Kathmandu. Australians maintain private health insurance for an average of 10 years. About half never change their coverage.
This is according to a new research by money.com.au. The survey found that 46 per cent of Australian policyholders have never changed health insurance companies. More than a third (33 per cent) have changed insurance companies only once since their first time insured.
Another 16% of policyholders have changed companies 2 or 3 times. Only 5 percent have changed their service provider four or more times.
Chris Whitelaw, general manager of health insurance at Money.com, said many Australians may be overpaying by sticking to the same provider. “With rising premiums and changing life stages, older policies are often less viable,” he said. You should compare policies every 12 months to make sure you’re getting a competitive deal on your current insurance or switching to a health fund that provides coverage. ’
According to the survey, 58 percent of Generation Z respondents have lived with the same provider for an average of six years. While 48% of millennials have the same insurance cover for 7 years. Forty-four percent of Generation X haven’t changed insurance after nearly 11 years of coverage, and 42 percent of baby boomers have stayed with their insurer for an average of 13 years.
This survey was started from PureProfile. More than 1,000 Australians were surveyed.
