Currently, there are thirty-eight insurance companies registered under the Private Health Insurance Act 2007.
They typically have the option to run as an open or restricted fund. Open funds offer cover to the general public while restricted funds have specific criteria that you’ll need to meet before you’ll be able to join.
Top 10 private health insurance companies in Australia by market share
Medibank: 26.9% market share. Has over 40 years’ experience delivering health insurance to 3.7 million customers via their Medibank and AHM brands.
Bupa: 25.4% market share. The foreign-owned private company entered the Australian market in 2002 and currently serves over 4 million customers in Australia and New Zealand.
HCF: 11.7% market share. A not-for-profit health fund established in 1932, now covering over 1.5 million Australians in 52 locations across the country.
nib: 9.2% market share. Established in 1952, nib is an international health partner serving over 1.5 million customers in Australia and New Zealand.
HBF: 7.3% market share. A not-for-profit organisation founded in 1941, providing health coverage to more than 1 million members.
Australian Unity: 2.6% market share. A mutual company owned by its members established over 175 years ago with 185,000 private health insurance policyholders.
Teachers Health: 2.5% market share. A private health fund exclusively for the education community in Australia which looks after 350,000 teachers, education staff and their families.
GMHBA: 2.1% market share. Since its beginning in 1934, GMHBA has remained a not-for-profit health insurer, now protecting more than 400,000 Australians.
Defence Health: 0.4% market share. For over 65 years Defence Heath provides coverage to the Australian Defence Force (ADF) and wider defence community and today covers over 300 000 people.
CBHS: 0.1% market share. Since 1951 CBHS protects the health of Commonwealth Bank of Australia’s (CBA group) employees and families, with over 100,000 members today.