Over 200,000 Australians Downgrade Health Insurance Amid Cost-of-Living Pressures

Published on October 15, 2024

Recent data from the Australian Prudential Regulation Authority (APRA) shows individuals are downgrading or abandoning private health insurance due to escalating cost-of-living pressures. While overall private health insurance coverage increased in 2024, revenue from premiums dropped $52 million in the first half of the year. This decrease reflects a growing trend where Australians are shifting to more affordable policies or simply dropping health coverage—over 216,000 policyholders have downgraded their coverage during this period, according to Private Healthcare Australia (PHA). PHA CEO Dr. Rachel David said the pressure on health insurers was exacerbated by increasing claims, which grew 9.6 percent in the 2023-24 financial year....

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