Private health insurance is among the top three most expensive bills for 71% of Aussie households and in the top five for 91%, according to a survey commissioned by comparethemarket.com.au.
The survey polled 1,000 Australians with health insurance, after 34 private health insurers increased their premiums on 1 April, some by as high as 8%. The hikes added pressure to some already struggling household budgets.
“Household budgets are already feeling the weight of private health insurance, let alone this year’s increases,” reported news.com.au citing Comparethemarket.com.au spokeswoman Abigail Koch. “With some insurers increasing their premiums well above the 4.84% average increase, households might feel the pressure to cut back on other essential costs, or drop health insurance altogether.”
Australians over 65 were hit the hardest with 44% naming private health their most expensive household bill.
“If Australians do cut back or drop their cover, they need to be prepared to pay more or possible face longer waiting times if they fall sick or get injured,” Ms Koch said.