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What is private health insurance?

Private health insurance helps with the cost of healthcare not covered by Medicare. Not all policies are created equal, so it’s important to compare health insurance and find the best health cover for you. There are two main types of cover: hospital and extras.

How much does private health insurance cost?

The cost of private health insurance varies, but we crunched the numbers from 30+ Australian funds to see what you’ll have to pay for hospital and extras cover per month, depending on the level of cover you choose.

Prices quoted are based on a single 30 year-old in Sydney, earning less than $90,000 with a $750 hospital excess from June 2022. Extras categories used the same methodology as the 2022 Finder Health Insurance awards.

Find out how much you could claim back

If you earn under $140,000 (single) or $280,000 (couples), you’re entitled to a rebate on your private health insurance policy.

Pop in a few of your details, including how much you’ve paid or expect to pay in premiums from 1 April 2022 to 31 March 2023. Find out how much you can get back.

Public vs private health insurance comparison

Not sure if private health insurance is worth it? Here are some key differences between the public and private healthcare systems in Australia:

	public system	Private health insurance
Doctor	A public hospital will allocate a doctor for you. You don’t get to choose.	You can choose which doctor you see.
Private rooms	You’ll likely end up in a shared room in a public hospital.	Insurance gives you access to a private room if there’s one available.
Waiting lists	Waiting lists for elective treatments can range from a few weeks to a few years.	Private insurance usually involves a shorter wait. For some procedures, you may even be able to pick your date.
Treatment types	Medicare doesn’t cover most dental, hearing aids or other out-of-hospital treatments.	Extras can give you cashback on out-of-hospital services such as optical, dental, psychology and hearing aids.
Ambulance fees	In most cases, Medicare won’t pay for your ambulance except in Queensland and Tasmania.	Most health funds include cover for an emergency ambulance, even on Basic policies.