Are corporate health insurance policies cheaper? 

If you’re looking for cheaper health cover, corporate health insurance policies are definitely worth considering. Depending on the policy and what’s on offer, taking out a corporate health insurance policy could save you money and get you benefits that might not be available to the general public.  

Here’s everything you need to know about corporate policies and health insurance. 

What is a corporate health insurance policy? 

A corporate health insurance policy is a type of policy only available through your connection with a corporation or organisation – for example, as an employee or club member. Corporate policies are sometimes available to employees or members of certain organisations through agreements between the organisation and a health insurer. In fact, some insurers, such as GU Health, only offer corporate health insurance policies, and don’t sell health cover to the general public. 

Here’s an example of how corporate health insurance policies can work. The University of South Australia has an arrangement with Bupa, which means the university’s employees can take out policies with Bupa that are 8% cheaper. They can also get a string of other benefits, including 6 weeks of free cover on Combined Hospital and Extras Cover policies, and waiting periods on Extras Cover being waived. 

How does a corporate health insurance policy save me money? 

When it comes to corporate health insurance policies, there are 3 broad categories for payment: 

• Fully paid by the organisation 

• Partially paid by the organisation (for example, it would pay up to a certain tier of Hospital Cover only, and you would pay an additional amount for a higher tier or for Extras Cover) 

• Paid entirely by you, but you receive exclusive benefits or discounts that aren’t available to the general public. 

How do I find corporate health insurance policies? 

Firstly, chat to your employer, HR department or check the intranet to find what policies are available. Then reach out to local clubs, gyms and organisations you belong to, to find out whether they have any agreements with health insurers. Some super funds, mutual banks and credit unions provide corporate policies, too. Usually details are provided on their websites or in their emails, or you could call and ask. 

Which health insurers offer corporate policies?

Before you sign up to a corporate health insurance policy, make sure you compare it with others available to the general public, to make sure the policy really offers value. You can do this easily with the healthslips.com.au Calculator, which allows you to compare up to 10 policies (including corporate policies) from every insurer without needing to sign up or give your contact details.  You can also search for available corporate policies by making sure the ‘hide corporate policies’ option isn’t ticked when you search for a new policy. 

What are the restricted insurers in Australia?

What happens to my policy if I leave the organisation? 

If you leave your job or cancel your membership with the organisation, you will lose the discount or payment arrangements associated with that policy. However your insurer may give you the option to continue that policy at a different rate – have a chat to your insurer to see what they can offer you. 

How do I contact my insurer?

Can I search for corporate policies on the healthslips.com.au Calculator? 

Yes, you can search for corporate policies on the healthslips.com.au Calculator, but you’ll only be able to buy one if you meet the insurer’s criteria – if you work for that employer or have the appropriate membership credentials, for example. When you see your policy results, make sure the ‘hide corporate policies’ box isn’t ticked (you can find it at the top of the policy list).  

Give it a go! Search for a new corporate health insurance policy, or compare your existing corporate policy to others. 

Trudie McConnochie

Writer and Researcher

Knowledge is power – that’s the guiding principle behind everything Trudie writes, and it’s a philosophy she brings to her work at healthslips.com.au. By breaking down complex information into easy-to-understand blogs and stories, she aims to empower Australians to make the best choices and an informed decision around private health insurance.

Trudie understands firsthand some of the complexity of private health insurance having moved to Australia from New Zealand and having to navigate a vastly different public healthcare system and health insurance structure.

Trudie holds a Bachelor of Communication Studies (journalism major) from the Auckland University of Technology.

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