Our insurance experts have reviewed Gold hospital insurance policies from over 40 health insurers to find out which ones are the cheapest. Find out whether you should consider Gold health insurance, and which policies are the cheapest in your state.
Need to know a bit more about Gold health insurance first? We explain what’s covered, what you can expect to pay and the cover you might want to consider instead.
What is Gold health insurance?
Gold health insurance is the highest level of private hospital cover available in Australia. Consider a Gold policy if you need cover for things such as pregnancy and birth, cataract eye surgery and hip or knee replacement.
It should be no surprise that the highest level of heath cover comes with a high price tag. Most people don’t require cover for all the treatment categories included by Gold policies so make sure you also consider a Silver Plus policy that covers the treatments you might require. Unless you’re able to purchase a Gold policy from a restricted fund, chances are you’ll get better value from a Silver Plus policy.
If you want health insurance that gives peace of mind, a Gold policy may be for you. But if you want cheaper health insurance, try Silver, Bronze or Basic policies.
What does Gold hospital insurance cover?
Pregnancy and birth, including fertility treatments such as IVF.
Joint replacements and reconstructions.
Cataracts.
Rehabilitation.
Hospital psychiatry.
Palliative care.
Gastric banding and obesity surgery.
Diabetes management including insulin pumps.
Sleep studies.
Dialysis.
Pain management with or without a device (for example, a surgically implanted device to manage pain caused by heart disease).
Heart and vascular surgery.
All cancer surgeries, chemotherapy and radiation.
Lung and chest surgeries.
Medically necessary plastic and reconstructive surgery.
Bone marrow transplants and other blood-related treatments.
Investigation and treatment for back, neck and spine problems such as for sciatica and scoliosis.
Dental surgery including wisdom teeth removal and dental implants in hospital.
Implantation of hearing devices.
Accommodation in hospital for podiatric surgery.
Skin-related procedures including treatments for lesions and abscesses, and allergy skin-prick testing.
Broken bones and other bone, joint and muscle treatments.
Endoscopy and colonoscopy plus other digestive system procedures including removal of gallstones or haemorrhoids.
Gynaecology, miscarriage and termination of pregnancy, sterilisation (male and female).
Ear, nose and throat surgery including tonsils, adenoids, grommets.
Hernia and appendix surgery.
Brain and nervous system treatments including for stroke, epilepsy and Parkinson’s disease.
Gold health cover costs on average $370 per month for a single person with $750 excess from an open fund, which is available to everyone, or an average of $302 per month from a restricted fund (without the health insurance rebate). The cost varies depending on which state you live in, ranging from $216 per month in Northern Territory, on average, to $400 in Victoria. It costs between $320 and $387 in other states.
Families and couples will pay about double the single premium. Cost also depends on how much you earn, your level of excess and when you first bought health insurance.
What is a health insurance excess?
An excess is a contribution you pay towards each hospital stay which will reduce the cost of your premium.
If you’re not likely to go to hospital in the next one or two years, opt for a higher excess to reduce your premium. If you think you’ll need to go to hospital sooner rather than later, switch to a policy with a lower or nil excess at least 12 months before your hospital stay.
Should you consider Silver Plus health insurance instead?
A Silver Plus policy is a level down from Gold-tier cover, but it might have what you need and cost less. Silver Plus policies cover the 26 Silver-level services in private hospital, plus one or more of the services from the Gold level.
For example, if you need cover for a specific treatment such as pregnancy, or weightloss surgery, or your specific life-stage (see health insurance for Seniors) you’ll likely be able to buy a Silver Plus policy that includes the cover you need and is cheaper than a Gold policy that has all the bells and whistles. CHOICE members can easily compare over 1000 health insurance policies from all tiers in using our health insurance comparison tool to find the best option.
What’s covered by Silver Plus?
Everything that’s covered by Silver policies, plus at least one of the following:
pregnancy and birth including fertility treatments such as IVF
joint replacements
cataracts
rehabilitation in a private hospital
hospital psychiatry in a private hospital
palliative care in a private hospital
gastric banding and obesity surgery
insulin pumps
sleep studies
dialysis
pain management with a device (for example, a surgically implanted device to manage pain caused by heart disease).
What is the cheapest Gold health insurance?
Exclusive to CHOICE members, we reveal the cheapest policies. Log in to unlock this members-only content, or join CHOICE to get instant access to all of our expert, independent reviews.
Some funds have restricted membership for employees of specific industries or professions, such as the armed forces, teachers, or union members.
Below we’ve listed the two cheapest policies from open funds in each state, and restricted fund policies that are cheaper than the second-cheapest open fund policy.
Restricted funds generally have better priced Gold policies than open funds, so if you’re in the market for a Gold policy it’s worth exploring whether you’re eligible to join one.
Health funds included in our review
With our health insurance tool you can compare policies from over 40 health insurers:
Jodi Bird is the Managing Financial Content Editor at CHOICE. Previously at CHOICE, he worked as Travel project lead and as a Finance specialist.
Jodi has over 30 years experience in financial services, having worked with major banks such as CBA, Westpac and Credit Suisse. He enjoys breaking down complex consumer decisions into easy to understand steps and holding companies to account for failing their customers. He is regularly called upon for expert commentary by major broadcasters such as the ABC, SBS, and Channels 7, 9, and 10.
Jodi has a Bachelor of Commerce majoring in Economics from the University of Wollongong. He is RG146 compliance certified to provide general advice for General Insurance and is a Responsible Manager on CHOICE's Australian Financial Services License. LinkedIn
Jodi Bird is the Managing Financial Content Editor at CHOICE. Previously at CHOICE, he worked as Travel project lead and as a Finance specialist.
Jodi has over 30 years experience in financial services, having worked with major banks such as CBA, Westpac and Credit Suisse. He enjoys breaking down complex consumer decisions into easy to understand steps and holding companies to account for failing their customers. He is regularly called upon for expert commentary by major broadcasters such as the ABC, SBS, and Channels 7, 9, and 10.
Jodi has a Bachelor of Commerce majoring in Economics from the University of Wollongong. He is RG146 compliance certified to provide general advice for General Insurance and is a Responsible Manager on CHOICE's Australian Financial Services License. LinkedIn
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