How Expensive is Private Health InsuranceWhat is the cost of private health insurance?
Twelve month to February 2017, n = 50,003 and twelve month to February 2018, n = 50,006. At 182,000, this was an improvement over the same 2017 figure, the highest in five years. Too expensive' is the major argument used by the consumer to claim that they are leaving health insurance.
And the second big worry among those who have not renewed is the shortfall in the cover provided by their funds. This year, the share of those who, at the age of 19, described the main cause for resignation as "too much from bag costs" rose sharply. Twelve month to February 2017, n = 50,003 and twelve month to February 2018, n = 50,006.
Australia from the age of 14 who have not taken out private health insurance. Twelve-month to February 2017, n = 117 and 12-month to February 2018, n = 160 Almost every sixth (15. 5%) member who has not renewed said that "Medicare meets my needs", compared with only 5. 3% the previous year.
There seems to be an increase in the number of individuals who see no value in having private health insurance, given the costs and perceptions they have over simple dependency on Medicare. 6 per cent stated that they did not extend due to "poor service", compared to 2.3 per cent in the year before. One of the main reasons for the non-renewal of health insurance in recent years has been a "change in familial circumstances/marital status".
Four percent who gave this explanation last year. Analyzing the large health insurance companies shows that the costs ("too expensive") are usually the primary cause for each and every member not to extend. "The study has shown that the costs of health insurance are not only a big issue for client loyalty, but should also be related to the perceived benefit or value of ever higher premium payments.
Since a large part of the people who go say that there is still a big void for them (i.e. "too much out of pockets ") and "Medibank fits my needs", there are big doubts among many members about the actual value for them to keep their private health insurance.
It' s up to the health insurance companies to convey the value of a private health insurance that doesn't just rely on Medicare. "Research on member happiness with private health insurers has shown that there are large disparities in fund happiness so that lower performing providers can benefit from the best and thus increase their membership opportunities.