Health Insurance: WA
Throughout Australia, over 30 health funds offer private cover to almost 13 million Australians, which reflects just over half of the population. While some insurers operate country-wide, there may be significant differences among coverage and policy costs from one state to another. If you live within Western Australia, it is helpful to understand how your market compares to others and what insurance companies provide the majority of service within your area.
Who Are the Biggest Insurers in Western Australia?
In Western Australia, HBF, has 53.2 percent of the market share. Medibank has the second highest percentage of the market share, with its fund providing cover to 20.6 percent of the Western Australian insurance market. BUPA comes in third, with a 10.7 percent market share and HIF provides cover for 4.1 percent of the market. The only other providers with above a one percent market share include GMHBA, HCF, Healthguard, and NIB.
While the majority of West Australians have chosen three large health funds to offer their cover, this does not mean policies offered by these providers will necessarily be the best ones for you. You should comparison shop carefully among a wide variety of different membership funds to determine which provides the overall best value in terms of cover to you.
How Does the Cost of Health Insurance in Western Australia Compare?
In Western Australia, the average annual premiums for family hospital and Extras cover in 2015 was $3991 with obstetrics cover and $3865 without obstetrics. This is quite a bit cheaper than QLD, SA, TAS and VIC.
Be sure to shop around and compare different insurers and different types of policy cover to find out which provides the best deal with reasonable premiums for coverage you require.
How Does Ambulance Cover Vary?
There are substantial differences in how emergency ambulance services are paid for depending on where you live in Australia.
If you live in rural areas in Western Australia, you will receive your ambulance services from St John Ambulance Australia, which is under contract.
If you live within the Perth metropolitan area, you must secure ambulance coverage from a health fund in order for an ambulance to be paid for when emergency service is required. This affects individuals located in the geographic area stretching from Two Rocks in the North, to Wundowie in the West and Port Kennedy in the South.
All Aged Pensioners who reside within Western Australia will be provided with no-cost ambulance services, while other senior citizens aged 65 and over pay only half the normal costs of ambulance services.
How Profitable Are Insurers in Western Australia?
Within Western Australia, insurers make a gross profit margin of 11 percent for hospital treatment and 22.2 percent for general treatment. The total profit margin for insurers within the territory is 14.6 percent, compared with a national average of 12.4 percent. It is not a bad thing for a for-profit insurer to make money, but the profit margins should not be too high at the expense of consumers.
As you shop for insurance companies, consider who offers the most expansive cover at the most reasonable premiums. By doing your research and comparison shopping, you can find a policy that will provide a good value for your family and that ensures your health needs will be taken care of.
Disclaimer: The above information is correct and current at the time of publication.
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