Why do 1 in 2 Aussies1 choose to get private health insurance? We examine data from Roy Morgan Research to find out, as well as determine exactly what Aussies’ attitudes are towards private health insurance in Australia.
Why do Aussies choose to get private health insurance?
According to the data, Aussies believe insurance provides assurance, with three quarters of those with private health insurance2 saying it provides peace of mind. A similar number (78.1%) also say that above all else, it’s about knowing you’ll be able to cover the cost of big medical expenses, should they arise. And interestingly, only 1 in 10 Aussies (13.3%) have private health insurance to avoid paying the Medicare Levy Surcharge.
What’s important to Aussies when it comes to picking the right policy for them?
While one might think price would be a leading driver for Aussies when picking a policy, the data revealed that only 1 in 5 Aussies3 say they look for the cheapest policy, implying that quality is key when it comes to private health insurance. Additionally, when it comes to types of cover, the majority of us (62.1%) believe it’s better to have both extras and hospital cover, rather than just one or the other. It’s therefore no surprise that 79.6% of those with private health insurance have this combination of cover, while 13.1% have only hospital cover, and 8% have only extras cover.
How do Aussies prefer to go about getting insurance?
According to the data, most Aussies who have private health insurance (79.9%) prefer to purchase it directly from the insurer, and of those who purchased private health cover in the last 12 months, 2 in 5 (38.4%) did so over the phone, and 1 in 5 (22.1%) went into a branch. This compared to only 15.7% who chose to sign up online, suggesting that when it comes to our health, we prefer to speak to the experts directly. If you’re looking to purchase private health insurance, make sure you’re equipped with the right info, across the important terminology, and aware of the common misconceptions and talk to the experts, so that you can feel more informed to choose the right cover to suit your needs.
Want more insight into Aussie's attitudes towards private health insurance? Read more.