Australians are scrapping their private health insurance cover in increasing numbers, as consumers reassess their spending.
Data released by the Australian Prudential and Regulation Authority has confirmed reports from the health insurance sector of a continuing drop in policy coverage.
As at June 30, 44 per cent of Australians had hospital cover but this represented a fall of 0.3 per cent from the previous year.
During the June quarter 28,539 people shed their hospital cover, led by 7,804 of those aged between 20 and 24 years and 6,338 families.
Health insurer NIB has warned low economic and wages growth and premium costs rising faster than inflation are causing consumers to weigh up their cover.
“Premiums continue to rise while household disposable incomes remain static and competition for discretionary consumer spending remains fierce,” Managing director Mark Fitzgibbon said.
NIB says more needs to be done to curb significant out-of-pocket expenses and a “diminishing value proposition for members”.
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