2024 Health Insurance Awards

Canstar releases its
2024 Health Insurance Star Ratings and Awards.

Released: 12 September, 2024

About this year’s awards

To determine the winners, hospital only, extras only, and hospital & extras package insurance policies are assessed using our sophisticated ratings methodology unique to Canstar. Our Star Ratings are designed to help Australians narrow their search and find the right policy for them by providing a shortlist of products that have been assessed and ranked.

Canstar recognises that consumers have different needs when it comes to choosing their health insurance policy, which is why our Star Ratings methodology has been designed to reflect a range of health insurance needs based on a consumer’s life stage, family structure and level of coverage.

Each consumer profile is first broken down by their life stage, then family structure. The different life stages are as follows:

• Young consumer profile: less than 36 years of age
• Established consumer profile: 36 to 59 years of age
• Obstetrics consumer profile: any age
• Matures consumer profile: 60 years of age and above

The national, state and territory Outstanding Value Awards are based on a combination of these Star Ratings, and recognise the insurance providers with the best cumulative performance across all consumer profiles and locations considered.

About the Award winners

(Winners are listed alphabetically)

Bupa
Outstanding Value Award – Health Insurance: Australia
Outstanding Value Award – Extras Insurance: NSW
Outstanding Value Award – Extras Insurance: VIC
Outstanding Value Award – Extras Insurance: QLD
Outstanding Value Award – Extras Insurance: SA
Outstanding Value Award – Extras Insurance: TAS

Bupa has retained the National Award this year, with consistently strong performances across Hospital, Extras and Package policies. Having strengthened its performance in Extras, Bupa has picked up 5 State Awards for Extras. The Canstar Research Team noted that Bupa offers a range of extras policies that performed strongly across the three levels of cover assessed. Additionally, Bupa’s Members First Extras Network provides members with higher benefits and limits across a wide selection of network providers, contributing to its high performance in the Extras categories.

GMHBA
Outstanding Value Award – Hospital Insurance: VIC

GMHBA has picked up the Hospital Insurance Award for Victoria once again. GMHBA displayed consistently strong performances across Young, Mature and Established profiles assessed by our Research Team. GMHBA’s hospital policies offer no excess payments for hospital admissions related to day surgeries and no co-payments on all policies (with the exception of the Accident Only policy).

HBF
Outstanding Value Award – Extras Insurance: WA
Outstanding Value Award – Extras Insurance: NT

HBF continues its strong performance in the Extras category, maintaining the Awards in Western Australia and the Northern Territory. HBF’s suite of extras policies performed strongly across the profiles considered, with standouts including its Flex 50 and Flex 60 policies, along with Complete 60 and Top 70 for those seeking broad coverage. These policies offer a percentage back on extras items up to a combined limit, meaning that the percentage benefit customers receive increases as costs increase.

HCF
Outstanding Value Award – Health Insurance: Australia
Outstanding Value Award – Hospital Insurance: QLD
Outstanding Value Award – Hospital Insurance: WA
Outstanding Value Award – Hospital Insurance: SA
Outstanding Value Award – Hospital & Extras Insurance: VIC
Outstanding Value Award – Hospital & Extras Insurance: WA
Outstanding Value Award – Hospital & Extras Insurance: TAS

HCF continues to provide outstanding value across hospital, extras and package cover, earning the National Health Insurance Award and multiple Hospital and Package State Awards. HCF’s Bronze Plus and Standard Silver Plus policies continue to shine in the Young and Established Hospital profiles respectively, offering policyholders broad coverage for a competitive monthly premium. The Canstar Research Team observed an increased performance in the Mature profiles, driven by HCF maintaining stable premiums year on year for its Silver Plus policy. On extras, HCF continues to provide a competitive range of policy options, ensuring consumers can find coverage that suits them and their individual needs.

Health Partners
Outstanding Value Award – Hospital & Extras Insurance: SA

Health Partners has picked up the Package Award for South Australia this year, with competitive performances across the underlying profiles assessed. Canstar’s Research Team noted that combining Health Partners’ hospital and extras cover can provide higher benefits and limits on treatments like dental and physiotherapy, making it a strong option for consumers looking for more value in their health insurance. Furthermore, Health Partners’ Silver Plus policy has demonstrated stability with its premiums remaining consistent year on year, contributing to its improved standing in the Mature profiles.

Medibank
Outstanding Value Award – Health Insurance: Australia
Outstanding Value Award – Hospital Insurance: NSW
Outstanding Value Award – Hospital Insurance: NT
Outstanding Value Award – Hospital & Extras Insurance: QLD
Outstanding Value Award – Hospital & Extras Insurance: NT

Medibank is once again a recipient of Canstar’s National Outstanding Value Award for Health Insurance. Medibank continues to offer competitive policy options across all levels to help members find coverage that suits their needs. This year, Medibank’s performance strengthened in Hospital and Packages, which resulted in four State Awards across the two Award categories. This strengthening was driven by Medibank maintaining relatively stable premiums across several policies, including its Bronze suite and Silver Plus Core policies.

Phoenix
Outstanding Value Award – Hospital & Extras Insurance: NSW

Phoenix has maintained its strong performance in packaged hospital and extras cover in New South Wales, retaining its State Award. In Obstetrics, the newly introduced Silver Plus Family packages are some of the most competitive options in the NSW market for those seeking cover for Pregnancy. The Canstar Research team highlights that Phoenix offers additional extras policies as part of a hospital and extras package, providing greater flexibility and value for those seeking packaged health insurance.

St Lukes
Outstanding Value Award – Hospital Insurance: TAS

St Lukes continues to offer hospital policies with outstanding value in Tasmania, retaining its State Award once again. St Lukes’s strong performance spans across the Young, Established and Mature profiles, offering competitive policies for each life stage in our review, which in turn allows consumers to find the right balance of cost and coverage that matches their needs. Additionally, St Lukes’s Gold and Planner Silver Plus policies are among the most competitive options in Tasmania for Singles and Families seeking pregnancy cover.

Does Canstar rate other products?

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Group Manager, Research & Ratings

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.