Over 200,000 Australians Downgrade Health Insurance Amid Cost-of-Living Pressures

While overall private health insurance coverage increased in 2024, premium revenue dropped by $52 million in the first half of the year.

Ambulances arrive at St Vincent's Hospital in Sydney, Australia, on Dec. 28, 2021. Jenny Evans/Getty Images

Recent data from the Australian Prudential Regulation Authority (APRA) shows individuals are downgrading or abandoning private health insurance due to escalating cost-of-living pressures.

While overall private health insurance coverage increased in 2024, revenue from premiums dropped $52 million in the first half of the year.