Home insurance Top 6 Health Insurance Firms in Australia

Top 6 Health Insurance Firms in Australia

With Medicare being the primary source of insurance for most Australians, it’s pretty much redundant to get additional insurance from private companies. However, there are reasons why you should get private insurance regardless of your age or risk group.

With that, there are a lot of health insurance firms in Australia that offer you additional coverage. There are specific pros and cons for these companies, so you should definitely look into factors such as coverage, price, and ease of claim.

Of course, the experience may vary to vary depending on the company involved and the situation, so the list below should definitely be taken with a grain of salt. You should always use sound judgment as well as referrals to get the best insurance company to cover you.

As such, here are the top health insurance firms that operate in Australia.

Why You Should Get Private Health Insurance

Medicare is a government-funded health insurance program that has helped many people in the country. It has a satisfactory level of coverage, and many have definitely benefited from it. However, there are some advantages to getting private health insurance as well.

Advantages that you can get when acquiring private health insurance include:

  • No Medical Levy Surcharge
  • You can choose your own doctor
  • No long waiting lists
  • More coverage for basic services i.e. cosmetic, dental, chiropractic, etc.
  • Free ambulance services
  • Some firms also Reimburse gym memberships and other health-related activities

The Top Health Insurance Firms

According to the Fair Health Care Alliance, there are around 40 registered private health insurance providers in Australia. However, only 3 to 5 of them are considered as major players in the industry as they comprise over three-quarters of the total market share

Listed below are the top private health insurance providers that you can find in the country.


Medibank Private Health Insurance is the top player in the country when it comes to health insurance. They have a 26.9% market share as of January 2020 and have over 40 years of experience in the industry.

Perks of getting health insurance through Medibank include 100% coverage on optical and dental, as well as an additional six weeks coverage for new members. Employees of their partner companies can also get additional perks and benefits upon application.


Bupa operates in both Australia and New Zealand, as well as several other countries worldwide. They have over 15 million customers globally and, in Australia, have 26.3% of the total market share despite just operating in the country in 2002.

Bupa specializes in aged care, with established care homes for senior citizens suffering from dementia or for those seeking residency and respite. Bupa also offers free access and discounts to fitness and nutrition programs that aim to prevent disease in the first place and encourage a healthier lifestyle.


HCF was formed in 1932 and currently has around 10% of the total market share. They have also significantly lowered the percentage of their premium increases in the past few years which makes them one of the top choices at this time.

HCF is also a non-profit organization and is a strong supporter of telehealth services. HCF also specializes in mental health service coverage and has expanded all of the coverage to include COVID 19-related conditions.


nib Health Insurance has 8.5% of the total market share, and they currently have over a million insured customers in both New Zealand and Australia. Their policies cover not only Australian residents but also international students and workers, ex-pats, and Australians working or travelling overseas.

the nib was founded in 1947 and offers perks such as unlimited ambulance use, discounts for health-related products and services, and flexible insurance plans. The company also has an app which makes claiming very easy and convenient.


Having 7.8% of the total market share in Australia when it comes to health insurance, HBF is a company that has had almost 80 years of experience in the industry. The company offers several extras for their packages and also provide up to six weeks extra coverage for eligible customers.

HBF is a non-profit health fund with over a million members. They also rate high when it comes to customer satisfaction. Flu vaccinations are also covered by the company, as well as temporary coverage to those affected by COVID 19.

Australian Unity

Australian Unity is a company that has been around for 180 years. Aside from providing insurance packages, Australian Unity is driven towards making a world a better place by creating initiatives to improve on improving education, financial status, and the overall happiness and well-being of Australians.

Australian Unity offers several plans that will suit any type of budget, and they also offer 30-day money-back guarantees. Alternative treatments such as chiropractic services and acupuncture are also covered by these policies.  Aside from these, they also have apps that make claims easier.

Australian Unity currently has a 2.9% market share for health insurance in Australia.


Other private health insurance firms that have minor shares in the Australian market include Teachers Health at 2.3%, GMHBA at 2.3%, Defence Health at 2%, and CBHS at 1.5%. All other firms have less than one percent share of the total market.

Take note, though, that some companies have a restricted list of eligible members, hence limiting their total market share. This is no way reflects the quality of their services and coverage.


There are a lot of things that you have to consider when getting private insurance. Your budget must be taken into account first and foremost. Secondly, the coverage must be able to suit your needs, especially if you are vulnerable to a certain type of condition.

Additional coverages and extras are great perks as well. Look for companies that can provide discounts for gym memberships, nutrition plans, and the like. Of course, you should look towards those companies that have good reviews, either online or by friends and colleagues.

Having private insurance gives you additional protection against health issues. Some even help you improve and maintain your physical health. Look towards these top private health insurance firms, as well as others that were not included in this list, when making your choice.


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