Australia's largest health fund by membership, Medibank covers roughly 3.8 million people and holds 27.1% of the private health insurance market. As a for-profit, ASX-listed insurer headquartered in Melbourne, it offers hospital, extras, combined, travel, pet and life insurance products. Medibank's 2026 approved premium increase sits at 5.1%.
In This Review
What does Medibank offer?
Medibank Private is the single largest private health insurer operating in Australia. Originally established as a government entity in 1976, it was privatised and listed on the ASX in 2014. The company's Melbourne headquarters oversees a portfolio that extends well beyond traditional hospital and extras cover.
With a 27.1% share of the market, Medibank insures more Australians than any other fund. Its product suite spans hospital cover at multiple tiers (Basic, Bronze, Silver and Gold), general treatment (extras) policies, combined hospital-plus-extras bundles, overseas visitor cover, travel insurance, pet insurance and even life insurance through partnership arrangements.
Medibank operates its own network of health centres and dental clinics in several capital cities, which can translate to lower out-of-pocket costs for members who use them. The fund also partners with a wide provider network under its Members' Choice programme, offering reduced gap fees at participating hospitals, dentists, physios and optometrists.
The 2026 approved premium increase for Medibank is 5.1%, which sits slightly above the industry weighted average. Members can offset some of this through the Australian Government Rebate on private health insurance, which varies by age and income tier. For more detail on rebate thresholds, see the ASIC MoneySmart guide at https://moneysmart.gov.au/health-insurance.
Below we examine how Medibank's products, pricing and service quality stack up against other leading Australian health funds.
How does Medibank 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 Medibank
The hospital cover worked exactly as expected when I needed knee surgery. Minimal gap and the pre-approval process was straightforward.
I switched from another fund and found Medibank's extras limits comparable. The app makes it easy to check remaining benefits and find providers.
Premium increases every April are getting painful. The cover is solid but I question the value when costs keep climbing faster than wages.
Review excerpts are sourced from public platforms and may be edited for length. They represent individual experiences and may not reflect typical outcomes. For complaints, contact the Private Health Insurance Ombudsman (PHIO) at ombudsman.gov.au.
Medibank health insurance products
Unrestricted cover for a full range of hospital services including cardiac, joint replacements, pregnancy, rehabilitation and psychiatric care. Choice of hospital and doctor in a private room.
Covers the most commonly claimed hospital treatments including heart, joint replacements, back and spine surgery, and podiatric surgery. Some services carry restricted benefits.
High annual limits across dental, optical, physio, chiro, podiatry, psychology and natural therapies. Includes preventive dental check-ups and access to Medibank dental centres.
Pairs Gold-tier hospital cover with the highest extras limits for members who want comprehensive protection across both in-hospital and out-of-hospital services.
Medibank pros and cons
How much does Medibank cost?
Medibank premiums vary by state, age, cover level and chosen excess. The figures below are indicative estimates for residents in New South Wales and may differ in other states. All amounts shown are after the base-tier Australian Government Rebate for members under 65 with a single-tier income.
Disclaimer: Prices shown are indicative estimates based on publicly available rate tables as at April 2026. They are not binding quotes. Actual premiums depend on your state, age, income tier, Lifetime Health Cover loading and chosen excess. Always obtain a personalised quote from Medibank or use the government's privatehealth.gov.au comparator. Information sourced from ASIC MoneySmart (moneysmart.gov.au) and APRA.
Hospital agreements and state-based levies cause premiums to differ between states. Cover purchased in Tasmania or South Australia may cost differently to the same policy in Victoria.
If you first take out hospital cover after turning 31, a 2% loading applies for every year you are over 30. This can add significantly to your premium and remains for 10 continuous years of cover.
Choosing a higher excess ($750 versus $250) lowers your regular premium but increases what you pay when admitted to hospital. Medibank offers multiple excess tiers across most hospital products.
The rebate reduces premiums by between roughly 8% and 33% depending on your age and taxable income. Higher earners receive a smaller rebate or none at all.
Medibank vs other health funds
| Feature | Feature | Medibank | Bupa | HCF | NIB |
|---|---|---|---|---|---|
| Market share | 27.1% | 24.9% | 12.4% | ~8% | |
| Structure | For-profit (ASX) | For-profit | Not-for-profit | For-profit (ASX) | |
| 2026 premium increase | 5.1% | 4.8% | 4.96% | ~5.2% | |
| Own dental/health centres | Yes | Yes | Yes (Dental) | No | |
| Hospital tiers available | Basic to Gold | Basic to Gold | Basic to Gold | Basic to Gold | |
| Travel insurance | Yes | Limited | Yes | Yes | |
| PHIO complaint level | Medium | Medium | Low | Medium | |
| Loyalty programme | Live Better | Bupa Blua | My Plan Manager | GreenPass |
Disclaimer: Comparison data sourced from APRA, PHIO and individual fund disclosures as at April 2026. Features may change without notice. Always confirm details with each fund before purchasing.
Alternatives to Medibank
Australia's second-largest fund, known for competitive gap cover and an extensive Medical Gap Scheme that limits out-of-pocket hospital costs.
Australia's largest not-for-profit health fund, HCF channels surplus revenue back into member benefits rather than shareholder dividends.
ASX-listed fund with a growing digital-first approach, NIB covers 1.5 million Australian residents and also operates in New Zealand.
Who is Medibank best for?
Medibank's Members' Choice network is among the widest in Australia. If having a large selection of participating hospitals, dentists and allied health providers matters to you, Medibank's scale delivers.
Members in Sydney, Melbourne, Brisbane and other major cities can access Medibank-owned dental and health clinics, often with reduced or no gap fees for routine care.
Medibank offers hospital, extras, travel, pet and life insurance. If consolidating your cover with a single provider appeals, the breadth of the Medibank product range may suit.
The Live Better programme rewards healthy behaviours with points redeemable for gift cards, discounts and experiences. Active members can extract extra value from their membership.
Our verdict on Medibank
Medibank earns its position as Australia's largest health fund through sheer breadth of cover and provider network size. For members who prioritise access to a wide range of hospitals and practitioners, the Members' Choice programme delivers tangible convenience. The addition of owned dental and health centres in major cities is a genuine differentiator that can lower out-of-pocket costs for routine care.
However, that scale comes at a price. The 2026 premium increase of 5.1% edges above the industry average, and Medibank's for-profit structure means a portion of premiums flows to shareholders rather than solely funding member benefits. Complaint levels sit in the medium band, suggesting that customer service does not yet match the fund's market-leading size.
For members who are comfortable paying slightly above-average premiums in exchange for broad network access and product variety, Medibank remains a solid choice. Those who are more price-sensitive or who prioritise the not-for-profit ethos may find better value with funds such as HCF or HBF.
Common questions about Medibank Private
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 Medibank. Scores reflect editorial analysis of publicly available information. Always read the product disclosure statement and consider whether a product suits your individual circumstances before purchasing. If you need personal advice, consult a licensed financial adviser.
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