Why Australians stay loyal to health insurers for 10 years on average

Nearly half of policyholders have never switched health insurers.

Australians are holding on to their private health insurance for an average of 10 years, with almost half never changing funds, according to new research from comparison site Money.com.au.

The survey found that 46% of policyholders have never switched health insurers, whilst a third (33%) have switched only once since first taking out cover. 

Another 16% have switched two or three times, and just 5% have changed providers four or more times.

Money.com.au General Manager of Health Insurance, Chris Whitelaw, said many Australians could be paying more than necessary by sticking with the same provider. 

He noted that rising premiums and changing life stages often make older policies less suitable.

“You should treat health insurance like any other financial product. You should be comparing policies every 12 months to make sure you’re still getting a competitive deal on your current cover or switch to a health fund that will give you one,” he said.

The findings show younger Australians are the least likely to change funds. 

Fifty-eight percent of Gen Z respondents have stayed with the same provider for an average of six years, whilst 48% of Millennials have held the same cover for seven years. 

Amongst Gen X, 44% have not switched after around 11 years of cover, and 42% of Baby Boomers have remained with their insurer for an average of 13 years.

Money.com.au commissioned the survey from Pureprofile in 2025, polling more than 1,000 Australians.