Earlier this month, APRA board member, Geoff Summerhayes, warned that the business models of many private health insurers may not be sustainable beyond 2022, claiming factors such as the growing trend for younger people to opt out of health insurance means that some insurers may not be financially viable within three years.
The situation has gone from bad to worse, with another 9,400 Australians ditching their private health insurance over the December quarter of 2019:
Young Australians are continuing to abandon their private health insurance cover in droves, as consumer advocates argue they’re “voting with their feet” and health economists reignite calls for a review of the system.
