Would you consider ditching your private health insurance?

Many Australians are planning to cancel their private health insurance policies.

private health insurance checklist

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?



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    Star Trekker
    15th Nov 2016
    How can HCF follow HCF?
    Star Trekker
    15th Nov 2016
    It should be HBF first.
    15th Nov 2016
    Can't say I'm happy paying private health insurance but it certainly gives me peace of mind and I do use it for dental work and physio. And since I retired I am spending Melbourne's dreary winter months in Asia and can suspend payment if away longer than 2 months. This certainly helps lower the annual cost...between 30% to 50%. Travel insurance is in place via my credit card whilst away too. Can reactivate my private health insurance once I get back to Oz.
    15th Nov 2016
    Not sure if your travel insurance covers anything other than accidents. What if you find out you have the dreaded C whilst overseas?
    15th Nov 2016
    I'd head home Mick, reactivate my private health insurance and start treatment. Fingers crossed it never comes to that.
    15th Nov 2016
    Never been in a health fund. That means we run the risk but such is life.
    If people are relatively healthy then they might be better off opening a dedicated savings account where they deposit funds as though they were paying health insurance. Of course one needs to be disciplined and not touch the nestegg and likely not many of us could resist spending the health safety net we have save up.
    28th Dec 2016
    What is the difference? Either way you do not have that cash to spend elsewhere and having it in a savings account of any sorts means it is counted towards your assets at pension time. At least if the unexpected does arise you have the policy. You only have one choice to have insurance or not and hope for short waiting lists.
    15th Nov 2016
    This government has stuffed super and health insurance all in one term what next.
    15th Nov 2016
    Please advise whether HCF or HBF is the leader and whether HBF IS REALLY IN THE MIX
    Star Trekker
    15th Nov 2016
    In the SMH it said that HBF is first.
    15th Nov 2016
    All the money that we have saved by not being in a private fund, will fund us if need be.
    I consider health funds to be a blatant rip off, and will not pay for it until it covers everything ! With no gap to be paid....
    Instead of private health cover, everyone should pay medicare....
    17th Nov 2016
    I agree totally. If all those billions spent by government on private health businesses and insurance payments made by those who can afford it was spent on public health we would once again have the best health system in the world like we once did.
    17th Nov 2016
    The main reason why health insurance is so expensive is because the government has created the perfect situation where the funds can charge what they like with the result that has become apparent, premiums rising five or six times as fast as the CPI.

    To make matters worse, the health funds are very happy to accept your premiums when you are young and at a low risk, but with advancing years they are quite happy for you to withdraw. But withdrawing is an irreversible decision because if you had difficulty in paying your premiums prior to retirement, they would be totally out of reach if you tried to rejoin a fund.

    In my own case I have managed to retain my health insurance and, threatened with glaucoma, I was advised to have cataract surgery which was all over within a few weeks. A friend, now an Old Age Pensioner, maintained health insurance all of his life, but could no longer afford the premiums on retirement. He waited three years for cataract surgery on one eye, continues to wait for the surgery on the second eye.

    Another factor is the politics of envy which has provided governments with the excuse they wanted to reduce the concessions paid to retirees who have retained their health insurance.
    16th Nov 2016
    Totally agree Florgan, I also now of people if they have to go to hospital they enter as a public patient so they don't receive a bill and still pay into private health total cover. Simplify life, medical and hospital should and could be free for all
    14th Dec 2016
    Every now and again, I will do my research to see if I am getting the best offer for health insurance. I spent considerable time on the web yesterday, going through the time consuming 'get a quote' section, even some sights boasting 'we tailor your premium to your needs'. So WHY is it - when I enter the things I DO want cover for - the ONLY premiums I can find include surgical weight-loss procedures, pregnancy, childbirth and assisted reproduction services? At age 65 - I am not the slightest bit interested in these things - and doesn't matter if you are male or female - the price is the same? I did find one health fund that excluded these items - BUT was nearly 32% dearer!! How can it be dearer when you have selected LESS items to be covered for? I HATE having to pay for Health insurance - is blackmail, and cover is getting less and less. And with the Govt constantly changing what you can and cannot get rebates for (either through Medicare or Health Insurance Funds) - eg - the huge reduction in rebates for Skin Cancers - we will soon be down the path of the USA. I DO have some skin lesions that need to be removed - but now cannot afford them. Perhaps that is the intention of the Govt? - if you die, that his one less for them to worry about going on any type of welfare?