Finding out the best health insurance company can be a daunting task for many. You would certainly want to pick the best for your family. Your family’s health would be your top priority and you would not want to take any chances in this matter.
There is no ‘one’ best company, however, it totally depends upon the kind of services that you require. It basically depends on your needs. When you’re deciding upon which health insurance company to choose, there are several factors that you need to consider including customer service rating, policy offering, financial strength, plan prices, provider choices and more. You need to be aware of your needs, most importantly.
Following are some of the tips you can use to choose the best insurance plans in Australia.
iSelect has its own website where you can go through a wide range of opportunities and content that will help you in choosing the right health insurance company for your family. You can easily compare the best insurance policies and companies in Australia on this website and increase your knowledge regarding the processes and requirements. Furthermore, they also offer consultation services where you can get some advice from the top professionals in the market. If you want your health insurance questions answered, this is a great place to start off with.
Apart from this, you can gain as much knowledge as you need from online sources as well as by visiting the company’s websites. Additionally, there are many health insurers who have a separate offering of Health Maintenance Organizations which comprises of healthcare professionals who offer health care services at an agreed price. There are various coverage options and price plans on offer.
As per the Australian Prudential Regulation Authority (APRA), five of the biggest health funds in Australia account for around 5 million health insurance policies. If the amount of policies that are being sold is greater, this shows that the health insurer is earning a high amount of profit.
Some of the best health insurance companies in Australia include:
Medibank: 26.9% market share. They have an overall experience of 40 years and services are delivered to 3.7 million customers via AHM brands and Medibank.
Bupa: 26.9% market share. This company was established in 2002 and is one of the best foreign-owned private company.
HCF: 10.4% market share. It was established in 1932 and is a not-for-profit health fund.
NIB: 8.3% market share. This company started its operations in 1952 and serves more than 1.5 million customers in New Zealand and Australia.
HBF: 8% market share. This company is another not-for-profit which was found in 1941. It provides its services to more than 1 million customers.