Why more and more people are shopping around for Private Health Insurance

Almost half of people with private health insurance are likely to shop around for better deals in 2018, according to a survey conducted by Morgan Stanley. 

The results of the survey were highlighted in an article in The Australian, which reported that 48 per cent of people were likely to switch providers next year, compared to 41 per cent last year.

Morgan Stanley’s executive director Daniel Toohey said the trend for switching health insurance policies “showed no signs of abating”.

This is highlighted by the growth of next generational consumer organisations such as FiftyUp Club, which has accrued more than 300,000 members in four years. The Club works to unlock Health Insurance offers and other discounts for its members.

“For example, until next Friday, we’re offering our members $400 cashback – paid over 37 months of membership^ – for families, couples, and single parent families who switch hospital and extras cover to HCF,” said Kayley Harris of the FiftyUp Club.

“Singles who switch hospital and extras cover to HCF get up to $200 cashback paid over 37 months of members,” she said. “This offer closes on 3 November though, so you need to move fast if you want this offer.”

The news that more people are choosing to switch comes in the wake of last week’s Private Health Insurance Reforms, which said the cost of essential procedures for implants such as hip and knee replacements would come down in price.

Those willing to opt for a higher excess limit in a bid to lower their premium would also able to do that under the reforms.

Daniel Toohey said these measures, “should help soften near term premium hikes but do not fix the affordability issue or underlying claims inflation.”

CLOSING NEXT WEEK: our $400 cashback offer on Private Health Insurance with HCF