CONFUSION REIGNS AS 2 OUT OF 3 OVER-50S STRUGGLE TO COMPARE HEALTH INSURANCE POLICIES
CONFUSION REIGNS AS 2 OUT OF 3 OVER-50S STRUGGLE TO COMPARE HEALTH INSURANCE POLICIES
The complexity of health Insurance is making the market less competitive, with 2 out of every 3 people aged over 50 unable to adequately compare policies.
The 15,000- person survey was taken as a part of the Great Aussie Health Check, a campaign launched to help over-50s take back control of their health insurance.
Confusion around health insurance policies is commonplace. There are over 40,000 different policy options in the market. The Great Aussie Health Check wants to simplify this.
By using the combined buying power of 25,000+ over-50s, the campaign hopes to unlock a super competitive, but limited range of offers from a single health insurance provider.
The survey also found that many over-50’s often don’t even entirely understand their own policy. When asked their level of understanding of their health insurance policy;
- Just 7% claim to understand it entirely,
- 19% don’t understand it or have never even read the details, and
- 75% understand it just ‘somewhat’
Over-50s are often unnecessarily loyal and end up paying for cover they don’t need at a price too high. FiftyUp Club spokesperson Christopher Zinn today commented;
“The fact many over-50s don’t even understand the health insurance policy they’re currently on says it all.
“We can hardly expect people to start shopping around when they barely know what they’re receiving and whether or not it’s a good deal.
“Like any household bill, it’s vitally important to shop around for Health Insurance. We want to make that process simpler.
By using the people power of 25,000+ consumers, we think this buying power will be enough for a health insurance provider to come to the table with competitive offers.”
Joining the Great Aussie Health Check is entirely cost and obligation-free. Consumers can sign up at www.FiftyUpClub.com.au. Registration closes at midnight on 30 September 2016.
