Many Australians are planning to cancel their private health insurance policies.
Planning on ditching your private health insurance? If so, then you’re not alone, with research showing our satisfaction with providers has dropped so much, that many Australians are planning to cancel their policies.
The Roy Morgan Single Source survey of more than 50,000 Australians found that overall satisfaction with health insurers dropped in the past year to 74.4 per cent, compared with 76.3 per cent the previous year.
However, if you’re with HCF, you might be wondering what all the fuss is about, with the providers maintain the highest satisfaction level of the five largest funders, with 80.2 per cent. HCF follows with 74.3 per cent, Bupa – 73.6 per cent NIB – 70.9 per cent and Medibank Private with 70.1 per cent.
Members of Medibank Private may not be surprised, with the Private Health Insurance Ombudsman announcing that the health fund giant has been the at the centre of the greatest number of complaints over the last 20 years.
Even if you’re not with Medibank Private, you should still be considering how happy you are with your health fund, according to Roy Morgan Research Communications Director Norman Morris. "It is cause for concern that the overall satisfaction trend for the industry has been declining since the middle of 2015 and is now back at 2013 levels ... but of course it's not a very popular sort of insurance."
"This research has shown that, in order to reduce the likelihood of their customers shopping around or changing funds, private health insurers need to pay more attention to increasing the proportion of their customers who are 'very satisfied'."
A recent survey by finder.com.au also found that 15 per cent of respondents were planning to cancel their health insurance, with 44.7 per cent of hose citing cost as the reason.
Read more at RoyMorgan.com
Are you happy with your health insurer? Do you think you get value for money? Or are you just happy to have peace of mind? Did you ditch yours years ago? If so, why?