Australians are falling out of love with private health insurance hospital cover, with the latest figures showing the number insured went down by almost 8,000 in the last quarter of 2016.
The Australian Prudential Regulation Authority (APRA) released its December quarterly findings on Valentine’s Day that showed participation rates in private health insurance are at their lowest for nearly five years.
Participation rates have dropped, but the number of health insurance policies with exclusions have increased by 1.7 percentage points in 12 months to December 2016. Nearly 40 per cent of health insurance policies now have exclusions.
Australian Private Hospitals Association (APHA) CEO Michael Roff said the increase in exclusions is adding to Australian consumers’ confusion about private health insurance and impacting the value they see in policies.