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.|
|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 Single Parent||$3,513||$2,657||$3,553||$3,369||$3,476||$3,600||$3,554|
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?
Canstar’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.
Making 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 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 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.
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:
|Outstanding value||Hospital Cover||QLD||HIF|
|Outstanding value||Health Insurance – Extras||QLD||Queensland Country Health|
|Outstanding value||Hospital & Extras Package||QLD||HIF|
|Outstanding value||Hospital Cover||NSW||Bupa|
|Outstanding value||Health Insurance – Extras||NSW||HCF|
|Outstanding value||Hospital & Extras Package||NSW||Bupa|
|Outstanding value||Hospital Cover||VIC||HIF|
|Outstanding value||Health Insurance – Extras||VIC||CUA|
|Outstanding value||Hospital & Extras Package||VIC||HIF|
|Outstanding value||Hospital Cover||NT||Bupa|
|Outstanding value||Health Insurance – Extras||NT||Medibank|
|Outstanding value||Hospital & Extras Package||NT||Medibank|
|Outstanding value||Hospital Cover||SA||Bupa|
|Outstanding value||Health Insurance – Extras||SA||HCF|
|Outstanding value||Hospital & Extras Package||SA||Bupa|
|Outstanding value||Hospital Cover||WA||HIF|
|Outstanding value||Health Insurance – Extras||WA||HCF|
|Outstanding value||Hospital & Extras Package||WA||Bupa|
|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:
Editor in Chief
Ph. (07) 3837 4151 | 0400 127 733
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|
|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|
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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.
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