Australian health funds compared
PrivateHealth.gov.au lists 33 health insurers and insurer brands in Australia. 24 are open to anyone and 9 are restricted to a particular workforce or community; 24 operate on a not-for-profit basis. This page lists every one of them with the official data that separates them: their share of complaints to the Ombudsman against their share of the market, and how much of their premium income they paid back as benefits.
The figures are the 2024–25 results the Private Health Insurance Ombudsman publishes and PrivateHealth.gov.au republishes for each insurer, plus APRA's membership data at 30 June 2025. We don't rate funds or take payment for placement.
By Better Rate Mate Editorial Team · Data checked
33
insurers and brands listed
9
restricted funds
24
not-for-profit
6.13m
hospital policies, 30 June 2025
Every registered health insurer
Sorted by market share. Where two names share a registered insurer (Medibank and ahm, nib and GU Health, HCF and RT Health, HBF and see-u), they share one set of figures. Fund names link to our full review where we've written one.
| Insurer | Membership | Structure | Complaints share | Market share | Benefits as % of premiums |
|---|---|---|---|---|---|
| ahm | Open | For-profit, owned by Medibank | 23.9% | 26.5% | 85.6% |
| Medibank | Open | Shareholder-owned company, for-profit | 23.9% | 26.5% | 85.6% |
| Bupa | Open | For-profit, owned by BUPA Group International | 25.2% | 25.5% | 82.4% |
| HCF | Open | Member-owned mutual, not-for-profit | 12.1% | 12.8% | 87.8% |
| RT Health | Open | Member-owned mutual, not-for-profit | 12.1% | 12.8% | 87.8% |
| GU Health | Open | For-profit, owned by nib | 9.6% | 9.8% | 82.0% |
| nib | Open | Shareholder-owned company, for-profit | 9.6% | 9.8% | 82.0% |
| HBF | Open | Member-owned mutual, not-for-profit | 4.4% | 7.9% | 82.2% |
| see-u by HBF | Open | Not-for-profit | 4.4% | 7.9% | 82.2% |
| Teachers Health | Restricted | Member-owned mutual, not-for-profit | 2.2% | 2.6% | 90.3% |
| Australian Unity | Open | For-profit | 2.7% | 2.1% | 81.6% |
| GMHBA | Open | Member-owned mutual, not-for-profit | 1.8% | 2.1% | 81.9% |
| Defence Health | Restricted | Member-owned mutual, not-for-profit | 10.3% | 1.9% | 85.1% |
| CBHS Health Fund | Restricted | Member-owned mutual, not-for-profit | 1.8% | 1.4% | 86.8% |
| Westfund | Open | Member-owned mutual, not-for-profit | 0.6% | 0.9% | 83.1% |
| Latrobe Health Services | Open | Member-owned mutual, not-for-profit | 0.5% | 0.7% | 82.9% |
| Doctors' Health Fund | Restricted | For-profit, owned by the Avant Mutual Group | 0.4% | 0.6% | 84.4% |
| Health Partners | Open | Member-owned mutual, not-for-profit | 0.3% | 0.6% | 87.2% |
| HIF | Open | Member-owned mutual, not-for-profit | 0.4% | 0.6% | 82.0% |
| Police Health | Restricted | Member-owned mutual, not-for-profit | 0.5% | 0.6% | 94.0% |
| St Lukes Health | Open | Member-owned mutual, not-for-profit | 0.2% | 0.6% | 84.8% |
| TUH Health Fund | Restricted | Member-owned mutual, not-for-profit | 0.2% | 0.6% | 84.8% |
| AIA Health | Open | For-profit | 1.6% | 0.5% | 90.4% |
| Peoplecare | Open | Member-owned mutual, not-for-profit | 0.5% | 0.5% | 84.0% |
| Navy Health | Restricted | Member-owned mutual, not-for-profit | 0.4% | 0.4% | 83.3% |
| Mildura Health Fund | Open | Member-owned mutual, not-for-profit | 0.1% | 0.3% | 79.5% |
| Phoenix Health Fund | Open | Member-owned mutual, not-for-profit | 0.2% | 0.2% | 87.0% |
| ACA Health | Restricted | Member-owned mutual, not-for-profit | 0.1% | 0.1% | 83.0% |
| HCi (Health Care Insurance) | Open | Member-owned mutual, not-for-profit | 0.1% | 0.1% | 85.4% |
| onemedifund | Open | For-profit | 0.0% | 0.1% | 75.4% |
| CDH Benefits Fund | Open | Member-owned mutual, not-for-profit | 0.0% | <0.1% | 78.2% |
| Reserve Bank Health Society | Restricted | Member-owned mutual, not-for-profit | Not published | <0.1% | 80.2% |
| Queensland Country Health Fund | Open | Not-for-profit | Not published | Not published | Not published |
Fund reviews
Each review covers who owns the fund, who can join, the hospital tiers it sells now (from the Government's product data at 1 September 2026), its ambulance and age-based discount arrangements, and its full performance table against the industry.
Complaints against market share
The raw number of complaints mostly tells you how big a fund is. What matters is whether a fund draws more or fewer complaints than its size would predict. Dividing each insurer's share of Ombudsman complaints by its market share gives a like-for-like figure: 1.00 is exactly proportional.
| Insurer | Share of Ombudsman complaints | Market share | Complaints ÷ market share |
|---|---|---|---|
| HBF (incl. see-u) | 4.4% | 7.9% | 0.56 |
| Teachers Health | 2.2% | 2.6% | 0.85 |
| GMHBA | 1.8% | 2.1% | 0.86 |
| ahm | 23.9% | 26.5% | 0.90 |
| HCF (incl. RT Health) | 12.1% | 12.8% | 0.95 |
| GU Health | 9.6% | 9.8% | 0.98 |
| Bupa | 25.2% | 25.5% | 0.99 |
| Australian Unity | 2.7% | 2.1% | 1.29 |
| CBHS Health Fund | 1.8% | 1.4% | 1.29 |
| Defence Health | 10.3% | 1.9% | 5.42 |
In 2024–25 Defence Health stood out: 10.3% of all complaints on a 1.9% market share. HBF, GMHBA and Teachers Health drew noticeably fewer complaints than their size. A single year can be distorted by one event, such as a systems change or a policy dispute, so read the Ombudsman's State of the Health Funds report for what the complaints were about.
Open funds and restricted funds
An open fund sells to anyone. A restricted fund can only accept people from a defined group, usually an employer, profession or union, together with their families. Restricted funds tend to have loyal memberships: Teachers Health, CBHS and Defence Health all kept more than 90% of their hospital members in 2024–25, against an industry result of 85.0%. Eligibility is often wider than the name suggests, so check before assuming you can't join.
| Fund | Eligibility (summary) |
|---|---|
| ACA Health | Seventh-day Adventist Church employees, Local Church Officers and their families. |
| CBHS Health Fund | current and past employees of Commonwealth Bank Group, franchisees, contractors, and their families. |
| Defence Health | current or former members of the ADF and the Defence community and their families. |
| Doctors' Health Fund | Medical and allied health professionals, their families, medical students and AMA employees. |
| Navy Health | Cover for the ADF community - serving, ex-serving ADF, employees of contractors to ADF and families. |
| Police Health | Members of Australia’s police community, and their families. |
| Reserve Bank Health Society | Current & former employees of the Reserve Bank. |
| Teachers Health | education union members and their families |
| TUH Health Fund | current or former union members and their families. |
For-profit and not-for-profit funds
For-profit insurers, including the two largest, Medibank and Bupa, can pay profits to shareholders or a parent company. Not-for-profit funds, most of them member-owned mutuals, keep any surplus in the fund. That doesn't make a not-for-profit fund cheaper or better by default: premiums, benefits and service vary within both groups. What the structure changes is where surpluses go.
On the Ombudsman's benefits measure, the highest share of premiums paid back as benefits among insurers with at least 0.5% of the market in 2024–25 was Police Health (94.0%), followed by AIA Health (90.4%) and Teachers Health (90.3%), against an industry result of 84.5%.
Brands and the insurers behind them
Many health insurance names you see advertised are brands of a larger insurer. Your policy, fund rules and complaints process belong to the insurer, not the brand.
| Brand | Insurer | Insurer structure |
|---|---|---|
| Qantas Insurance, AAMI, Apia, ING, Suncorp, Real, Seniors Health Insurance, GU Health | nib Health Funds Ltd | For-profit, shareholder-owned |
| ahm | Medibank Private Limited | For-profit, shareholder-owned |
| Frank Health Insurance | GMHBA Limited | Not-for-profit mutual |
| see-u by HBF, Queensland Country Health Fund | HBF Health Limited | Not-for-profit mutual |
| RT Health | HCF | Not-for-profit mutual |
| Nurses & Midwives Health, UniHealth, Union Health, TUH | Teachers Health group | Not-for-profit mutual |
| Federation Health | Latrobe Health Services | Not-for-profit mutual |
| Astute Simplicity Health | St Lukes | Not-for-profit mutual |
| MyOwn | AIA Health Insurance | For-profit |
| Hunter Health Insurance | CDH Benefits Fund | Not-for-profit mutual |
What this data can't tell you
None of these figures is a price. Two funds with identical complaint and benefits records can charge very differently for the same hospital tier, and a fund with an average record can still have the best policy for you. Use this page to shortlist and to rule out funds you're uneasy about, then compare policies on what they cover, the excess, waiting periods and price. Our guides to hospital cover tiers, the government rebate, the Medicare Levy Surcharge and Lifetime Health Cover loading explain the rules that apply whichever fund you choose.
Frequently asked questions
How many health funds are there in Australia?
PrivateHealth.gov.au lists 33 health insurers and insurer brands (as at 28 September 2026). Some are brands of the same registered insurer, such as ahm (Medibank) and RT Health (HCF). 24 are open to anyone and 9 are restricted to a particular industry or group.
Which health funds are not-for-profit?
24 of the 33 listed insurers operate on a not-for-profit basis, most as member-owned mutuals. The largest by hospital policies is HCF, followed by HBF and Teachers Health. Bupa, Medibank, ahm, nib, GU Health, Australian Unity, AIA Health, Doctors' Health Fund and onemedifund operate on a for-profit basis.
What is a restricted health fund?
A restricted fund can only accept members from a particular group, such as an employer, profession or union, and usually their families. There are nine: ACA Health, CBHS, Defence Health, Doctors' Health Fund, Navy Health, Police Health, Reserve Bank Health Society, Teachers Health and TUH.
Which health fund gets the fewest complaints?
Among insurers with at least 1% of the market in 2024–25, HBF had the fewest complaints relative to its size (4.4% of complaints on a 7.9% market share). Several small funds, including St Lukes, Mildura Health Fund and CDH, also drew far fewer complaints than their share, but small numbers make their ratios less reliable.
Do I have to re-serve waiting periods if I change health funds?
Not for cover you already held at the same or a lower level: your new fund must recognise waiting periods you've already served. If you move to a higher level of cover, you can be asked to serve waiting periods for the extra benefits.
Which health fund pays the most back in benefits?
Among insurers with at least 0.5% of the market, Police Health returned the highest share of premiums as benefits in 2024–25 (94.0%), followed by AIA Health (90.4%) and Teachers Health (90.3%). The industry result was 84.5%.
