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Australians Reconsider Health Insurance As Costs Rise

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

New findings from Finder reveal a growing trend among Australians considering the cancellation of their health insurance policies.

This move comes in response to increasing living expenses and an impending rise in insurance premiums.

The survey encompassing 1,012 Australians showed that 16% of respondents would choose not to renew their private health insurance this year. Additionally, 22% reported that they currently do not have private health insurance. The data identified younger Australians as the most inclined to forgo coverage, with 25% of Generation Z and 20% of Generation Y planning to cancel by the end of 2025.

Currently, the average cost of mid-range private health insurance for hospital cover stands at approximately $154 for an individual, equating to $1,848 annually. However, with premiums slated to increase by 3.73% by April 1, the average monthly amount will rise to $160, adding an extra $72 per year.

Tim Bennett, a health insurance expert at Finder, highlighted the challenges Australians face as living costs continue to climb. Bennett advises individuals to explore options such as reducing coverage, adjusting extras, or comparing plans for potentially better-suited policies. He suggests decreasing cover levels or increasing excess to help manage costs. Additionally, pre-paying premiums for the next year could lock in current rates and prevent future hikes.

While dropping private health insurance might save money short-term, it could lead to increased out-of-pocket expenses, longer wait times, and restricted access to vital health services.

Published:Tuesday, 4th Mar 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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