Health Insurance: What we want

CANSTAR releases annual Health Insurance Star Ratings report today, assessing price and features of 628 health insurance products from 24 health insurers.

CANSTAR’s analysis of more than 70,000 visitors who have actively searched for specific health insurance policies on the canstar.com.au website over the past 12 months has uncovered insights into what consumers are looking for.

“From our data, approximately three-quarters (74%) of visitors to the CANSTAR health insurance tables are looking for a hospital and extras package, with around 15 percent looking for hospital-only cover and the remainder looking for extras only,” said CANSTAR Group Manager, Research and Ratings, Mitchell Watson.

“Not all visitors look for health insurance policies with specific inclusions, but of those that do the most sought for hospital inclusions are cardiac, joint replacement, colonoscopy and specifically knee reconstruction. Smaller numbers of visitors look even more specifically for inclusions such as in-vitro fertilisation and gastric banding.”

When it comes to extras the popular inclusions are the expected ones; general and major dental, physiotherapy and chiropractic. Massage is also specifically looked for by 8 percent of visitors.

What does health insurance cost?

CANSTAR has researched the price and features of 628 health insurance products, across 287 consumer profiles to determine the average cost of a combined hospital and general package, as follows:

2016 Health Insurance Premiums – Hospital and Extras Packages.
NSW NT QLD SA TAS VIC WA
Young Singles  $1,818  $1,313  $1,831  $1,758  $1,792  $1,866  $1,737
Young Couples – Non Obstetrics  $3,673  $2,689  $3,699  $3,573  $3,618  $3,779  $3,479
Young Single Parents – Non Obstetrics  $3,340  $2,502  $3,312  $3,179  $3,278  $3,384  $ 3,358
Young Family – Non Obstetrics  $3,813  $2,871  $3,874  $3,739  $3,780  $3,962  $3,700
Couples and Families – With Obstetrics  $4,318  $3,271  $4,450  $4,235  $4,277  $4,480  $4,011
Established Singles  $1,992  $1,479  $2,048  $1,960  $1,998  $2,063  $1,970
Established Couples  $4,000  $3,004  $4,108  $3,944  $4,006  $4,156  $3,921
Established Single Parent  $3,513  $2,657  $3,553  $3,369  $3,476  $3,600  $3,554
Established Families  $3,984  $3,034  $4,127  $3,924  $3,961  $4,173  $3,905
Mature Singles  $2,128  $1,601  $2,174  $2,137  $2,159  $2,176  $2,169
Mature Couples  $4,278  $3,265  $4,374  $4,307  $4,338  $4,387  $4,338

Based on packaged cover policies considered for 2015 CANSTAR Health Insurance Star Ratings. Premiums include Base Tier Australian Government Rebate of 26.791%. “Mature” profile only includes products that include cover for cardiac and hip/knee replacements. “Established” profile only includes products that include cover for cardiac.

Which providers offer outstanding value?

2016 Canstar Outstanding Value Health Insurance AustraliaCANSTAR’s 2016 Health Insurance Star Ratings assessed the price and features of 628 health insurance products from 24 insurers. This rating is the largest undertaken by CANSTAR and one that we are extremely pleased to provide to Australians. The health insurance space can be confusing with some many factors to be considered when choosing a health insurance policy.

Along with our star ratings we also recognize the health funds which overall are offering outstanding value health insurance for cover types in States/territories and also on a national level.

In 2016, CANSTAR has awarded three National Awards for Outstanding Value Health Insurance – Australia.

BUPA

Bupa LogoMaking it three years in a row, BUPA has again provided award-winning value for Australians across both hospital, general (extras) and packaged (Hospital & Extras) cover. BUPA has achieved 5 star value across a majority of profiles assessed by CANSTAR in both hospital-only cover, extras-only cover and packages.

HCF

HCF Insurance LogoHCF is providing outstanding value to consumers Australia-wide. In terms of extras insurance, HCF achieved a highly impressive five stars for Outstanding Value across the board – that’s 91/91 profiles assessed by CANSTAR – along with wide 5 star value across both hospital-only and package cover.

MEDIBANK

Medibank Insurance LogoMedibank has repeated its continued success by retaining the Outstanding Value Health Insurance Australia award for 2016, with a particularly strong showing in stand-alone extras cover and package cover, as well as 5 star Outstanding Value for hospital-only cover across most young profiles.

STATE AWARDS

Whilst the big players also dominated the State Awards, they were not dominant across the board, with a number of insurers achieving Outstanding Value awards in specific states and segments, as follows:

Category Region Winner
Outstanding value Hospital Cover QLD HIF
Outstanding value Health Insurance – Extras QLD Queensland Country Health
Outstanding value Hospital & Extras Package QLD HIF

 

Category Region Winner
Outstanding value Hospital Cover NSW Bupa
Outstanding value Health Insurance – Extras NSW HCF
Outstanding value Hospital & Extras Package NSW Bupa

 

  Category Region Winner
Outstanding value Hospital Cover VIC HIF
Outstanding value Health Insurance – Extras VIC CUA
Outstanding value Hospital & Extras Package VIC HIF

 

Category Region Winner
Outstanding value Hospital Cover NT Bupa
Outstanding value Health Insurance – Extras NT Medibank
Outstanding value Hospital & Extras Package NT Medibank

 

Category Region Winner
Outstanding value Hospital Cover SA Bupa
Outstanding value Health Insurance – Extras SA HCF
Outstanding value Hospital & Extras Package SA Bupa

 

Category Region Winner
Outstanding value Hospital Cover WA HIF
Outstanding value Health Insurance – Extras WA HCF
Outstanding value Hospital & Extras Package WA Bupa

 

Category Region Winner
Outstanding value Hospital Cover TAS HCI
Outstanding value Health Insurance – Extras TAS HCF
Outstanding value Hospital & Extras Package TAS HCI

CANSTAR congratulates all National and State winners of CANSTAR’s 2016 Health Insurance Star Ratings.

For further information:
Justine Davies
Editor in Chief
Ph. (07) 3837 4151  |  0400 127 733
justine.davies@canstar.com.au

 

About CANSTAR
CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.

What are the CANSTAR star ratings?
CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.

Account based pensions Managed investments
Agribusiness Margin lending
Business banking Online banking
Business life insurance Online share trading
Car insurance Package banking
Credit cards Personal loans
Deposit accounts Reward programs
Direct life insurance Superannuation
First home buyer Term deposits
Health insurance Travel insurance
Home & Contents Travel money card
Home loans Youth banking
Life insurance

 

COMPLIANCE DISCLOSURE and LIABILITY DISCLAIMER

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product.  Please refer to Canstar’s FSG for more information.

The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior written consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N. 114 422 909

The word “CANSTAR”, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd.   Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

 

Share this article