HBF health insurance review: Everything you need to know

HBF is one of Australia’s leading not-for-profit health funds and covers more than a million members, the vast majority living in Western Australia.

If you’ve been looking into switching your health insurance to a not-for-profit fund or simply want to get a policy with a respected insurer, we’ll look into exactly what HBF offers, from hospital and extras cover, to how to make a claim or cancel your policy.

Founded way back in 1941, HBF started as a health fund in Western Australia and has since grown into Australia’s fifth-largest health fund and the second-largest members-based fund. A popular choice because of its status as a not-for-profit health fund, HBF has a wide range of health insurance options. These include standard hospital cover, extras and combined policies. It falls under the umbrella of Members Health, which is an alliance of not-for-profit and member-owned health funds in Australia.

Over the years, HBF has merged with other health funds, including CUA Health in 2021 (since renaming the brand see-u) and Queensland Country and Territory Health in 2023. The fund continues to expand its services across Australia, although most of its members still reside in Western Australia.

If you’re interested in the best health funds that have won acclaim for their service offering, you’ll also be happy to know that HBF was awarded the title of Australia’s Most Trusted Health Insurer in 2022, and just one year later picked up a gong for Australia’s Best Health Fund in the Finder Insurance Awards.

HBF is a not-for-profit health fund, which means it’s owned by its members rather than shareholders. As a mutual organisation, all profits are reinvested into the fund to improve their services, keep premiums as low as possible and expand the level of cover for all its members.

Unlike for-profit health funds, having this type of structure helps make sure that the best interests of HBF members are always at the forefront of their decision-making.

Like other top health insurers in Australia, with HBF you’ll find a pretty wide selection of cover. So whether you just want hospital cover, are interested in an extras-only policy or prefer a combination of both, you’ll probably find something to suit.

Hospital cover with HBF is broken down into different tiers of protection, from the most Basic cover to more comprehensive plans like Silver and Gold. These plans cover costs for treatments and surgeries when you're admitted to a hospital. The level of cover depends on your preferred policy, but it will usually include things like:

• Hospital accommodation
• Surgery fees
• Theatre fees
• Prostheses
• Intensive care
• Some rehabilitative services

Some HBF hospital cover policies also give members access to private rooms, depending on availability, and cover extra services like dental surgery and joint replacements.

You’ll also find extras cover with HBF. This is a specific type of cover that helps take care of non-hospital services that aren’t typically covered by Medicare. These services include things like:

• General dental (check-ups and cleaning)
• Optical (glasses and contact lenses)
• Physiotherapy
• Chiropractic
• Podiatry
• Remedial massage
• Speech therapy
• Pharmacy services (non-PBS medications)

Having extras cover can be particularly handy for families, as it will make a huge difference to those out-of-pocket costs for your family’s everyday health needs.

If you want the best of both worlds, then look no further than a comprehensive package with HBF: namely, a combined hospital and extras policy. Here you’ll get all the benefits of hospital cover, along with the added convenience of extras – all rolled into one plan.

While it might cost a little more than you had originally budgeted for, it’s still cheaper than having separate hospital and extras policies. Essentially, combined cover is for people who want the peace of mind of having both in-hospital and out-of-hospital services covered without having to manage two individual policies.

HBF is well-regarded in the private health insurance space because it has some of the highest percentages of cover across its various services. According to the latest data, here’s what you can expect:

• 93.7% of hospital-related charges are covered.
• 92.5% of medical services have no gap, meaning most members won’t have to pay out-of-pocket costs for services beyond what’s covered by Medicare and HBF.
• 99.6% of medical services have no gap or a known gap payment, which means almost all costs are either fully covered or come with a predictable, lower out-of-pocket fee.
• 55.5% of general treatment (extras) charges are covered (i.e. for regular health expenses like dental and optical).

Claiming on your HBF health insurance is simple and straightforward. Members can lodge claims through the following channels:

• Online: Log into your HBF member account to lodge a claim for many extras services.
• Mobile app: HBF has a user-friendly app for Android and iOS devices. You can submit claims for extras services like dental, physio and more.
• In-person: You can visit an HBF branch for help when filing a claim.
• HICAPS: Most healthcare providers these days have terminals linked to the HICAPS system, which allows for instant claims processing whenever you receive treatment. In other words, you’ll only pay the gap at the time of service.

Just remember that when you submit a claim, you’ll need your itemised receipts and a completed claim form. Thankfully, most payments are processed fast.

If you decide that HBF insurance is no longer the right fit for you, cancelling your policy is simple as well. Here’s what you need to do:

1. Call or visit HBF: You can contact the HBF customer service team or visit your nearest branch to start the cancellation process.
2. Give them your details: Provide your policy number and personal information to confirm your identity.
3. Follow up on outstanding payments: Before cancelling, you’ll want to make sure all outstanding payments have been settled. And if you’ve prepaid your premiums, you might be able to get a refund on the unused portion of your cover.

It’s always a good idea to compare other policies before cancelling, as you may find an alternative HBF plan that better suits your needs.

HBF is an established not-for-profit health fund that has great hospital and extras cover options. While it may not be the cheapest option on the market, the quality of service and extremely high level of cover might make it worth the price – especially if your main goal is getting peace of mind for your healthcare finances.