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Media Release
Private health insurance and the great generational divide
New research reveals what Boomers, Gen Xers, Gen Zs and Millennials really want from private health insurance
There is a generational divide in what Australians want from their private health insurance cover, new data shows.
While health and wellbeing are being prioritised across the board, leading comparison service iSelect’s first Health Pulse survey found younger Australians surveyed – Generation Z and Millennials – are more likely to want their private health extras cover to include psychology and alternative or natural therapies.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.
Older Australians surveyed with extras cover – Generation X and Baby Boomers – are the most likely to prioritise general dental and optical cover.
The survey – conducted by YouGov on behalf of iSelect – found Millennials, Gen X and Boomers are all keen to have extras cover for physiotherapy.
On the other hand, Boomers surveyed are the least likely to want extras cover for psychology, exercise physiology or dietetics.
Meanwhile, Gen Z was the most likely of those surveyed to prioritise cover for exercise physiology and medical appliances but they were the least likely to want physiotherapy cover.
The iSelect survey found the generational divide extended to the likelihood of switching policies, with Gen Z (37%) and Millennials (34%) twice as likely to have switched in the past year than Gen X (17%), and more than three times as likely than Baby Boomers (10%).
Enlisting the help of a comparison service such as iSelect to take on the hard work for them appears to have paid off, with those surveyed who switched using a comparison service claiming to have saved an average of $1,296, compared to an average of $1,029 for those who did not use a comparison services.
Andres Gutierrez, iSelect’s General Manager – Health, said every dollar counts during a cost-of-living crisis.
“We all know many Aussies are doing it tough currently, and any extra savings are more valuable than ever,” Andres added.
“Our inaugural Health Pulse survey shows switching private health cover could be well worth it, especially with the help of our trained Comparison Experts, who strive to make Aussies’ lives easier by helping them find great deals.”
Millennials surveyed with private health insurance were more likely to have hospital cover (94%) compared with Gen X (87%) and Baby Boomers (87%).
But of those surveyed, Gen Z (88%), Gen X (88%) and Baby Boomers (87%) were more likely than Millennials (79%) to have extras cover.
Gen Z was the generation most likely to cite lack of information about other providers (18%) and lack of certainty in how to switch (17%) as barriers to switching, compared with older generations.
Meanwhile, Gen Z (18%) and Millennials (16%) were more likely to cite fees associated with switching as a reason for not doing so, compared with Gen X (8%) and Baby Boomers (4%).
Andres explained that iSelect looks for ways to put customers in control when it comes to selecting a suitable private health insurance policy.
“We know it can seem overwhelming, but our 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.
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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+).