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The Rising Cost of Living is Driving Hundreds of Thousands of Australians to Downgrade their Private Health Insurance.

Between December 2020 and 2023, over 400,000 people switched from top-tier "gold" coverage to more affordable "silver" or "bronze" plans.


This trend, fueled by increased premiums, is straining both private hospitals and insurers. While some choose to self-insure, experts caution that downgrading could lead to longer public hospital wait times.


Despite modest growth in overall private insurance enrollment, more people are opting for cheaper plans to manage costs, impacting the healthcare system's balance.


"Independent health economist, Professor Stephen Duckett, said it was clear people were downgrading their health insurance because of rising health insurance premiums and cost-of-living pressures."


"For the first time, we're seeing hard evidence that people with private health insurance, who are desperate to keep it, are really struggling with cost-of-living pressure," CEO of Private Healthcare Australia, Rachel David stated.



The chart below indicates the number of people covered by level of private health insurance (millions).



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