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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
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| What does Commercial Property Insurance cover? Commercial property insurance is vital for anyone who owns or operates a business that involves a physical location. This type of insurance protects your business premises, equipment, and any inventory within the space. Whether you're a landlord, a small business owner, or a property investor, having a solid understanding of commercial property insurance is essential. It not only safeguards your physical assets but also provides peace of mind for your financial investment. - read more
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| What Factors Affect Commercial Property Insurance Premiums? Commercial property insurance is designed to protect businesses and landlords against losses to their buildings and other related assets. This type of insurance covers various incidents, such as fire, theft, and damage from natural disasters. It's essential for safeguarding not just the physical property but also the livelihood associated with the business operations conducted within that space. - read more
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| Is Commercial Property Insurance mandatory? Commercial property insurance is a type of coverage that protects businesses and their assets from various risks. This insurance safeguards physical properties, including buildings, equipment, inventory, and other essential assets. By having commercial property insurance, businesses can mitigate losses that may occur due to unexpected events. - read more
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| Public Liability, Product Liability and Professional Indemnity Insurance Business liability insurance provides protection for your business against the cost of litigation and claims resulting from third party damages or bodily injuries caused due to negligence of your business. In this article we examine the three main types of business liability insurances and how they may apply to your business. - read more
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| Decoding Disability: How Your Policy's Definition Affects Your Security In the quest for economic stability and peace of mind, income security stands as a critical foundation. The assurance that one can rely on a stable financial inflow, regardless of life's unpredictabilities, is what keeps many individuals focused on their present while confidently planning for their future. However, the seldom-discussed intricacies of disability definitions within insurance policies can significantly influence this security. - read more
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Is Commercial Property Insurance mandatory? Commercial property insurance is a type of coverage that protects businesses and their assets from various risks. This insurance safeguards physical properties, including buildings, equipment, inventory, and other essential assets. By having commercial property insurance, businesses can mitigate losses that may occur due to unexpected events. - read more
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What Factors Affect Commercial Property Insurance Premiums? Commercial property insurance is designed to protect businesses and landlords against losses to their buildings and other related assets. This type of insurance covers various incidents, such as fire, theft, and damage from natural disasters. It's essential for safeguarding not just the physical property but also the livelihood associated with the business operations conducted within that space. - read more
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What does Commercial Property Insurance cover? Commercial property insurance is vital for anyone who owns or operates a business that involves a physical location. This type of insurance protects your business premises, equipment, and any inventory within the space. Whether you're a landlord, a small business owner, or a property investor, having a solid understanding of commercial property insurance is essential. It not only safeguards your physical assets but also provides peace of mind for your financial investment. - read more
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