Media Release

All that glitters: health fund incentives attractive to uninsured Australians

  • finder.com.au reveals which perks would lure a potential 9.1 million Australians to take out cover
  • $100 gift card enough to tempt 17% of Aussies on a health insurance policy worth thousands
  • finder.com.au encourages consumers to compare online first before deciding on a policy

31 July 2017, Sydney, Australia – Australians without private health cover would be tempted to sign up for as little as a free movie ticket, finder.com.au, the site that compares virtually everything, reveals.

New research from finder.com.au shows which perks would lure a potential 9.1 million Australians over the age of 20 into taking up private health cover.

According to the survey, 17% of adults aged 20 and over – the equivalent of almost 1.5 million Australians – would sign up for private health insurance for a $100 gift card.

Meanwhile, simply waiving waiting periods would be enough for health funds to attract 15% of those without cover – more than 1.4 million Australians.

One in 10 adults would take out health insurance for a single month’s free premium, and ‘freebies’ including frequent flyer points, movie tickets, a fitbit and toys would encourage a further one in 10 Australians.

Bessie Hassan, Money Expert at finder.com.au, says the research illustrates the attractiveness of bonus offers to consumers on the fence on whether to take out a policy or not.

“Health cover is one of a household's biggest expenses behind accommodation and grocery costs, but this research shows people are prepared to sign up for ongoing monthly health insurance premiums worth thousands of dollars for something as insignificant as a $15 ticket to the movies.”

According to research by finder.com.au, the average cost of hospital and extras cover in Australia is $3,388 per year.

“That’s an average monthly premium of $282 – a huge outlay for families,” Ms Hassan said.

However, the finder.com.au research showed 48% of uninsured Australians (4.4 million people) are reluctant to sign up for health insurance no matter the perk on offer.

“Health insurance premiums have risen by over 50% since 2010 so it’s no wonder Australians are questioning whether it’s worth the cost. It’s a good idea to jump online to find an affordable policy that suits your needs,” she said.

Generation breakdown:

  • A whopping 71% of baby boomers without cover couldn’t be tempted to sign up no matter what the perk, compared to just 24% of Gen Y.
  • A $100 gift card would be enough for one in four uninsured Gen Ys (25%) to take out cover.
  • One in 10 Gen X consumers would sign up for health cover in exchange for one month free premiums, compared to 6% of baby boomers.

Men vs women:

  • 17% of women without health insurance would sign up if an insurance brand waived waiting periods, compared to 12% of men.
  • Twice as many men than women would take out health insurance for as little a movie ticket.
  • Slightly more men (50% of respondents) than women (46%) could not be persuaded by any perk to sign up for health cover.

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.

We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.

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