An increased number of Australians aged under 30 are willing to take out health insurance, but the products available are not appropriately designed for them, according to personal finance marketplace and advice company Compare Club.
The company's latest study showed that younger Australians are 155% more likely to request psychology extras in their policies, but the cost of mental health is often only available in more expensive policies that provide features this age group cannot access. Aside from mental health, general dental treatments and physio were the most requested items on younger Australians' extras.
It also found that:
Read more: Members Health sees surge in young people taking out private health insurance
The results of Compare Club's report aligned with the Australian Prudential Regulation Authority's (APRA) latest private health insurance (PHI) data that young Australians have become interested in taking out PHI.
Over the 12 months to March 2022, the number of people covered by a Members Health Fund Alliance (Members Health) hospital policy increased by 3.47%, more than thrice the pace of the rest of the industry, with a majority (more than 100,000) of these new members under 45 years old.
In a previous statement, Members Fund CEO Matthew Koce said: “As states manage the huge demand on their public hospitals, more and more Australians are turning to Members Health funds for the peace of mind they offer.”