finder.com.au

Media Release

Picture of health: 3.2 Million Aussies will switch providers

      • 55% haven't decided if they'll stay or switch
      • Baby Boomers least likely to change providers
      • Tips to reduce your health premium

28 March 2019, Sydney, Australia - Millions of Aussies will take radical action when health premiums rise this Monday, according to research from Finder, Australia's most visited comparison site.

Premiums are set to rise by an average of 3.25% on April 1 and 24% of policy holders – the equivalent of 3.2 million members – will change providers.

The Finder survey of 1,148 policy holders shows a further 55% of health insurance members haven't made up their minds about what they'll do as prices continue to climb.

Sophie Walsh, insurance specialist at Finder, said the idea of another price hike is too much for some.

"Yearly premium hikes on April 1 are forcing many Australians to consider their options—it's quite a challenge to keep absorbing the rising prices.

"This year health funds will be moving to a new tiering system for hospital cover and some members could find treatments removed from their policy, so it's never been more important to know what you're covered for.

"You can keep your cover and save hundreds of dollars by either switching providers, lowering your level of cover or increasing your excess."

The research found more than one in three (37%) Generation Y plan on switching providers when their private health cover rises.

Baby Boomers (those aged 59+) are least likely (14%) to be considering a move with the impending price rise.

"Remember if you're switching to the same level of cover, you shouldn't have to reserve waiting periods for the same treatment."

Will you switch, ditch or stay?
I'll change providers24%
I'll ditch health cover altogether2%
I haven't made up my mind yet55%
I'll stay with my provider19%

Source: Finder survey of 1,148 Australians with private health cover, Feb 2019

Tips to reduce your health insurance costs

  • Don't pay for cover you don't need - Look at what you've claimed for over the past 12 months. Are you paying for extras cover that you don't use? If yes, then you might be better off switching to a lower cover with less extras or taking out a hospital only policy.
  • Keep an eye out for deals - During switching season many health funds are offering incentives to new members, such as waived waiting periods, months of free cover, cash back and gift cards.
  • Mix and match - For a policy tailored specifically to your needs at a competitive price, you could be better off taking out hospital cover with one insurer and extras cover with a different health fund.

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For further information

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 Finder

Every month 2.6 million unique visitors turn to Finder to save money and time, and to 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 three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.

12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel

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