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