HBF Private Health Insurance Review – Forbes Advisor Australia

While HBF was originally founded to serve Western Australians, any Australian no matter what state or territory they reside in can now take out one of HBF’s many policies. The policies span from basic extras cover to ‘top’ extras cover for a wide range of services, and hospital policies which include urgent ambulance requirements.

While many health insurers offer members different tiers of coverage whether for hospital policies or extras policies, HBF advertises its extras policies in terms of the benefit percentage a member can claim.

For example, HBF’s Flex 50 Extras Cover offers 50% or more back on 14 popular services, while its ‘Complete 60’ provides affordable cover for a wide range of extras services, with 60% or more back.

Despite its varying percentages of benefit returns due to the level of cover an individual chooses, out of all of the total contributions HBF receives, nearly 90% (89.7%) are returned to its customers.

Comparatively, HBF’s hospital-only plans vary in price from the standard tiers that health insurers commonly use, from ‘basic’ to ‘gold’ coverage. For these hospital-only plans, HBF boasts a member retention rate of 90%.

Wait time

On the HBF website, it explains that a waiting period is a set amount of time from the day your policy starts during which you can’t make a claim from HBF. These waiting periods apply if you’ve never had health insurance, you upgraded your level of cover, or you rejoined after a break from cover.

However, members won’t have to re-serve waiting periods if you’ve switched to HBF from a different health fund–as long as your HBF cover includes the same services as your previous cover.

“If you’re part way through serving your waiting periods, you will just have to serve the remainder before you can claim,” the website explains.

At HBF, the waiting period is mostly two months. This excludes pre-existing conditions, pregnancy and childbirth for hospital policies, and high-cost services like major dental on extras policies. However, accidents are covered after one day.

No gap policy

A ‘no gap policy’ refers to the amount that your private health insurer will pay on your behalf for a consultation, treatment or surgery, leaving you with no out-of-pocket costs.

At HBF, 92.2% of all services covered incur no gap payable by the patient (as an average percentage across all policy types). This is after accounting for insurer benefits, schemes and agreements.

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