THURSDAY, 19 SEPTEMBER 2024: HCF, Australia’s largest not-for-profit health fund, is today launching Hospital Basic Plus, an affordable hospital cover tailored for healthy young adults. The launch comes as new research1 reveals around two in five (41%) Australians aged 25 to 39 years old remain uninsured, despite their widespread concern over unexpected medical expenses.
The nationwide survey conducted by YouGov on behalf of HCF highlights a significant disconnect between the perceived importance of health insurance and actual coverage among young adults. The study found 76% of Australians aged 25 and older believe having private health insurance is important to protect against unforeseen medical costs, with almost half (46%) considering it very important.
Among those surveyed, Gen Z and Millennials were the most likely to think that it’s important to have private health insurance for protecting against unexpected medical expenses (86%) compared with Gen X (74%) and Baby Boomers (68%).
HCF’s Chief Operating Officer Lorraine Thomas said, “The data clearly shows a gap between awareness and action when it comes to health insurance among young Australians. Many understand the risks but feel priced out of the market. Hospital Basic Plus is designed to bridge this gap, offering an affordable solution that aligns with the needs and budgets of younger individuals.”
The survey also revealed two in five Australians aged 25 and older (40%) have already experienced a sudden illness or injury requiring hospitalisation or significant medical treatment.
Household incomes under $50,000 were least likely to have private health insurance yet the household income category most likely to report requiring hospitalisation or significant medical treatment (49%).
The product includes Accident Safeguard* – providing the benefits of HCF’s top-level hospital cover for accidents for up to 90 days and no excess for accident-related treatments – in addition to coverage for common procedures like joint reconstructions and gynaecology.^
It’s also a great option for those looking to avoid the Medicare Levy Surcharge (MLS) due to their income being above a certain threshold, or avoid a Lifetime Health Cover (LHC) loading, which may apply if you take out hospital cover after you turn 31.
“In today’s uncertain financial environment, protecting oneself from unexpected health costs is more important than ever, especially for those just starting their careers or managing tight budgets. Hospital Basic Plus is about helping young Australians prioritise both their health and their finances,” said Ms Thomas.
To further support younger members, Hospital Basic Plus can be paired with HCF’s Flex My Extras, that allows singles and couples flexibility in choosing extras cover.^^
Together, these products provide a practical and affordable solution for young Aussies looking to secure their health and financial future.
To find out more about Hospital Basic Plus or to get a quote visit hcf.com.au/campaigns/hospital-basic-plus, call 13 13 34, or visit your nearest HCF branch.
ENDS
Media enquiries to:
Joni Thomes 0475 576 738 or [email protected]
IMPORTANT INFORMATION
*Must visit the emergency department within 24 hours of the accident. Other conditions apply. See hcf.com.au/accident-safeguard
^To learn more about what’s included and what’s not included view the product summary at hcf.com.au/campaigns/hospital-basic-plus.
**89.2% in benefits compared to the industry average of 85.6%. Calculated based on the average of the past 10 years, sourced from APRA Statistics: Private Health Insurance Operations Reports 2014-23.
^^To learn more about Flex My Extras, see hcf.com.au/Campaigns/flex-my-extras.
1. YouGov. (2024). The Value Equation: Australians’ Views on Health, Home, and Beyond. Conducted for HCF. Fieldwork undertaken between 18 and 25 June 2024, comprising a nationally representative sample of 1,011 Australians aged 25 and older. The survey was carried out online. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.
Key Facts:
Two in five (41%) Australians aged 25 to 39 years old remain uninsured, despite concern over unexpected medical expenses
76% of Australians aged 25 and older believe having private health insurance is important to protect against unforeseen medical costs - almost half (46%) consider it very important
Gen Z and Millennials were most likely to think it’s important to have private health insurance for protecting against unexpected medical expenses (86%) compared with Gen X (74%) and Baby Boomers (68%)
Two in five Australians aged 25 and older (40%) have already experienced a sudden illness or injury requiring hospitalisation or significant medical treatment.
About us:
ABOUT HCF HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers almost 2 million members with health and life insurance, travel, pet, home and car insurance. HCF has been awarded Outstanding Value Health Insurance by Canstar nine years in a row from 2016-2024. On average over the last ten years, HCF has paid out more cents in every dollar in premiums to members as benefits than the industry average.** To learn more about HCF go to hcf.com.au/about-us
Contact details:
Joni Thomes 0475 576 738 or [email protected]
