CBHS Health Fund

What CBHS Health Fund does

CBHS Health Fund Limited is a restricted, not-for-profit private health insurer headquartered in Parramatta, Australia, founded in 1951 by the Commonwealth Bank of Australia Group. The company provides Hospital Cover (Basic Plus through Gold tiers), Extras Cover (dental, optical, physiotherapy, chiropractic, natural therapies), Packaged Cover, and Ambulance Cover to current and former CBA Group employees, contractors, franchisees, and their extended families. Members access services through the Member Centre online portal, the CBHS Mobile App (iOS/Android), digital membership cards, and integrated electronic claiming via HICAPS, HealthPoint, and Medicare's ECLIPSE platform.

The business operates on a subscription-based premium model with annual, monthly, quarterly, and fortnightly billing options, collecting premiums via direct debit, invoice, salary deductions, credit card, BPoint, and BPAY. CBHS distributes through phone-based inside sales, self-service online and mobile channels, and state-based Corporate Partnership Managers across five Australian regions. The fund pays back 90.7% of premiums in member benefits on a 10-year average versus an 85.6% industry average (APRA Statistics 2014-23). Two wholly-owned subsidiaries (CBHS Corporate Health launched 2016, CBHS International launched 2018) extend the brand beyond the restricted CBA membership pool.

The company employs 101-250 staff and is led by Group CEO Helen Troup (appointed September 2021), with a board chaired by Nicolette Rubinsztein (appointed November 2024). CBHS holds APRA governance compliance (CPS 510), Private Health Insurance Code of Conduct signatory status, and WGEA gender equality reporting compliance. In 2026 the fund received WeMoney awards for Best Industry Health Fund and Best for Gold Hospital Cover.

Name

CBHS Health Fund

Legal name

CBHS Health Fund Limited

Website

https://cbhs.com.au

Company type

Private

Founded year

1951

Operating status

Operating

Headcount range

101–250 employees

Short description

CBHS Health Fund is a not-for-profit, restricted Australian private health insurer founded in 1951, serving Commonwealth Bank Group employees, contractors, franchisees, and their extended families with hospital, extras, and packaged cover through digital, phone, and face-to-face distribution channels.

Ownership category

akta.pro rank

Product category

Private Health Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114), Health and Welfare Funds (52512)

SIC

Accident & Health Insurance (6321), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Small Group Health Insurance (2–50/100) (FSAIAFAD)

akta.pro secondary industry

Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident) (FSAIAEAD)

Keywords

• Private health insurance
• Hospital cover
• Extras cover
• Health fund membership
• Not-for-profit insurer

Headquarters

HQ city

Parramatta

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Health Insurance Premiums: CBHS generates revenue through private health insurance premium payments from members. Premiums are collected via direct debit, invoice, CBA and Bankwest salary deductions, credit card, BPoint and BPAY. The fund is not-for-profit, with the primary goal of delivering value to members through benefits rather than generating profit.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

CBHS Health Fund is a restricted, not-for-profit private health insurer that sells Hospital Cover (Basic Plus through Gold tiers), Extras Cover for out-of-hospital services such as dental, optical, physiotherapy, chiropractic and natural therapies, Packaged Cover combining hospital and extras, and Ambulance Cover. Membership is restricted to current and former Commonwealth Bank Group employees, contractors, franchisees and their families, with premium payments collected via direct debit, salary deduction, credit card, BPoint and BPAY on fortnightly, monthly, quarterly or annual billing cycles.

Product overview

CBHS Health Fund is a not-for-profit, restricted health insurer serving Commonwealth Bank Group employees and their families since 1951. The company offers a portfolio of health insurance products organized around three core offerings: Hospital Cover (tiers from Basic Plus to Gold, including excess and co-payment options), Extras Cover (covering dental, optical, physiotherapy, and natural therapies), and Packaged Cover (combining hospital and extras). Members access services through the CBHS Mobile App and Member Centre online portal, with digital membership cards, Choice Network provider discounts, and Access Gap Cover schemes enhancing value. The fund also offers Health Management Programs for chronic disease and hospital substitute treatment. The CBHS Group includes CBHS Corporate Health (open fund, 2016) and CBHS International (international market, 2018), and partners with CSIRO for the Total Wellbeing Diet program. The company has recently reintroduced natural therapies (Pilates, yoga, naturopathy, shiatsu, western herbal medicine, Alexander technique) to eligible Extras covers effective April 2026.

Differentiator

Problem solved

Functional benefit

Brands

• CBHS Corporate Health: An open health fund launched in 2016, serving the general public (not restricted to CBA Group employees).
• CBHS International

Products and services

• Hospital Cover Private health insurance covering hospital admissions, treatments and accommodation. Ranges from Basic Plus to Gold tier, including options with excess or co-payment structures. Targeted at CBHS-restricted individual and family members seeking inpatient cover.
• Extras Cover Ancillary or out-of-hospital cover for services such as dental, optical, physiotherapy, chiropractic and natural therapies (naturopathy, yoga, Pilates, remedial massage). Targeted at individual members and families wanting day-to-day healthcare cover.
• Packaged Cover Combined hospital and extras cover packaged into a single policy, designed for members wanting comprehensive coverage across both hospital and ancillary services with a single premium and set of benefits.
• Ambulance Cover Coverage for ambulance services, providing members with emergency transport and on-the-spot treatment. Targeted at individual CBHS members who require emergency ambulance cover within Australia.
• CBHS Mobile App Smartphone application for iOS and Android enabling claims submission, coverage checking, provider search, and digital membership card access. Targeted at all CBHS members for on-the-go policy management.
• Member Centre Online Portal Online member portal providing access to policy documents, claims history, tax statements, provider searches and membership management features. Targeted at all CBHS individual and family members for digital self-service.
• Health Management Programs Specialised health and wellbeing programs supporting eligible members towards a healthier lifestyle, including Chronic Disease Management and Hospital Substitute Treatment Programs. Targeted at eligible CBHS members requiring preventative and chronic care support.
• CBHS Corporate Health Sister fund under the CBHS Group, launched in 2016 as an open health fund offering health insurance products to the general public beyond the restricted CBA Group membership.
• CBHS International International brand under the CBHS Group, launched in 2018 to offer health insurance products to the international market.

Quantifiable outcome

• Over 90 cents returned per dollar in premiums over 10-year average (90.7% vs 85.6% industry average)
• +1 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability5 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• Australian Health Service Alliance (AHSA)coreTechnology or IntegrationAHSA assists CBHS in assessing and paying claims and providing reports to the Government in relation to treatments and services received in hospitals and other healthcare facilities. CBHS participates in the Access Gap Cover scheme coordinated through AHSA.
• Commonwealth Bank of Australia (CBA)flagshipStrategic or Co-development PartnerCBHS was established by CBA Group in 1951. The fund is restricted to CBA Group employees, contractors, franchisees and their families. CBA Group employees have access to subsidised health insurance and corporate partnership managers facilitate on-site consultations.
• CBHS Corporate HealthcoreStrategic or Co-development PartnerSister fund launched in 2016 as an open fund, operating under the CBHS Group family alongside CBHS Health Fund.
• CBHS InternationalcoreStrategic or Co-development PartnerInternational brand under the CBHS Group family that launched its first products to the international market in 2018.
• CSIROminorGTM or Marketing PartnerCBHS has partnered with CSIRO to offer members discounts on the Total Wellbeing Diet program - Australia's leading weight-loss program. Members can access up to 76% off the 12-month plan.
• CommBank Health HubsminorStrategic or Co-development PartnerHealth and wellness service locations available to CBHS members, providing access to healthcare services and health management programs.

Scale indicators3 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Bupa Australia: One of Australia's largest private health insurers, offering hospital, extras and packaged cover with a broad provider network. Directly comparable to CBHS in product suite, regulatory regime and target members, although Bupa operates as a broader incumbent with much larger scale.
• Medibank Private: Australia's largest private health insurer offering hospital and extras cover to individuals, families and corporates. Directly comparable to CBHS as a regulated PHI carrier selling similar hospital/extras/packaged products through Australian distribution channels.
• HCF (Hospitals Contribution Fund): Australia's largest not-for-profit mutual health fund, offering hospital and extras cover. Closely comparable to CBHS in mutual member-owned structure and benefit-led positioning, though with much broader (open) eligibility.
• nib Holdings: Listed Australian private health insurer offering hospital and extras policies, including direct-to-consumer digital distribution. Comparable to CBHS in core product offering, regulatory regime and Australia-only operating geography.
• HBF Health: Large mutual, restricted-membership Australian health fund originating from Western Australia and now expanding nationally. Closely comparable to CBHS in restricted/not-for-profit DNA, though with stronger presence in WA.
• GMHBA: Regional Australian mutual health fund headquartered in Geelong, offering hospital and extras cover. Comparable to CBHS in mutual member-led structure and product mix, though primarily Victorian-geographic.
• Westfund: Regional, member-owned Australian not-for-profit health fund operating across multiple states. Highly comparable to CBHS in regional mutual positioning, member-first ethos and overlap with Westfund being cited in the CBHS CIO's prior role history.
• Teachers Health Fund: Restricted-membership, not-for-profit Australian health insurer for the education sector. Highly comparable to CBHS in restricted member-base structure, mutual ethos and hospital/extras product portfolio.
• Defence Health: Restricted-membership Australian health fund serving current and former Australian Defence Force personnel and their families. Closely comparable to CBHS in narrow eligibility tied to a single sponsoring organisation and member-owned not-for-profit model.

Broad incumbents

• AIA Australia: Major life and health insurer in Australia and the wider region, with prior employer ties to multiple CBHS executives. Comparable as a regulated health/medical insurer, but with a much broader multi-product portfolio (life, trauma, IP) than CBHS.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CBHS Health Fund