The recent surge marks the most significant increase since 2017, with Australians facing an additional cost ranging from $80 to $160 annually, contingent on their insurance plan.
However, insights from nine.com.au’s audience paint a contrasting picture.
Among the 1121 respondents, as many as 30 percent disclosed they never had private health insurance in the first place.
Numerous individuals admitted that the cost had been prohibitive long before the recent rise in premiums.
“I’ve been unable to afford health insurance for decades,” one reader revealed.
Another shared with nine.com.au that despite foregoing holidays, clothes shopping, and other expenditures, private health coverage remained out of reach even prior to the price hike.
Just over 10 per cent of nine.com.au readers who did have private health insurance said they cancelled their cover in response to this week’s price hike.
A little more than half of them moved to a cheaper policy; the rest are now uninsured.
About one in 10 respondents said they intend to cancel their current policy now that premiums have increased.
Nearly 80 per cent said they plan to keep their current policy even though it costs more.
“I’m too scared to cancel health insurance due to mine and my husband’s age,” one older Australian told nine.com.au.
It was a common concern among respondents aged 65 and over.
“Being a mature age couple we would feel vulnerable without private health cover, as the waiting time for non urgent treatment can be months and even years,” one said.
Respondents who had decided to cancel or downgrade their cover said they just couldn’t keep up with the rising cost of living.
Paying for private health insurance on top of increased grocery, housing, and petrol prices just isn’t feasible for many Aussies already struggling to make ends meet.
Many nine.com.au readers worry the situation is only going to get worse.
Nearly 80 per cent of respondents said they were at least ‘slightly worried’ about being able to afford private health insurance going forward.
More than one in three reported feeling ‘very worried’ about it.
”Any further increases may require me to cancel insurance altogether, as being a pensioner it is becoming extremely difficult to cope with cost of living,” one reader said.
Close to half of respondents said they’d cut back on spending on holidays, clothes and other non-essentials to be able to afford private health insurance.
More than 10 per cent said they’d be willing to cut back on essentials like groceries and rent.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.
