Not-for-profit health fund HCF has launched ‘Flex My Extras’ cover for young Australians amid the rising cost of living, as data shows the high value those in the millennial age group place on optical cover.
The offering, targeted at singles and couples aged 18-39, allows young Australians to spend their extras limit on what they want, including mental health support, teeth whitening, acupuncture and vaccinations. It offers 100% back on dental check-ups, a flexible single limit of $650 for other services, as well as $175 optical limit per calendar year.
HCF said ‘Flex My Extras’ was launched to accommodate health priorities of young Australians including value for money, flexibility and ease of use. The top three extras for this age group are dental and teeth whitening, optical and mental health services, with 84% of young Australians requiring extras cover in the next 12 months, according to the company’s latest research.
Further HCF data reveals more than 78% of Australians aged 18-39 prioritise dental and teeth whitening, followed by optical (41%) and mental health services (40%). The company’s internal figures also show that millennials (27 to 42 years of age) prioritise dental and teeth whitening and optical over Generation Z (11-26 years of age), with Gen Z deeming mental health services more important.
“At a time when budgeting and cost cutting are paramount, affordable, flexible health cover has never been more relevant. ‘Flex My Extras’ empowers our younger members to create tailored cover that delivers the value they genuinely want,” HCF CEO Ms Sheena Jack said.
“By simplifying the healthcare experience, we’re letting members choose the extras cover that resonates with them most, which for this younger cohort, includes dental, mental health, physio, optical and acupuncture. It puts the choice back in their hands.”
Rising cost living has 83% of young Australians prioritising value for money when considering extras health cover, followed by flexibility of choice (51%) and ease of use (51%).
“By simplifying the healthcare experience, we’re letting members choose the extras cover that resonates with them most, which for this younger cohort, includes dental, mental health, physio, optical and acupuncture. It puts the choice back in their hands,” Jack said.