Need to know
- CBHS will increase its health insurance premiums on 1 July 2022 by 2.91%
- If you prepay by 30 June, you can lock in your current premium for up to 12 months
- CBHS Corporate already increased its premiums on 1 April 2022
CBHS will increase its health insurance premiums on 1 July 2022 by an average of 2.91%.
This compares with an average premium increase of 2.7% and is lower than the premium increases of the five major health funds. Four of the five major funds have also delayed their premium increases till later this year:
- NIB – 2.66% increase from 1 November 2022
- HCF – 2.72% from 1 November 2022
- Medibank – 3.10% from 1 October 2022
- Bupa – 3.18% from 1 October 2022.
Who can join CBHS?
CBHS is a restricted membership fund. Anyone who works or has worked for the Commonwealth Bank Group (CBA Group) including parents, partners, siblings, children or grandparents can join CBHS. Even if you don't work for the CBA Group anymore, you and your immediate family are still eligible to join. CBHS Corporate is an open membership fund and increased its premium on 1 April 2022 by an average of 5.33%, the highest average increase of all private health funds.
How to save on your CBHS health insurance premium
You can review your private health insurance at any time to see if you're getting the best deal (it's good practice to do it at least once a year). With thousands of health insurance policies on the market it can be hard to make sense of your options, so our insurance experts developed a tool that lets you compare health insurance so you can find cover that works for you, and potentially save yourself hundreds of dollars.
If you decide your current policy is good value for money and suits your needs, prepay your premium by 30 June 2022. This is an excellent way to save money as it 'locks in' your current premium and means you'll avoid the annual price increase for up to 12 months.
CBHS does not give a discount for pre-paying or paying by direct debit. However, they give youth discounts to people up to age 30 on all of their hospital and combined policies. Youth discounts are transferable, so you can transfer a discount from another fund to one of these policies.
Who is CBHS?
CBHS Health Fund, established in 1951, is a nonprofit, member-owned health insurer for employees of the Commonwealth Bank Group. It's the third largest restricted membership fund with a marketshare of 1.5%.
How does CBHS rate?
Gap cover rating
How well does CBHS protect its members from out-of-pocket costs?
- New South Wales and Victoria – Above average (the second-highest rating).
- Everywhere else – Average.
CBHS has a High rating for complaints.
The complaints rating is based on complaints lodged with the Private Health Insurance Ombudsman (from 1 October to 31 December 2021). See our round-up of the most complained about health funds.
Five steps to better, cheaper health insurance
Want to change health insurance policies but not sure where to start? Our experts have put together a handy five-step action plan to help you through the process of reviewing, comparing and switching your health insurance policy.
Just a few minutes could potentially save you hundreds of dollars a year: one of our editors saved herself over $1800 annually just by reviewing and switching cover for her young family.
Follow these five easy steps below.