Are you paying too much for Gold health insurance?

Gold health insurance provides cover for the following treatments in a private hospital (though you still may have out-of-pocket costs):

• Pregnancy and birth, including fertility treatments such as IVF
• Joint replacements and reconstructions
• Cataracts
• Rehabilitation
• Hospital psychiatry
• Palliative care
• Gastric banding and obesity surgery
• Diabetes management including insulin pumps
• Sleep studies
• Dialysis
• Pain management with or without a device (for example, a surgically implanted device to manage pain caused by heart disease)
• Heart and vascular surgery
• All cancer surgeries, chemotherapy and radiation
• Lung and chest surgeries
• Medically necessary plastic and reconstructive surgery
• Bone marrow transplants and other blood-related treatments
• Investigation and treatment for back, neck and spine problems such as sciatica and scoliosis
• Dental surgery including wisdom teeth removal and dental implants in hospital
• Implantation of hearing devices
• Accommodation in hospital for podiatric surgery
• Skin-related procedures including treatments for lesions and abscesses, and allergy skin-prick testing
• Broken bones and other bone, joint and muscle treatments
• Endoscopy and colonoscopy plus other digestive system procedures including removal of gallstones or haemorrhoids
• Gynaecology, miscarriage and termination of pregnancy, sterilisation (male and female)
• Ear, nose and throat surgery including tonsils, adenoids and grommets
• Hernia and appendix surgery
• Brain and nervous system treatments for stroke, epilepsy and Parkinson’s disease.

Health insurance premiums went up on 1 April, but you can compare health insurance at any time to make sure you’re getting the best cover and value. 

We’ve found 47 Gold hospital insurance policies that cost at least $500 (single) or $1000 (couple/family) more than the cheapest Gold policy in the same state. 

And it’s not like there is a big difference in cover to the other Gold policies. All policies in the same tier of cover (Bronze, Silver or Gold) include all the same treatments. 

Beware of these expensive policies

These Gold policies are the most expensive, costing at least $500 per year (single) more than at least one other Gold policy in most states. 

• AAMI (NIB) Gold Hospital, $500 excess (in all states except SA and WA)
• Australian Unity Ultimate Hospital (Gold), $500 excess (in all states except WA)
• Medibank Gold Advanced, $500 excess (in all states except NT and WA)
• Suncorp (NIB) Gold Hospital, $500 excess (in all states except SA and WA)

In WA, the market is more competitive, but the most expensive Gold policy is Latrobe Gold Hospital, $500 excess. 

Our complete list of expensive Gold policies is in the table below. If you have one of these policies, it makes sense to dump it for a cheaper one. Compare health insurance options to find the right policy for you. 

How we compare Gold health insurance

We looked at the cheapest Gold policies for a single person, with a $500 excess, in each state and territory, and selected all Gold policies that were $500 a year more expensive (before the private health insurance rebate is applied).

We excluded any Gold policies that were only available with an extras policy from the same fund.

What is Gold health insurance?

Gold health insurance is the highest level of private hospital cover available in Australia. 

There are four different tiers for hospital insurance:

• Gold – full or top health insurance cover in a private hospital
• Silver – medium cover
• Bronze – low cover
• Basic – very little cover, if any.

Gold policies will work for you if:

• you need cover for IVF, pregnancy and birth
• you need cataract eye surgery
• you need a hip or knee replacement
• you have chronic health issues and may need pain management with a device, insulin pumps or gastric banding surgery
• you need private treatment for psychiatry or rehabilitation.

But Gold policies probably won’t be right for you if you need to keep your ongoing insurance costs low.