HBF is a not-for-profit health fund based in Perth, Western Australia, with a growing national footprint. Known for competitive pricing and low out-of-pocket hospital costs, HBF has long been the dominant private health insurer in WA and is steadily building its presence in eastern states. The fund's not-for-profit model directs surplus revenue back to members.
In This Review
What does HBF offer?
HBF was founded in 1941 in Perth and has operated as a not-for-profit health fund for over eight decades. In Western Australia, HBF is the dominant health insurer, covering a substantial proportion of the state's privately insured population. The fund has been progressively expanding eastward and now accepts members nationally.
Like HCF, HBF's not-for-profit structure means it does not distribute profits to external shareholders. Every dollar of surplus is reinvested into member benefits, operational improvements or premium moderation. This approach has contributed to HBF consistently delivering some of the lowest out-of-pocket hospital costs in Australia, alongside Bupa.
HBF's product range covers hospital insurance at all government-defined tiers, extras cover for dental, optical, physio and allied health services, and combined hospital-plus-extras packages. The fund also offers home, car and travel insurance in WA, though health insurance remains its core offering nationwide.
Members outside Western Australia should carefully verify HBF's hospital agreements in their state before joining. While the national network is growing, it does not yet match the depth HBF offers in WA. Rebate and loading information is available at moneysmart.gov.au/health-insurance.
Below we evaluate HBF's products, pricing, network coverage and member sentiment to help you decide whether HBF suits your health insurance needs.
How does HBF rate?
Disclaimer: Ratings reflect publicly available data and editorial analysis as at April 2026. They do not constitute financial advice. Verify current scores on each platform directly.
What members are saying about HBF
Knee reconstruction in Perth and the total gap was under $100. HBF's agreements with WA hospitals are excellent. Would not consider switching.
Moved from Medibank to HBF and saved about $30 a month on comparable family cover. Not-for-profit makes a real difference over time.
Good fund but I wish they had more dental clinics of their own. In Perth I have to find a participating provider whereas Bupa has walk-in dental centres.
Review excerpts are sourced from public platforms and may be edited for length. They represent individual experiences and may not reflect typical outcomes. Contact the Private Health Insurance Ombudsman (PHIO) at ombudsman.gov.au for complaints.
HBF health insurance products
Comprehensive hospital cover for all clinical categories with HBF's strong gap agreements keeping out-of-pocket costs low. Includes cardiac, orthopaedic, obstetric and psychiatric treatment.
Covers the most commonly claimed hospital treatments including heart, joint, back and lung surgery. Some services have restricted benefits at this tier.
Flexible extras cover with competitive dental, optical and physio limits. Members can allocate a flexible pool across multiple service categories based on their usage patterns.
Combines full Gold-tier hospital protection with flexible extras cover for a comprehensive package. Low gap hospital agreements and flexible extras allocation in one policy.
HBF pros and cons
How much does HBF cost?
HBF premiums depend on your state, age, cover tier and excess. The estimates below are for WA residents after the base-tier Australian Government Rebate for members under 65 on a single income tier.
Disclaimer: Prices shown are indicative estimates based on publicly available rate tables as at April 2026 for WA residents. They are not binding quotes. Actual premiums depend on your state, age, income tier, Lifetime Health Cover loading and chosen excess. Obtain a personalised quote from HBF or use privatehealth.gov.au. Information sourced from ASIC MoneySmart (moneysmart.gov.au) and APRA.
HBF premiums vary by state. WA residents typically see the most competitive pricing due to HBF's deep hospital agreements in that state.
A 2% loading per year applies for each year after 31 without hospital cover. This can significantly increase premiums and remains for 10 continuous years.
HBF offers multiple excess options. Higher excesses reduce monthly premiums but increase the amount payable per hospital admission.
The private health insurance rebate reduces premiums by roughly 8% to 33% depending on age and taxable income. Details at moneysmart.gov.au.
HBF vs other health funds
| Feature | Feature | HBF | HCF | Medibank | Bupa |
|---|---|---|---|---|---|
| Structure | Not-for-profit | Not-for-profit | For-profit (ASX) | For-profit | |
| Headquarters | Perth, WA | Sydney, NSW | Melbourne, VIC | Melbourne, VIC | |
| Strongest state | WA | NSW | National | National | |
| Out-of-pocket costs | Very low | Low | Moderate | Very low | |
| Own dental clinics | No | Yes (NSW) | Yes (national) | Yes (national) | |
| PHIO complaint level | Low | Low | Medium | Medium | |
| Flexible extras allocation | Yes | No | No | No | |
| National network maturity | Growing | Moderate | Strong | Strong |
Disclaimer: Comparison data sourced from APRA, PHIO and individual fund disclosures as at April 2026. Features may change. Confirm details with each fund before purchasing.
Alternatives to HBF
Australia's largest not-for-profit health fund. Strongest network in NSW with no excess for children on most policies.
Second-largest Australian fund with one of the strongest Medical Gap Schemes. National dental clinic network and competitive pricing.
ASX-listed fund with strong digital tools covering 1.5 million Australian residents. National network with growing presence.
Who is HBF best for?
HBF's deepest hospital agreements and strongest provider network are in WA. If you live in Perth or regional Western Australia, HBF offers some of the best value and lowest gap costs available from any Australian health fund.
HBF pairs competitive premiums with low out-of-pocket costs. For members who want to minimise both the monthly premium and the surprise bills at hospital, HBF's pricing structure delivers.
Like HCF, HBF operates without external shareholders. If the not-for-profit model matters to you, HBF provides an alternative to HCF with particularly strong value in Western Australia.
HBF's Flex extras products let you allocate benefit pools across service categories based on your actual usage. This flexibility is uncommon and suits members whose healthcare needs vary year to year.
Our verdict on HBF
HBF is one of Australia's best-value health funds, particularly for Western Australian residents. The combination of not-for-profit pricing, low out-of-pocket hospital costs and a low PHIO complaint ratio creates a compelling proposition that rivals anything offered by the larger for-profit funds.
The flexible extras allocation is a thoughtful feature that recognises members do not all use the same services each year. It adds a layer of personalisation that most other funds lack.
The caveat is network depth outside WA. Members in Victoria, Queensland or other eastern states should verify hospital and specialist agreements carefully before joining, as HBF's national expansion is still maturing. For WA-based members or those comfortable with the evolving eastern network, HBF delivers excellent value.
Common questions about HBF Health Insurance
How we research and rate insurance companies
This review is based on data collected from the following sources, last verified in 2026-03-01:
Our editorial scores (out of 10) are calculated using a weighted methodology that considers:
Disclaimer: This review is for informational purposes only and does not constitute financial advice, a recommendation or an endorsement of HBF. Scores reflect editorial analysis of publicly available information. Read the product disclosure statement and consider whether a product suits your circumstances before purchasing. Consult a licensed financial adviser for personal advice.
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