The average cost of private health insurance in 2018 is around $166 per month.
The cost of private health insurance varies depending on a variety of factors, from location to level of cover. We compared a range of policies from 30+ funds in Australia to find out which fund offered the cheapest, most expensive and the average cost of cover in each state.
We found the average hospital policy cost in Australia is around $2,000 per year. While an extras policy could cost you roughly $850 per year.
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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:
- HBF. Ultimate with GapSaver
- Medibank. Ultra Health Cover
- Westfund. Platinum Plus
As part of government reforms, Health Insurance prices, terms and conditions will change on April 1st.
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|HBF||Ultimate with GapSaver||WA||$623.70|
|Medibank||Ultra Health Cover||VIC||$526.70|
|Medibank||Ultra Health Cover||QLD||$489.70|
|Bupa||Ultimate Health Cover||VIC||$469.65|
|Medibank||Ultra Health Cover||SA||$464.90|
|Medibank||Ultra Health Cover||ACT||$464.30|
|Medibank||Ultra Health Cover||NSW||$464.30|
|Bupa||Ultimate Health Cover||QLD||$461.70|
How do Australian health insurers compare on cost?
HBF followed by Medibank and Westfund 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 $6.27. Mildura offers the next cheapest policies at $10.67, which is available around the country. The most expensive extras policy in Australia comes from GU health, at $154.99 a month.
For a top hospital policy, health.com.au comes in at $237.41 per month. Restricted fund CDH sits at the top costing up to $285.32 per month. The cheapest hospital cover can be found in the NT with hbf for $23.42 per month.
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.
How does the cost of health insurance vary depending on the level of cover?
|Level of cover||Combined||General Treatment||Hospital|