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Explore Overview
Reviewed and updated 3 April 2024

About for-profit insurers

A for-profit insurer focuses on returning profits to shareholders from premiums paid by members after it has:

  • covered operating costs
  • paid benefits to members.

Every for-profit insurer in Australia is an open insurer so anyone can take out a policy with a for-profit insurer.


How many for-profit health insurers are there in Australia? 

In Australia, there are 8 private health insurers that operate on a for-profit basis.

InsurerStatus
ahm (a subsidiary of Medibank)Open
1.AIA Health InsuranceOpen
2.Australian UnityOpen
3.Bupa Health InsuranceOpen
4.CBHS CorporateOpen
GU Health (a subsidiary of nib)Open
5.MedibankOpen
6.onemedifund (by National Health Benefits Australia)Open
7.nibOpen
8.Transport HealthOpen

Most of these funds are members of Private Healthcare Australia.


Are for-profit insurers more expensive than not-for-profit insurers?

For-profit insurers are not necessarily more expensive to join than not-for-profit insurers.

This is because the price of health insurance is affected by:

  • the level of cover you choose
  • how well the fund is managed
  • how competitive the insurer’s products are in the market, for example, a large for-profit insurer with many members and a streamlined corporate structure may offer cheaper policies than a not-for-profit insurer.

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