Australia’s private health insurance rebounds to 44.7%
The country’s private health has been on a steep decline since 2015.
Australia’s private health insurance has bounced back in recent months after six years of decline, according to the Australia Medical Association Private Health Insurance Report Card 2021.
Private health insurance in the country saw an all time low of 43.6% before rising to 44.7% after 12 months.
However, AMA said that although there was a steep drop in overall private hospital insurance between the second half of 2015 to 2020, not all age cohorts dropped private health insurance at the same rate. Between June 2019 to June 2020 the number of people aged over 65 with hospital treatment policies increased by 71,496 or 0.71%.
Analysis completed for the AMA indicates in the year to December 2018, Australians aged 55-64 received around 88% of the overall insured person average benefits, whilst those aged 65-74 received around 160% of the average. The figures at this point then increase dramatically to those aged 75-84 receiving 260%, whilst those who have insurance and are 85 years or older received a staggering 310% of the average benefits
AMA observed that since June 2021, they have seen a rise in the number of people taking up health insurance policies. They observed that over 60 insured Australians overtook 20-39 years-old almost four years ago.
“Even with this increase in membership, the current trend will see the 60+ age group overtake the 40-59 year-olds in the foreseeable future to become the largest insured age cohort,” AMA said.