Over 2 million Aussies cancel private health insurance due to rising costs: report

cancel private health insurance
cancel private health insurance

 Over 2.23 million Aussies seem to have dumped their private health policies over the past few years by switching to the nation’s public health system. Indirectly implying to put pressure in public health system according to the survey. The reason is the rising cost of private health policies. Switching to the nation’s public health system has proven for them to be value for money. This report is according to the survey conducted over 1000 people.

The country has the largest fund for over 273 million US dollars with health funds companies like Medibank, Bupa, HCF and NIB but the companies seem to curb the savings than passing on to their customers.

Over the past few years, the big companies have increased the premium rates much faster resulting in billions to their company and also no contribution towards medical devices in recent years.

Since the companies are set to further raise the rates, which will make more of the customer to make a switch towards the public health care system putting more strain.

It is probably time for the government to act and take a role for prices to go below zero for the ext premium round than just premium decrease.