Australians Abandon Health Insurance Due to Rising Costs
Millions of Australians are planning to cancel their health insurance policies due to rising premiums, with an estimated 3.3 million people considering ditching their cover. The average cost of a mid-range hospital policy is expected to increase by $72 per year, with some insurers hiking prices much higher than the average rate. Canceling health insurance can result in significant out-of-pocket costs and limited access to essential services.
- This phenomenon highlights the vulnerability of Australia's healthcare system, where rising living costs are pushing individuals into a vicious cycle of debt and financial stress.
- What role will policymakers play in addressing these concerns and ensuring that Australians have access to affordable healthcare, regardless of their income level or employment status?