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Warning: The most expensive health insurance policies to avoid

You can save up to $1,300 a year by switching to a cheaper, equivalent policy.

People walking and Australian money. Health insurance and saving money.
CHOICE has revealed the most expensive health insurance policies in Australia. (Source: Getty)

Aussies could save hundreds by switching to a cheaper health insurance policy with the same level of cover, new research has found.

CHOICE has revealed the most expensive gold and silver health insurance policies in Australia and is urging policyholders to double-check their plans ahead of premium hikes this year.

“Health insurance is a significant monthly expense and, with premiums increasing each year, it’s important to have the best value policy for your needs,” CHOICE health insurance expert Uta Mihm said.

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“We crunched the numbers and found that there are huge savings to be made if you hold one of these overpriced health insurance policies.”

Aussie singles could save from $600 to more than $1,300 each year by switching from an expensive gold policy to the cheapest, equivalent policy, CHOICE found, with greater savings for couples and families.

“While the most significant savings are available for gold policyholders, silver policyholders can likely also find a cheaper deal with the same coverage,” Mihm said.

There are four main hospital insurance tiers: gold, silver, bronze and basic. They each have to include a minimum level of cover. Insurers can add additional coverage above this through ‘plus’ tiers.

CHOICE health insurance savings
Here are the potential health insurance savings on offer. (Source: CHOICE)

Expensive health insurance policies

These were the most expensive gold policies in each state, CHOICE said:

  • NSW and ACT: NIB Suncorp Gold Hospital, $3,570

  • QLD: HBF Gold Hospital Elevate, $3,840

  • SA: HCF Premium Gold, $3,200

  • TAS: HCF Premium Gold, $3,440

  • VIC: NIB Suncorp Gold Hospital, $3,900

  • WA: HBF Gold Hospital Elevate, $3,360

  • NT: Mildura Five Star Gold F4A, $2,540

As with gold policies, CHOICE found the most expensive silver policies were from big funds. For example, in Queensland, South Australia and Tasmania, the Medibank Silver Everyday was the most expensive, while in Victoria it was the NIB Priceline Silver Hospital policy.

CHOICE recommended shopping around at least once every 12 months or when you received a letter about premium increases. You can also call your current provider and ask if they can give you a better deal.

Look beyond the big, well-known funds and consider smaller funds, CHOICE said, as you may be able to get a cheaper policy this way.

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