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Media Release
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 surveyed who switched their private health insurance in the past 12 months saved money on their premiums, with an estimated average saving of $1151, new data shows.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 seven in 10 Aussies who changed their private health insurance policy or provider in the past year saved money by switching.
The survey – conducted by YouGov on behalf of iSelect – revealed that using one free, simple tool could help save Aussies hundreds of dollars on their private cover.
The survey findings suggest that almost a quarter of Aussies with private health cover switched their policy in the past 12 months and that those using a comparison website saved more on average.
Those policy holders surveyed who switched using a comparison website such as iSelect claimed to have saved an average of $1296, compared to an average of $1,029 for those who did not enlist the help of a comparison service.
Andres Gutierrez, iSelect’s General Manager – Health, said they know firsthand from speaking to their customers that many Aussies 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 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 shows Aussies surveyed have been on their current private health insurance policy on average for almost seven years – with more than half on their current policy for two years or more, and a quarter for over a decade.
Those surveyed who switched said the main reasons were to find better value or a cheaper deal.
“At iSelect, we look for ways to put our customers in control, so they can feel confident with what they buy,” Andres explained.
Among those surveyed who switched and saved, most put the money towards groceries (40%), investing/saving (36%), rent or mortgages (26%), holidays (23%) or charity donations (22%).
Men were more than twice as likely among those surveyed to put their savings towards dining out or food delivery and entertainment (27%) compared with women (12%). Victorians were also more likely to put their savings towards food and entertainment (27%) compared to Queenslanders (10%).
The survey also found almost half (45%) of Millennials put their savings towards groceries, followed by investing/savings (37%), and rent/mortgages (30%).
The Health Pulse survey also found those with family policies estimate they saved $1,589 on average, compared to those on a singles policy ($555).
Around three in 10 of those surveyed on a family policy put their savings towards rent/mortgages (33%) or childcare (30%).
Andres Gutierrez said iSelect gave customers additional peace of mind through their private health insurance Price Promise: “If, within 30 days after buying a policy with them, you find the same policy with a lower standard annual premium from another insurer, iSelect will 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+).