Even if you find a Silver Plus policy that is cheaper than a Gold policy and only restricts conditions you think you won’t need – keep in mind that with these kinds of policies, health funds can change and add to the list of procedures that they exclude or restrict.
So, unless you keep track of all the materials the fund sends you, and regularly check your policy, you might find yourself without cover for something you’ll actually need.
Funds are much less likely to add restrictions to Gold policies and if they do, it will be obvious as the policy name and category will change.
A Silver policy is a mid-level hospital insurance that covers 26 categories of services in private hospital including heart surgery, and surgery and treatment for cancer.
A Silver Plus policy is a step up from Silver. As well as Silver-level services in private hospital, it covers one or more of the below treatments:
- IVF, pregnancy and birth
- joint replacements
- cataracts
- rehabilitation
- hospital psychiatry
- palliative care
- gastric banding and obesity surgery
- insulin pumps
- sleep studies
- dialysis
- pain management with a device (such as a surgically implanted device to manage pain caused by heart disease).
Need to know
- Silver Plus policies with restrictions can cost hundreds more per year than Gold policies with full cover
- Health funds including Medibank, Bupa, HCF, HBF and NIB sell these overpriced policies
- Review your health insurance and switch to better value cover
With health insurance premiums set to increase on 1 April it’s a good time to check if your health insurance policy is good value for money and that you have the right level of cover for your needs.
The Gold, Silver and Bronze system of health insurance introduced by the government in 2019 ranks policies by cover, but there is no guarantee that a lower tier means a cheaper premium.
We’ve found 170 Silver and Silver Plus policies that cost more than Gold policies from their competitors – while providing less cover.
You might be surprised how much you can save when you compare health insurance. For example, in Victoria a single person could save $1970 per year by switching from the most expensive to the cheapest Gold policy.
Silver Plus policies allow you to tailor your health insurance, giving you the level of cover provided by a Silver policy, plus cover for one or more procedures usually only covered by Gold insurance.
Silver and Silver Plus policies give you less cover than Gold, so you’d expect them to cost less. But we’ve found Silver Plus policies that cost a single person an annual extra amount of up to:
- $960 more in the ACT and NSW
- $1200 more in Queensland and Victoria
- $745 more in Western Australia
- $1100 more in Tasmania
- $1080 more in South Australia
- $975 more in the Northern Territory.
Avoid rip-off health insurance
Silver Plus policies that are more expensive than Gold.
Australian Capital Territory and New South Wales
AAMI (NIB) Silver Advantage Hospital Plus, $228 per month
AIA Silver Plus Advanced, $237 per month
AIA Silver Plus Family, $297 per month
Apia (NIB) Silver Hospital Plus, $225 per month
Apia (NIB) Silver Premium Hospital Plus, $245 per month
Australian Unity Classic Hospital, $226 per month
Bupa Silver Plus Assured, $229 per month
HBF Silver Hospital Plus, $231 per month
HCF Hospital Silver Plus, $231 per month
Health Partners Silver Hospital Plus Advantage, $233 per month
HIF Silver Plus Hospital, $224 per month
ING (NIB) Silver Plus, $228 per month
Latrobe Silver Plus Excess, $224 per month
Medibank Silver Plus Secure (requires Extras policy), $231 per month
NIB Silver Advantage Hospital Plus, $229 per month
NIB Silver Select Hospital Plus, $229 per month
Peoplecare Silver Plus Hospital $750, $222 per month
Phoenix Silver Plus Advantage, $234 per month
Phoenix Silver Plus Family, $300 per month
Qantas (NIB) Silver Plus Advanced, $228 per month
Real (NIB) Silver Plus, $228 per month
see-u (HBF) Premium Hospital Non-Obstetrics, $247 per month
Seniors (NIB) Silver Plus, $228 per month
Suncorp (NIB) Silver Advantage Hospital Plus, $228 per month
TUH Silver+ Family, $232 per month
Union Health Silver+ Family, $232 per month.
Victoria
AAMI (NIB) Silver Advantage Hospital Plus, $251 per month
AHM Super Silver Plus, $241 per month
AIA Silver Plus Advanced, $247 per month
AIA Silver Plus Family, $313 per month
Apia (NIB) Silver Hospital Plus, $246 per month
Apia (NIB) Silver Premium Hospital Plus, $253 per month
Australian Unity Classic Hospital, $241 per month
Australian Unity Value Hospital (Copay 100 day/500 yr), $220 per month
Bupa Silver Plus Advanced, $236 per month
Bupa Silver Plus Assured, $252 per month
CBHS Corporate Silver Plus, $222 per month
Defence Health Advantage Hospital Silver Plus, $231 per month
GMHBA Frank Max (Silver+), $234 per month
GMHBA Silver Plus Classic, $239 per month
GMHBA Silver Plus Premium, $236 per month
HBF Silver Hospital Plus, $247 per month
HCF Hospital Silver Plus, $246 per month
HCI Silver Plus Advantage, $230 per month
Health Partners Silver Hospital Plus Advantage, $260 per month
HIF Silver Plus Hospital, $242 per month
Hunter Health Silver Plus Hospital, $226 per month
ING (NIB) Silver Plus, $251 per month
Latrobe Silver Plus Excess, $233 per month
Medibank Silver Plus Secure (requires Extras policy), $252 per month
NIB Silver Advantage Hospital Plus, $253 per month
NIB Silver Select Hospital Plus, $250 per month
Peoplecare Silver Plus Hospital $750, $241 per month
Phoenix Silver Plus Advantage, $241 per month
Phoenix Silver Plus Family, $320 per month
Qantas (NIB) Silver Plus Advanced, $252 per month
Real (NIB) Silver Plus, $251 per month
RT Health (HCF) Silver Plus Assure, $232 per month
see-u (HBF) Premium Hospital Non-Obstetrics, $258 per month
Seniors (NIB) Silver Plus, $251 per month
Suncorp (NIB) Silver Advantage Hospital Plus, $251 per month
Transport (HCF) Silver Plus Assure, $232 per month
TUH Silver+ Family, $235 per month
TUH Silver+ No Pregnancy, $226 per month
Union Health Silver+ Family, $235 per month
Union Health Silver+ No Pregnancy, $226 per month
Westfund Silver Plus Assure, $253 per month.
Queensland
AAMI (NIB) Silver Advantage Hospital Plus, $242 per month
AHM Super Silver Plus, $233 per month
AIA Silver Plus Advanced, $249 per month
AIA Silver Plus Family, $307 per month
Apia (NIB) Silver Hospital Plus, $240 per month
Apia (NIB) Silver Premium Hospital Plus, $262 per month
Australian Unity Classic Hospital, $230 per month
Bupa Silver Plus Advanced, $227 per month
Bupa Silver Plus Assured, $250 per month
GMHBA Frank Max (Silver+), $227 per month
GMHBA Silver Plus Classic, $231 per month
GMHBA Silver Plus Premium, $228 per month
HBF Silver Hospital Plus, $242 per month
HCF Hospital Silver Plus, $240 per month
HCI Silver Plus Advantage, $221 per month
Health Partners Silver Hospital Plus Advantage, $249 per month
HIF Silver Plus Hospital, $241 per month
ING (NIB) Silver Plus, $242 per month
Latrobe Silver Plus Excess, $233 per month
Medibank Silver Plus Secure (requires Extras policy), $251 per month
NIB Silver Advantage Hospital Plus, $244 per month
NIB Silver Select Hospital Plus, $241 per month
Peoplecare Silver Plus Hospital $750, $242 per month
Phoenix Silver Plus Advantage, $245 per month
Phoenix Silver Plus Family, $320 per month
Qantas (NIB) Silver Plus Advanced, $242 per month
Real (NIB) Silver Plus, $242 per month
RT Health (HCF) Silver Plus Assure, $230 per month
see-u (HBF) Premium Hospital Non-Obstetrics, $250 per month
Seniors (NIB) Silver Plus, $242 per month
Suncorp (NIB) Silver Advantage Hospital Plus, $242 per month
Transport (HCF) Silver Plus Assure, $230 per month
TUH Silver+ Family, $237 per month
Union Health Silver+ Family, $237 per month
Westfund Silver Plus Assure, $229 per month.
Western Australia
AIA Silver Plus Family, $244 per month
Hunter Health Silver Plus Hospital, $229 per month
Latrobe Silver Plus Excess, $233 per month
Peoplecare Silver Plus Hospital $750, $222 per month
Phoenix Silver Plus Family, $280 per month.
South Australia
AIA Silver Plus Advanced, $228 per month
AIA Silver Plus Family, $285 per month
HIF Silver Plus Hospital, $222 per month
Hunter Health Silver Plus Hospital, $222 per month
Latrobe Silver Plus Excess, $224 per month
Medibank Silver Plus Secure (requires Extras policy), $233 per month
Peoplecare Silver Plus Hospital $750, $222 per month
Phoenix Silver Plus Advantage, $238 per month
Phoenix Silver Plus Family, $310 per month
TUH Silver+ Family, $232 per month
Union Health Silver+ Family, $232 per month.
Tasmania
AAMI (NIB) Silver Advantage Hospital Plus, $235 per month
AIA Silver Plus Advanced, $247 per month
AIA Silver Plus Family, $313 per month
Apia (NIB) Silver Premium Hospital Plus, $232 per month
Australian Unity Classic Hospital, $228 per month
Bupa Silver Plus Assured, $237 per month
GMHBA Frank Max (Silver+), $225 per month
GMHBA Silver Plus Classic, $234 per month
GMHBA Silver Plus Premium, $223 per month
HBF Silver Hospital Plus, $227 per month
HCF Hospital Silver Plus, $225 per month
Health Partners Silver Hospital Plus Advantage, $238 per month
HIF Silver Plus Hospital, $231 per month
Hunter Health Silver Plus Hospital, $224 per month
ING (NIB) Silver Plus, $235 per month
Latrobe Silver Plus Excess, $233 per month
Medibank Silver Plus Secure (requires Extras policy), $239 per month
NIB Silver Advantage Hospital Plus, $236 per month
NIB Silver Select Hospital Plus, $230 per month
Peoplecare Silver Plus Hospital $750, $222 per month
Phoenix Silver Plus Advantage, $234 per month
Phoenix Silver Plus Family, $310 per month
Qantas (NIB) Silver Plus Advanced, $236 per month
Real (NIB) Silver Plus, $234 per month
see-u (HBF) Premium Hospital Non-Obstetrics, $226 per month
Seniors (NIB) Silver Plus, $234 per month
Suncorp (NIB) Silver Advantage Hospital Plus, $235 per month
TUH Silver+ Family, $235 per month
TUH Silver+ No Pregnancy, $226 per month
Union Health Silver+ Family, $235 per month
Union Health Silver+ No Pregnancy, $226 per month.
Northern Territory
ACA Silver Private Hospital, $167 per month
AIA Silver Plus Advanced, $172 per month
AIA Silver Plus Family, $220 per month
Apia (NIB) Silver Premium Hospital Plus, $177 per month
CBHS Corporate Silver Plus, $161 per month
HCI Silver Plus Advantage, $155 per month
HCI Silver Plus Secure, $198 per month
HIF Silver Plus Hospital, $154 per month
Hunter Health Silver Plus Hospital, $217 per month
Latrobe Silver Excess*, $165 per month
Latrobe Silver Plus Excess, $233 per month
Peoplecare Silver Hospital*, $163 per month
Peoplecare Silver Plus Hospital $750, $222 per month
Phoenix Silver Everyday*, $160 per month
Phoenix Silver Plus Advantage, $234 per month
Phoenix Silver Plus Family, $190 per month
TUH Silver+ Family, $189 per month
TUH Silver+ No Pregnancy, $189 per month
Union Health Silver+ Family, $189 per month
Union Health Silver+ No Pregnancy, $189 per month
Westfund Silver Plus Assure, $204 per month.
* Denotes a Silver policy (rather than Silver Plus).
Notes
Cheapest open Gold policy in the Australian Capital Territory and New South Wales, Queensland, South Australia, Victoria and Tasmania is $220. In Western Australia it’s $218 and in the Northern Territory it’s $153. All policies above are single policies with a $750 excess. Families and couples pay about double. The great majority of policies are Silver Plus policies, while a handful are Silver policies. All have less cover than at least one Gold policy in the same state which costs less.
Sourced from data.gov.au in March 2024.
Why is Silver Plus often more expensive than Gold?
Unlike other types of insurance, like car insurance, you won’t pay more for health insurance if you’ve had to make a claim in the past. However, health insurers price their policies based on the likelihood that their members will claim and how expensive those claims will be.
While pregnancy and birth cost the insurer around $10,000, a hip replacement costs three times as much.
Younger people who are planning a family may be less likely to go to hospital for other treatments, whereas older people may need a range of hospital treatments. Therefore, policies that cover procedures such as hip and knee replacements but don’t cover pregnancy can cost more than Gold policies that cover everything.
This makes older people the perfect targets for overpriced Silver Plus policies.
Even if you find a Silver Plus policy that is cheaper than a Gold policy and only restricts conditions you think you won’t need – keep in mind that with these kinds of policies, health funds can change and add to the list of procedures that they exclude or restrict.
So, unless you keep track of all the materials the fund sends you, and regularly check your policy, you might find yourself without cover for something you’ll actually need.
Funds are much less likely to add restrictions to Gold policies and if they do, it will be obvious as the policy name and category will change.
A Silver policy is a mid-level hospital insurance that covers 26 categories of services in private hospital including heart surgery, and surgery and treatment for cancer.
A Silver Plus policy is a step up from Silver. As well as Silver-level services in private hospital, it covers one or more of the below treatments:
- IVF, pregnancy and birth
- joint replacements
- cataracts
- rehabilitation
- hospital psychiatry
- palliative care
- gastric banding and obesity surgery
- insulin pumps
- sleep studies
- dialysis
- pain management with a device (such as a surgically implanted device to manage pain caused by heart disease).
Even if you find a Silver Plus policy that is cheaper than a Gold policy and only restricts conditions you think you won’t need – keep in mind that with these kinds of policies, health funds can change and add to the list of procedures that they exclude or restrict.
So, unless you keep track of all the materials the fund sends you, and regularly check your policy, you might find yourself without cover for something you’ll actually need.
Funds are much less likely to add restrictions to Gold policies and if they do, it will be obvious as the policy name and category will change.
A Silver policy is a mid-level hospital insurance that covers 26 categories of services in private hospital including heart surgery, and surgery and treatment for cancer.
A Silver Plus policy is a step up from Silver. As well as Silver-level services in private hospital, it covers one or more of the below treatments:
- IVF, pregnancy and birth
- joint replacements
- cataracts
- rehabilitation
- hospital psychiatry
- palliative care
- gastric banding and obesity surgery
- insulin pumps
- sleep studies
- dialysis
- pain management with a device (such as a surgically implanted device to manage pain caused by heart disease).
