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Private health care is expensive and worthless, with more than 2 million Australians out of insurance for five years

Source: xkb.com.au
[Economic News]     31 Dec 2019
As many as 2.2 million Australians are likely to stop buying private health care in the past five years! According to the Sydney Morning Herald, a YouGovGalaxy survey of more than 1,000 Australian adults found that 1/4 of people who had bought private health insurance in the past were no longer renewed, and 47 percent said they had abandoned insurance in the past five years, magnifying it to 2.23 ...

As many as 2.2 million Australians are likely to stop buying private health care in the past five years!

A survey of more than 1,000 Australian adults by YouGov Galaxy found that a quarter of people who used to buy private insurance now don`t renew their insurance, and 47 percent said they had dropped it over the past five years.

Private health care is expensive and worthless, with more than 2 million Australians out of insurance for five years

The most common reason for not renewing insurance was that premiums were too expensive (64 per cent), followed by feeling undervalued (50 per cent)

Private premiums are said to be intended to be further higher, while pressure on health minister Hunt to deal with the affordability of private insurance has increased.

Following earlier announcement that private health-care costs would rise by an average of 2.92 per cent from April 2020, Mr Hunt is consulting on a second wave of reforms aimed at curbing increases in premiums and has pledged to further reduce the cost of medical equipment in private hospitals.

If young people and families continue to abandon insurance, reforms that increase the value and affordability of private health care will be "wiped out," said CEO Boggs (Ian Burgess) of (MTAA), an Australian medical technology association that commissioned the survey.

"The two million Australians who have given up their private health care will all add to the already overcrowded public hospital system," Boggs said. "Instead of simply reducing the increase, he called for a direct reduction in premiums for private health care.

The number of young and relatively healthy Australians buying private health insurance has fallen, according to regulators, especially in the 25- to 29-year-olds. In the wider age bracket, Australians with home insurance fell from 47 percent in 2014 to 44 percent on September 30,2019.

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