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Compare not-for-profit health funds in Australia and see if they’re the right option for you.
Our dedicated Health Insurance experts are here to help. Updated 23 Feb 2026.
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There are 20 not-for-profit health funds in Australia who reinvest premiums into the fund instead of extracting them as profit. They range from large open funds like HCF and HBF, to small, industry-specific not-for-profits.
The table below lists each of the not-for-profit health insurance providers in Australia based on the size of the fund and its membership model. Read on for a full breakdown of the main not-for-profit funds.
| Fund | Membership type | Market share |
|---|---|---|
HCF | Open | 12.6% |
HBF | Open | 8.1% |
Australian Unity* | Open | 2.2% |
GMHBA | Open | 2.2% |
Westfund | Open | 0.9% |
Health Partners | Open | 0.7% |
HIF | Open | 0.7% |
Latrobe | Open | 0.7% |
St. Lukes | Open | 0.6% |
Peoplecare | Open | 0.4% |
Mildura Health Fund | Open | 0.3% |
Phoenix Health | Open | 0.2% |
HCI | Open | 0.1% |
Hunter Health Insurance | Open | <0.1% |
Teachers Health | Restricted | 2.6% |
Defence Health | Restricted | 2.0% |
CBHS | Restricted | 1.4% |
Police Health | Restricted | 0.6% |
Doctors’ Health | Restricted | 0.5% |
Navy Health | Restricted | 0.4% |
ACA | Restricted | 0.1% |
Reserve Bank | Restricted | <0.1% |
Coming 1 April 2026, private health insurance premiums are set to increase by an industry average of 4.41%. However, most not-for-profit health funds will increase premiums by less than the market average. Combined, the 24 not-for-profit funds in the Members Health Fund Alliance are set to increase premiums by an average of 3.62%.
Looking to learn more about your options for not-for-profit health insurance? We’ve broken down the main open funds that operate on a not-for-profit basis so you can compare with confidence.
HCF Health Insurance | Member retention (hospital cover) 87.1% Industry average: 89.5% Premiums returned in benefits 89% Industry average: 82.4% Hospital related charges covered 88.9% Industry average: 89.5% General treatment (extras) charges covered 50.4% Industry average: 50.9% About HCFHCF is Australia’s largest not-for-profit health fund, with around 2 million members. It ranks ahead of its competitors on some key metrics, including member retention and the rate at which it returns...  Pros
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Australian Unity* | Member retention (hospital cover) 82.3% Industry average: 89.5% Premiums returned in benefits 81.9% Industry average: 82.4% Hospital related charges covered 89.3% Industry average: 89.5% General treatment (extras) charges covered 50.5% Industry average: 50.9% About Australian UnityAustralian Unity is a mutual health insurance provider that’s been operating in Australia for more than 180 years. Based on the latest data, around 1 in 50 Australians with health insurance are with A... Pros
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GMHBA Health Insurance | Member retention (hospital cover) 80.7% Industry average: 89.5% Premiums returned in benefits 80.7% Industry average: 82.4% Hospital related charges covered 89.3% Industry average: 89.5% General treatment (extras) charges covered 46.6% Industry average: 50.9% Sub-brands Frank Health Insurance About GMHBAGMHBA is a not-for-profit health fund operating across Australia, including via its subsidiary Frank. It’s a small fund in terms of market share (around 370,000 members) but enjoys relatively good cus... Pros
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HIF Health Insurance | Member retention (hospital cover) 75.0% Industry average: 89.5% Premiums returned in benefits 80.5% Industry average: 82.4% Hospital related charges covered 89.3% Industry average: 89.5% General treatment (extras) charges covered 45.7% Industry average: 50.9% About HIFHIF is a small not-for-profit health fund operating across Australia. It offers Hospital, Extras and combined policies. Compared to the rest of the industry, HIF has a low-ish member retention rate of... Pros
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HBF Health Insurance | Member retention (hospital cover) 88.9% Industry average: 89.5% Premiums returned in benefits 83.6% Industry average: 82.4% Hospital related charges covered 93.1% Industry average: 89.5% General treatment (extras) charges covered 54.1% Industry average: 50.9% Sub-brands see-u by HBF, Queensland Country Health Fund About HBFHBF is one of the largest not-for-profit health funds in Australia. Recently it’s become known for its fluffy Quokka brand ambassadors. It’s also one of the industry leaders on many of the metrics ass... Pros
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HCi Health Insurance | Member retention (hospital cover) 85.1% Industry average: 89.5% Premiums returned in benefits 79.3% Industry average: 82.4% Hospital related charges covered 91% Industry average: 89.5% General treatment (extras) charges covered 45.6% Industry average: 50.9% About HCiOne of Australia’s smallest providers, HCI is a Tasmania-based, member-owned fund that offers eight policy options, plus combinations of these. Its member retention rate is slightly below average for ... Pros
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Hunter Health Insurance | Member retention (hospital cover) 89.2% Industry average: 89.5% Premiums returned in benefits 75.5% Industry average: 82.4% Hospital related charges covered 94.2% Industry average: 89.5% General treatment (extras) charges covered 32.9% Industry average: 50.9% About Hunter Health InsuranceBased in the Hunter region of New South Wales for over 70 years, Hunter Health Insurance is another small member-owned fund that provides coverage Australia-wide. Despite holding a market share of jus... Pros
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Health Partners | Member retention (hospital cover) 89.9% Industry average: 89.5% Premiums returned in benefits 84.3% Industry average: 82.4% Hospital related charges covered 92.3% Industry average: 89.5% General treatment (extras) charges covered 56.5% Industry average: 50.9% About Health PartnersBased in South Australia but servicing all of Australia, Health Partners is a not-for-profit health insurance provider. It is one of the industry leaders across most metrics, with its 89.9% member ret... Pros
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Latrobe Health Services | Member retention (hospital cover) 77.1% Industry average: 89.5% Premiums returned in benefits 79.4% Industry average: 82.4% Hospital related charges covered 88.9% Industry average: 89.5% General treatment (extras) charges covered 39.2% Industry average: 50.9% About Latrobe Health ServicesLatrobe Health Services is a not-for-profit health fund based in and focussed on the Victorian market, but it does offer services to members across Australia. According to the Commonwealth Ombudsman S... Pros
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Mildura Health Fund | Member retention (hospital cover) 90.7% Industry average: 89.5% Premiums returned in benefits 83.4% Industry average: 82.4% Hospital related charges covered 90.5% Industry average: 89.5% General treatment (extras) charges covered 53.2% Industry average: 50.9% About Mildura Health FundFounded in 1929, Mildura Health Fund (MHF) is a not-for-profit regional provider with three physical locations in Mildura, Swan Hill and Broken Hill. The fund has over 445 agreements with private hosp... Pros
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People Care Health Insurance | Member retention (hospital cover) 85.2% Industry average: 89.5% Premiums returned in benefits 79.3% Industry average: 82.4% Hospital related charges covered 90.5% Industry average: 89.5% General treatment (extras) charges covered 42.4% Industry average: 50.9% About People Care Health InsurancePeople Care began life as a health fund for various corporations in the mining and steel industry but has since become an open fund available to all. Looking at its performance compared to the industr... Pros
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Phoenix Health Fund | Member retention (hospital cover) 83.9% Industry average: 89.5% Premiums returned in benefits 79.0% Industry average: 82.4% Hospital related charges covered 89.9% Industry average: 89.5% General treatment (extras) charges covered 53.6% Industry average: 50.9% About Phoenix Health FundPhoenix Health is another of Australia’s smaller not-for-profit health funds, covering all of the country. The fund performs well in comparison to some funds for coverage levels, scoring above the ave... Pros
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Westfund Health Insurance | Member retention (hospital cover) 86.7% Industry average: 89.5% Premiums returned in benefits 82.4% Industry average: 82.4% Hospital related charges covered 90.1% Industry average: 89.5% General treatment (extras) charges covered 44.5% Industry average: 50.9% About WestfundWestfund is a small not-for-profit fund based in Lithgow, New South Wales but covers members Australia-wide. During its 140 years of operation, the fund has developed high customer ratings, with a hig... Pros
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St. Lukes | Member retention (hospital cover) 88.6% Industry average: 89.5% Premiums returned in benefits 82.7% Industry average: 82.4% Hospital related charges covered 91% Industry average: 89.5% General treatment (extras) charges covered 55.5% Industry average: 50.9% About St. LukesSt. Lukes is a regional not-for-profit health insurer based in and focussed on the Tasmania market, but does offer services across Australia. The fund performs well in comparison to other funds for co... Pros
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8 weeks free
On combined Hospital and Extras cover
Join Australian Unity through Money.com.au on eligible products and get 8 weeks free (6 weeks free in year 1, plus 2 weeks free in year 2). New members only. Offer ends 31 March 2026. T&Cs apply.*
6 weeks free
On combined Hospital and Extras cover
Plus, skip 2-month waiting periods on Extras. Offer is only available to a person who purchases an eligible product and opts to pay by direct debit for fortnightly, monthly, quarterly, or six-monthly. Offer ends 30 April 2026. T&Cs apply.*
4 weeks free
On combined Hospital and Extras cover
Plus, skip 2 & 6-month waiting periods on Extras. Offer available when you join as a new member on an eligible combined Hospital and Extras policy. Offer excludes Extras-only and Hospital-only policies. Offer ends 31 March 2026. T&Cs apply.*
Skip 2 & 6 month waits
On eligible Extras services
Offer available when you join as a new member on a combined Hospital and Extras policy. Offer excludes Extras-only and Hospital-only policies. Offer ends 31 Aug 2026. T&Cs apply.*
Skip 2 & 6 month waits
On eligible Extras services
Offer available when you join as a new member on a combined Hospital and Extras policy. Offer excludes Extras-only and Hospital-only policies. Offer ends 31 Aug 2026. T&Cs apply.*
A not-for-profit health fund is one that reinvests all of its revenue into the fund to benefit members, not shareholders. They use their revenue exclusively to cover operating costs, lower premiums and increase member benefits.
In comparison, for-profit funds use members’ premiums to earn a return for shareholders, on top of their operating costs.
A not-for-profit fund is owned and operated by policyholders and members, whereas for-profit funds follow a more conventional business model with shareholders seeking for a return on their ownership. For-profit funds can be either privately owned or publicly-listed.
The revenue generated by not-for-profit funds are cycled back to members. The aim is to lower premiums, offer more inclusive coverage and other benefits, rather than returning excess revenue to shareholders.
Many not-for-profit funds started as specific community and industry orientated funds that have expanded to offer open access. By contrast, for-profit health insurance funds are usually larger organisations or subsidiaries of big companies that aren’t aligned with any particular groups.
Not-for-profit health insurance providers are either open or restricted funds. In Australia most not-for-profits are open funds where anyone may access it.
A restricted fund, on the other hand,offers membership with certain eligibility criteria. This can include being in a particular workplace, profession or industry.
Restricted non-for-profit health insurance funds are ACA, CBHS Health Fund, Defence Health, Navy Health, Nurses & Midwives Health, Police Health, Railway & Transport Health Fund, Reserve Bank Health Society, and Teachers Federation Health.
Not-for-profit funds aren’t always cheaper, as there are many factors that determine the cost of a health insurance policy. Across both not-for-profit and for-profit funds, premiums are primarily based on which level of cover and any extras you select. Health insurance premiums also vary between funds based on other factors, including the overall competitiveness of the fund and its agreements with local healthcare providers.
Not-for-profits are often better value for money, because they reinvest their revenue into improving their services. So even though the price could be the same as what you pay in a for-profit fund, there are likely more benefits in being with a not-for-profit, such as higher premium returns, paying out more in benefits and investing in better services.
To find the cheapest policy that best suits your needs, it’s a good idea to compare health insurance plans from a range of providers, both not-for-profit and for-profit to ensure the most suitable coverage.
Chris Whitelaw, General Manager - Health Insurance
“Ultimately, the main distinction between not-for-profit and for-profit funds is in what they do with the premiums, rather than their prices. When comparing health insurance policies, we find that customers usually consider the funds’ profit status as a tie-breaker if the premiums and level of cover are on par.”
Chris Whitelaw, General Manager - Health Insurance
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The two biggest not-for-profit funds in Australia based on market share percentage are HCF (12.6%) and HBF (8.1%).
But relative to some for-profit providers, these funds are still small. For example the two biggest for-profit health insurance funds are Medibank (26.7%) and BUPA (25.4%), who consist of half of the market.
Source: Commonwealth Ombudsman State of the Health Funds Report
Typically any surplus revenue that a not-for-profit fund makes goes towards improving the fund by expanding services, adding benefits and lowering premiums.
According to a recent survey of 25,168 policyholders from participating funds in the Members Health Fund Alliance 89% are satisfied with their not-for-profit health insurance. The survey also shows that 83.8% of respondents trust Members Health insurers more than some of Australia’s biggest household names, including Bunnings and Coles.
In addition, our comparison between the customer satisfaction scores of the two biggest for-profit funds, (BUPA and Medibank) and the main two not-for-profit funds (HBF and HCF) suggests that customer satisfaction is better at not-for-profits, but only marginally.
Source: MembersHealth.com.au and State of the Health Funds Report
The best open not-for-profit health insurance funds based on customer reviews
The top-rates for restricted funds are:
Source: ProductReview.com.au as of February 2026
This depends on whether the fund is ‘open’ or ‘restricted.’ Anyone may access an open not-for-profit fund, whereas members of restricted funds must meet certain criteria, like being in a particular profession or workplace. For example, the Teachers Health fund is only available to people working in the education field and their families.
No, both not-for-profit and for-profit health insurance funds have to comply with the same federal law and standards when it comes to consumer protection.
They are also regulated by the same bodies, namely the Australian Prudential Regulation Authority (APRA), the Australian Competition and Consumer Commission (ACCC) and the Commonwealth Ombudsman. In short, all funds must follow requirements when it comes to data reporting, consumer protection and other regulations.
In addition, whether a health fund is not-for-profit or for-profit, the Federal Health Minister must approve every provider’s premium increases each year. This process checks that health insurance is valuable to consumers by ensuring that there’s competitiveness in the market to encourage lower prices.
Money.com.au can recommend suitable health insurance plans for you from the following not-for-profit funds:
Written by
Isabella Visser
Isabella Visser is a Finance Writer with Money.com.au. With her experience in journalism and writing content across multiple platforms she makes finance simpler for readers by creating insightful and engaging content.
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
Select the offer you're interested in to view full T&Cs.
The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any product is suitable for you and seek independent advice if necessary.
We do not compare all health insurance providers and products available in Australia and we do not guarantee that our product comparisons include all product features and attributes relevant to you.
In providing general information on this page, we are not providing you with a recommendation or suggestion about a particular product. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
However, when a customer requests that we contact them regarding health insurance, after being on the Money.com.au website, we will take the information they provide into account when providing the customer with a range of health insurance product options.
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There is no charge to consumers to use the service, and any payment we receive does not change the price you pay for the product. Our health insurance advisors do not know how much we are paid by the fund they recommend.
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Our customers have access to offers from a range of health insurance partners:
Please note, we do not compare all health funds in the market, or all policies from our partner funds, and at times certain funds or products might be unavailable.
At Money.com.au, we aim to provide you with the highest level of service, but we also understand that occasionally you may not be 100% happy with us. If that’s the case, you can let us know by emailing us at support@money.com.au
If we can’t resolve your issue immediately, a senior manager will respond to you at the latest by the next business day from receipt of your enquiry. If we are still unable to resolve the matter within three days, it will be escalated to the attention of the CEO.
You could also contact your health fund or the Private Health Insurance Ombudsman’s office (PHIO):
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