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Australia’s most expensive health insurance policies to avoid: CHOICE

Switching to a better deal could save you hundreds.

Last updated: 16 March 2023

CHOICE has revealed the most expensive Gold and Silver health insurance policies in Australia, and is advising policyholders to double check their plans ahead of premium increases 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," says CHOICE health insurance expert Uta Mihm. 

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

"CHOICE has investigated the most expensive Gold policies in each state, and discovered that switching to the cheapest equivalent Gold policy could save singles anywhere from $600 to over $1300 per year. If you're a couple or a family, the savings are even greater," says Mihm. 

The most expensive Gold policies in each state are: 

  • ACT and NSW: NIB Suncorp Gold Hospital, $3570
  • Qld: HBF Gold Hospital Elevate, $3840
  • SA: HCF Premium Gold, $3200
  • Tas: HCF Premium Gold, $3440
  • Vic: NIB Suncorp Gold Hospital, $3900
  • WA: HBF Gold Hospital Elevate, $3360
  • NT: Mildura Five Star Gold F4A, $2540

"While the most significant savings are available for Gold policyholders, Silver policyholders can likely also find a cheaper deal with the same coverage," says Mihm.

CHOICE's investigation into Silver policies found that like with Gold policies, the most expensive policies often come from big funds. For example, in Queensland, South Australia and Tasmania Medibank Silver Everyday is the most expensive policy. In Victoria, it's NIB Priceline Silver Hospital. 

CHOICE's top tips on getting the best deal on your health insurance 

  • Check to see if you can get a better deal on your health insurance at least once every 12 months, or when you get a letter from your fund about premium increases.
  • Call your current fund and ask if they can give you a better deal.
  • Look beyond the big, well known funds and consider smaller funds - you may be able to get a cheaper policy this way. 
  • Use CHOICE's health insurance comparison tool to compare over 1000 policies from over 36 insurers. 

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Stock images: Getty, unless otherwise stated.