It has come to our notice that many people has been looking for way to check 2023 Best Private Health Insurance Providers In Australia and today we are going to help all our readers with the best information you all needed
Firstly many people around the world has been seeing Australia’s healthcare system as one of the best healthcare the world as it give all Australians the right to have access to free or lower cost medical services by doctors and specialists whether in or out of hospital around the world
However, Medicare doesn’t cover everything. And, due to the nature of the public health system, Australians can often find themselves on lengthy public hospital waiting lists for common procedures.
These are just two reasons why many Australians choose to pay for private health insurance instead. In doing so–and depending on the type of plan and coverage they acquire–Australians can skip these waiting lists by accessing care in a private hospital or with a private practitioner instead, as well as paying less out-of-pocket costs for the services that Medicare doesn’t cover
The Best Health Insurance Providers 2022
Phoenix
Member retention (hospital cover)
87%
No-gap services
92.70%
Best for Choosing Your Own Providers
NIB
Member retention (hospital cover)
81%
No-gap services
91.90%
Best Hospital Cover
HBF
Member retention (hospital cover)
90%
No-gap services
92.20%
Best for Tasmanians
St Lukes
Member retention (hospital cover)
88%
No-gap services
88.90%
Best For No-Gap Services
Bupa
Member retention (hospital cover)
87%
No-gap services
92.90%
Best Emergency ambulance cover
Latrobe
Member retention (hospital cover)
78%
No-gap services
79.40%
Best for Customer service
GMHBA
Member retention (hospital cover)
70%
No-gap services
86.40%
Best for Returned benefits
HCF
Member retention (hospital cover)
88%
No-gap services
88.80%
Best for Cash-back rewards
AIA
Member retention (hospital cover)
60%
No-gap services
85.50%
To find and rank the best private health providers, we conducted an analysis of more than 20 of the most common Australian brands offering health insurance policies. We then analysed subsets of their data, in conjunction with the latest Private Health Insurance Ombudsman State of the Health Funds Report.
“The Ombudsman Act requires the Private Health Insurance Ombudsman (PHIO) to publish the report after the end of each financial year to provide comparative information on the performance and service delivery of all health insurers during that financial year,” Acting Commonwealth Ombudsman Penny McKay explains in her foreword.
Ultimately, the State of the Health Funds Report provides consumers with the information they may require to make an informed decision on the right health insurance provider for them, which is established by comparing the following criteria:
- Service performance and financial management;
- Hospital benefits;
- Medical gap schemes;
- The number and nature of complaints investigated by the Ombudsman; and
- General treatment (extras) benefits.
In addition to the comparisons and conclusions found within this report, Forbes Advisor also analysed the following criteria of each health insurer:
- Market share;
- Waiting periods;
- Member retention percentages;
- Discounts;
- Customer service capabilities; and
- Reviews from Australia’s leading and independent consumer review website.
While many Australians seeking private health insurance policies will be curious about cost comparisons, we did not include a price metric in our analysis. This is because the cost of health insurance is highly variable between individuals, as it depends on a range of factors including age, pre-existing health conditions, desire for additional services and location.
To rank each private health insurer, a total of 13 variables were evaluated. From these variables, rankings were then made on a basis of 5 stars–with those included in our best-of list sitting at 2.5 stars and above.
What Does Health Insurance Cover?
Depending on which type of private health insurance policy you choose will determine what your health insurance will cover. Your cover can include treatment in private hospitals with private rooms, ambulance services, or for treatments such as physiotherapy or dental care. The types of health insurance policies available on the Australian market are hospital-only cover, extras-only cover, and combined hospital and extras policies.
Types of health insurance policies
- Hospital-only cover: helps to avoid public hospital waiting lists, and offers more options in terms of being able to choose your desired specialist and hospital. Your private health insurer pays benefits toward the cost of private treatment in a hospital.
- Extras-only cover: helps pay for treatments that are not covered by Medicare and take place outside of the hospital. This includes services and treatments such as dental care, physiotherapy, and optical needs. Most policies pay back a percentage of the bill after it has been paid in full (rather than covering the service in its entirety), and annual limits for each service apply.
- Combined hospital and extras: covers out-of-hospital treatments for the extras described above, as well as for hospital treatments in private hospitals. These policies are bundled together at varying levels of coverage for different procedures, and varying amounts of extras.
Data research by Mia Dunn
Private vs Public Health Insurance
In Australia, private health insurance is optional thanks to our public healthcare system.
However many individuals choose to take out private health insurance from one of the aforementioned providers due to their additional benefits, such as the ability to receive care in a private hospital, quicker treatment for non-life threatening procedures, and to avoid paying for treatments that are not covered by Medicare.
Those without private health insurance will be treated in public hospitals and, if additional services or treatments are required that are not covered by Medicare, they will be charged 100% of the bill.
Ultimately, deciding on whether to pay for private health insurance over Australia’s free-to-access public healthcare system comes down to personal health needs, income and age
What Does Health Insurance Cover?
Depending on which type of private health insurance policy you choose will determine what your health insurance will cover. Your cover can include treatment in private hospitals with private rooms, ambulance services, or for treatments such as physiotherapy or dental care. The types of health insurance policies available on the Australian market are hospital-only cover, extras-only cover, and combined hospital and extras policies.
Types of health insurance policies
- Hospital-only cover: helps to avoid public hospital waiting lists, and offers more options in terms of being able to choose your desired specialist and hospital. Your private health insurer pays benefits toward the cost of private treatment in a hospital.
- Extras-only cover: helps pay for treatments that are not covered by Medicare and take place outside of the hospital. This includes services and treatments such as dental care, physiotherapy, and optical needs. Most policies pay back a percentage of the bill after it has been paid in full (rather than covering the service in its entirety), and annual limits for each service apply.
- Combined hospital and extras: covers out-of-hospital treatments for the extras described above, as well as for hospital treatments in private hospitals. These policies are bundled together at varying levels of coverage for different procedures, and varying amounts of extras
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