ASX-listed; Australia's most recognised health brand.
2026 premium increase
+5.10%
Industry average: +4.41%(+0.69 pts vs avg)
Effective 1 April 2026.
About Medibank
Medibank Private is an ASX-listed insurer and one of the two market leaders. Operates Medibank and the lower-cost ahm sub-brand. Owns Members' Choice provider networks for capped extras pricing.
Typical strengths
- Members' Choice Advantage caps for extras
- Live Better rewards program
- Broad hospital agreements nationally
Things to weigh up
- Out-of-pocket on hospital varies by agreement
- Often pricier than ahm for similar cover
Premium increases — last 5 years
How Medibank's gazetted average increase has tracked against the industry each April.
Medibank has been at or above the industry average in all of the last 5 rounds.
Source: Department of Health, Disability and Ageing, gazetted premium rounds 2022–2026. Years without a published figure are shown as gaps, not zero.
How Medibank performs for members
Size, complaints, retention and how much of a hospital bill members actually see covered — from the Ombudsman's 2023–24 report.
Complaints share
17.9%
Fewer complaints than Medibank's size would suggest.
Market share
26.7%
Share of all Australians with private health cover.
Member retention
85.5%
Members who stayed with the fund across the year.
Charges with no/known gap
89.7%
Hospital-related charges covered with no gap or a gap agreed up front.
Extras charges covered
52.4%
Average share of extras bills the fund's benefits pay.
Premiums returned as benefits
84.9%
Industry-leading funds return around 89–94% of premiums as benefits; the market typically returns 79–89%.
Agreement private hospitals
475
Private hospitals with agreements, where members are covered with no or known gaps.
Source: Commonwealth Ombudsman, State of the Health Funds Report 2023–24, and Comparify's hospital agreement dataset.
Open policies right now
Every Medibank policy currently open to new members, straight from the Government's PHIO dataset.
- Basic5
- Bronze4
- Silver12
- Gold6
38
Extras-only policies
From $7/mo
2
Combined policies
Full hospital and extras coverage bundled together
Cheapest hospital premium
Per month, before rebate
How Medibank's hospital cover prices compare
Each row shows the whole market's monthly premiums for that tier, with Medibank's own open policies marked in purple.
VIC, single cover, monthly premiums before rebate. Plus variants are folded into their base tier. Combined policies are excluded.
How Medibank's extras cover prices compare
Extras-only policies grouped by what they actually cover, using the same VIC single cohort selected above.
- Everyday extras
- General dental and everyday services — no major dental
- Mid extras
- Major dental covered, orthodontics not covered
- Top extras
- Major dental and orthodontics both covered
Compare Medibank against the market — with an advisor
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Medibank questions, answered honestly
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See all explainersOther funds we compare
Prices shown are PHIO-listed base premiums before the Australian Government Rebate and any age-based discount, sourced from the Government's Private Health Information Statement data (August 2026). Comparify compares a subset of these funds through its advisors.