Need to know
- We've found the most expensive standard Gold policies in Australia – if you have one of these policies, you can get a cheaper deal elsewhere
- You should compare prices on your health insurance every 12 months or so – taking advantage of introductory offers and switching to a better deal can save you hundreds
- The CHOICE health insurance finder is the best place to compare prices as we cover the most funds, and we're the only nonprofit consumer advocate comparison site
Have you unknowingly ended up with one of the country's most expensive health insurance policies?
Health insurance is a major monthly expense, and with premiums going up by an average of 3.73% on 1 April (despite policy cover staying mostly the same), it's yet another cost that keeps creeping higher. If you think paying more and more for the same product sounds like a bad deal, we agree!
Not to mention the fact that if you're on a top-level Gold policy, you are likely being slugged with some of the biggest increases. CHOICE experts have found the price of top-level Gold hospital cover has increased by about 45% in the past four years (as opposed to price increases of around 12% on average across all other levels of cover).
That's why we've made a list of the most expensive Gold policies in each state, and crunched the numbers to show you how much you could save if you switched to the cheapest equivalent Gold policy. Singles could save over $2000 per year, and if you're a couple or a family, the savings are even greater.
Premiums to increase further in 2025
With insurers set to increase their prices on 1 April, it's vital to check that you have the best value policy for your needs.
If you haven't switched your health insurance provider in a while, now's the time to reassess your situation. What was once a great deal when you signed up may no longer be the cheapest on offer.
You can also make extra savings by paying your annual premium upfront before the price rises come into effect on 1 April and by taking advantage of introductory offers for new customers, such as a certain number of weeks of free cover.
And remember that when you switch to a policy with the same level of hospital cover as your current policy, your waiting periods won't be affected.
How to find the best deal on your health insurance
CHOICE insurance expert Mark Blades recommends checking to see if you can get a better deal on your health insurance at least once every 12 months, or any time you get a letter from your fund about an increase to your premium.
"It takes just five minutes and can save you hundreds, or even thousands," he says.
"The CHOICE health insurance comparison is the best place to compare prices as we cover the most funds and we're the only nonprofit consumer advocate comparison site. Commercial sites are not independent and prioritise the insurers' policies they receive commission from when they recommend options for you."
The same cover with a different insurer could be thousands of dollars cheaper
CHOICE insurance expert Mark Blades
When comparing prices, either on a comparison site or through your own research, Mark says you should make sure you're comparing apples with apples by selecting the correct level of rebate you're getting from the government and the same excess.
"The same cover with a different insurer could be thousands of dollars cheaper," he says.
The most expensive Gold policies in Australia
ACT & NSW
- AHM, Advanced Hospital Gold: $4360
- HBF Health Limited Gold Hospital Elevate: $4340
- NIB Qantas, Gold Top Hospital: $4220
Northern Territory
- Mildura, Five Star Gold: $2710
- Health Partners, Gold Hospital Advantage: $2630
- NIB Qantas, Gold Top Hospital: $2570
Queensland
- HBF Gold Hospital Elevate: $4630
- AHM, Advanced Hospital Gold: $4620
- Health Partners, Gold Hospital Advantage: $4400
South Australia
- AHM, Advanced Hospital Gold: $4100
- HBF Gold Hospital Elevate with Ambulance: $3820
- Health Partners, Gold Hospital Advantage: $3760
Tasmania
- AHM, Advanced Hospital Gold: $4410
- Health Partners, Gold Hospital Advantage: $4290
- HBF Gold Hospital Elevate: $4040
Victoria
- AHM, Advanced Hospital Gold: $4810
- HBF, Gold Hospital Elevate with Ambulance: $4810
- NIB Qantas, Gold Top Hospital: $4570
Western Australia
- HBF, Gold Hospital Elevate with Ambulance: $3880
- AHM, Advanced Hospital Gold: $3680
- Health Partners, Gold Hospital Advantage: $3650
Note: Prices are for a single Gold policy with $750 excess, per year, rounded to the nearest $10. Figures do not include the health insurance rebate or discounts. Source: data.gov.au as of March 2025.
As you can see from our results, the most expensive policies for standard Gold cover are often from the big funds.
"A great tip to save money on health insurance is to look beyond the well-known funds that spend lots on advertising, and consider smaller insurers that are often nonprofit," says Mark.
A great tip to save money on health insurance is to look beyond the well-known funds that spend lots on advertising, and consider smaller insurers that are often nonprofit
CHOICE health insurance expert Mark Blades
All funds allow you to prepay your premium at the current rate for at least 12 months, so if you prepay your full annual premium before the date of the increase, you can delay paying a higher premium for 12 months, leaving more cash in your pocket.
Here's how much you could save in each state by switching from these pricey policies to the cheapest equivalent policy.
The most expensive Silver policies
The largest savings are available for Gold policyholders, but if you have a Silver policy, you can also likely find a cheaper deal that will give you the same cover.
"When we looked at the most expensive Silver policies across Australia, we found that if you hold one of those pricey policies, you could save anywhere from $225 up to $1180 per year by switching," says Mark.
If you're switching to a policy with the same level of cover, your waiting times won't be affected
CHOICE health insurance expert Mark Blades
"That's money you could have back in your pocket simply by doing a little research and making a phone call or two.
"Many health insurance funds will manage the switching process for you too, so once you sign up with them, you don't have to call your old insurer to cancel – they'll manage it for you. And if you're switching to a policy with the same level of cover, your waiting times won't be affected," he explains.
If you're looking to save money on your premiums, Mark also recommends considering a higher excess when asking for quotes.
"If you're currently paying a premium with a $500 excess (this is the amount you'd have to pay if you make a claim) and you don't anticipate having surgery or needing hospital treatment in the next one or two years, you can save money by increasing your excess to $750," he says.
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Stock images: Getty, unless otherwise stated.
