.svg)
Media Release
Families battle cost-of-living crunch by switching health insurance
The simple step that could ease pressure on family budgets
Aussie families could save an average of $1,589 by switching their private health insurance policy a new study has found.1Source: iSelect commissioned YouGov Galaxy Pty Ltd conduct a national online survey between 15-21 July 2024. The sample is n= 1,532 Australians aged 18 years and older who have private health insurance and are the main or joint decision maker for their cover. The survey results were weighted by age, gender and region to reflect the latest ABS population estimates
Leading comparison service iSelect’s first Health Pulse survey found almost three quarters of Aussies who switched their private health insurance in the past 12 months saved money, with estimated average annual savings of $1,151.
The survey – conducted by YouGov on behalf of iSelect – found those on family policies saved even more by switching, an estimate $1589 on average, compared to $555 on average for singles.
Around three in 10 families surveyed who had switched and saved said they will be putting these extra savings towards rent or mortgages (33%), or childcare (30%).
Enlisting the help of a comparison service such as iSelect to do the hard work for them appears to have paid off, with Aussies surveyed who switched using a comparison service claiming to have saved an average of $1,296, compared to $1,029 on average for those who did not use a comparison service.
Andres Gutierrez, iSelect’s General Manager – Health, said they know firsthand from speaking to their customers that many Aussie families are doing it tough currently.
“We understand that life is busy, but with the cost-of-living crisis, every dollar counts, and any extra savings are more valuable than ever,” Andres said.
“We strive to make families’ lives easier by helping them save them time, effort and money. Our inaugural Health Pulse survey shows switching private health cover can be well worth the effort, and using a comparison website like iSelect could save you more.”
iSelect’s Health Pulse data found that, among Aussies with private health insurance, 38% are on a singles policy, 26% are on a couples’ policy and 36% have family cover.
And more than a third (36%) of Aussies on a family policy switched in the past year, compared with 17% on a singles policy and just 12% on a couples’ policy.
The survey also found almost a third (32%) of Aussies with a family health insurance policy have dependents aged 19-30.
Interestingly, it also found that only 20% of Aussies who have private health cover and who live with children do not have a family policy. Instead, 10.5% have a singles policy and 9.5% have a couples’ policy.
More than four in ten (44%) of those surveyed currently on a family policy took advantage of a promotional offer when they switched, compared with 24% on singles policies.
iSelect’s Andres Gutierrez explained that iSelect puts customers in control when it comes to selecting a suitable private health insurance policy.
“We know it can seem overwhelming, but our trained Comparison Experts can save Aussies’ time and effort by comparing a range of policies and providers for them,” Andres said.
“If they do decide to switch, we’ll take care of the whole process and give them our Price Promise – if, within 30 days after buying a policy through us, you find the same policy for a cheaper price, we’ll give you a $500 eGift card.”2If you find the same policy on a lower standard annual premium from the same insurer within 30 days after buying with us, we’ll give you a $500 eGift Card. Terms & Conditions apply.
Learn more about the iSelect Health Pulse findings.3iSelect Health Pulse: All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1532 adults. Fieldwork was undertaken between 15th – 21st July 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian adults who have private health insurance and are the main or joint decision maker for their health insurance cover (aged 18+).
| iSelect’s top tips for finding suitable private health insurance |
| 1. Review your plans/policies regularly – Needs and circumstances change over time. When it comes to insurances (such as health, home and/or contents or car insurance), regularly ask yourself what you need to be covered for and if your current policy/plan stacks up. You could be paying for things you don’t need, and not covered for things you do. |
| 2. Could a higher excess save you money on your premium? Generally, the higher the excess or co-payment you are willing to pay, the lower the premium. If you think it’s unlikely you’ll be admitted to hospital in the near future you could opt for a higher excess on eligible policies in exchange for lower overall premiums. |
| 3. 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. |
| 4. 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. |
| 5. Know your rights – Did you know 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? Yes, it’s true! |
-ENDS-
For media enquiries, please contact:
Sophie Ryan
Public Relations Manager
0437 028 104
Sophie is our Public Relations Manager and an experienced journalist who is passionate about making Aussies’ lives easier by saving them time, effort, and money.
As an accomplished media spokesperson and iSelect Comparison Expert, Sophie frequently appears on leading news and public affairs programs, including 7NEWS, Sunrise, and 9News, sharing commentary and research.
She also regularly writes articles for popular websites and publications on various personal finance topics, including insurance and utilities.
Latest media releases
-
Switchers snag major savings on private health insurance
New research reveals almost three quarters of Australians who switched private health in the past 12 months saved money Almost…
-
Families battle cost-of-living crunch by switching health insurance
The simple step that could ease pressure on family budgets Aussie families could save an average of $1,589 by switching…
-
Private health savings up for grabs for savvy switchers
The free, simple online tool to help you save money on your private health insurance Almost three quarters of Aussies…
About 
At iSelect, we’re passionate about making Aussies’ lives easier by saving them time, effort and money. We are Australia’s go-to destination for comparison across insurance, utilities and personal finance products made available from our range of providers. Our service is provided at no cost to the customer.
iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of providers.
- 1.Source: iSelect commissioned YouGov Galaxy Pty Ltd conduct a national online survey between 15-21 July 2024. The sample is n= 1,532 Australians aged 18 years and older who have private health insurance and are the main or joint decision maker for their cover. The survey results were weighted by age, gender and region to reflect the latest ABS population estimates
- 2.If you find the same policy on a lower standard annual premium from the same insurer within 30 days after buying with us, we’ll give you a $500 eGift Card. Terms & Conditions apply.
- 3.iSelect Health Pulse: All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1532 adults. Fieldwork was undertaken between 15th – 21st July 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian adults who have private health insurance and are the main or joint decision maker for their health insurance cover (aged 18+).