Media Release

On the eve of a new financial year, iSelect research reveals that many Aussies may be missing out on savings by sticking with the same private health insurance policy and provider year after year, despite ongoing premium increases.¹iSelect commissioned i-Link Research to conduct an online survey between 28 Apr – 4 May 2025.  The sample is n=1,500 Australians.  The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+.

iSelect comparison expert Sophie Ryan said it’s concerning how many Aussies could be wasting money on outdated cover because they’ve fallen into a ‘set and forget’ mindset.  

“Our research found that 76% of policyholders have either never switched their health insurance or haven’t done so for more than two years,” Sophie said.²iSelect commissioned i-Link Research to conduct an online survey between 28 Apr – 4 May 2025.  The sample is n=1,500 Australians.  The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+. 

“A quick review to see if there’s a more suitable deal according to your budget and health needs available could save you serious money and give you peace of mind.” 

“The survey also found that of those who switched plans or providers in the past two years, three-quarters saved money. 65% said they saved at least $100 a year, 43% around $200 annually, while nearly one in five are saving $500 or more.”³iSelect commissioned i-Link Research to conduct an online survey between 28 Apr – 4 May 2025.  The sample is n=1,500 Australians.  The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+. 

Sophie added that health insurance isn’t typically top of mind around tax time but is encouraging Aussies to add it to their EOFY checklist.  

“More than half of policyholders surveyed (55%) weren’t aware of the reduction in the private health insurance rebate this year,⁴https://www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/private-health-insurance-rebate/income-thresholds-and-rates-for-the-private-health-insurance-rebate meanwhile one in five of all Aussies (20%) don’t even know whether they’re paying the Medicare Levy Surcharge.⁵1iSelect commissioned i-Link Research to conduct an online survey between 28 Apr – 4 May 2025.  The sample is n=1,500 Australians.  The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+.

“This is an an extra tax that medium-high income earners may have to pay if they don’t buy appropriate level of hospital cover by July 1 and maintain it throughout the next financial year.⁶https://www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/medicare-levy-surcharge/medicare-levy-surcharge-income-thresholds-and-rates  

“Additionally, more than half of policyholders admit that they haven’t taken any action on their plan following the latest health insurance price increases on April 1, or don’t plan to.”⁷iSelect commissioned i-Link Research to conduct an online survey between 28 Apr – 4 May 2025.  The sample is n=1,500 Australians.  The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+.

Sophie explained that these figures are concerning and should serve as a reminder to consider private cover, whether you already have a policy in place or not.  

“For those who feel overwhelmed or short on time, iSelect’s comparison experts can help you compare policies from our range of plans and providers and even handle the switch entirely.”

iSelect’s top tips for finding suitable private health insurance

1. Review your policy regularly – Health needs and financial circumstances change throughout our lives. Ask yourself “what do I need to be covered for?”. Review your policy to make sure you’re not paying for things you don’t need and that you’re covered for the things you do.

2. Offers, deals and freebies – Some funds may be offering incentives around certain times of the year and it could be a good idea to shop around and take advantage of any deals and offers! Remember though, a good deal doesn’t necessarily mean the cheapest. Make sure the policy is suited to your needs.

3. The extras – There is a wide variation between funds on what services are offered and what you’ll get back as rebates under extras cover. Ask yourself if you even need extras. You could consider flexible products that combine your separate extras limits into a single annual limit for you to use across different services.

4. Know your rights – Remember that any hospital benefit waiting periods you’ve already served will be protected by law if you switch to an equivalent or lower level or hospital cover. Knowing this, you can switch with confidence.

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