The number of Australians with private health insurance covering hospital treatment and total hospital treatment benefit payments barely increased in the last quarter.
The Australian Prudential Regulation Authority (APRA) said 12,341,521 people, or 45% of the population, were covered by hospital treatment cover at 30 September 2024, which was a slight increase on June 2024.
Releasing its Quarterly private health insurance membership and benefits summary, APRA said this was an increase of 105,601 (0.9 %) compared to June 2024.
Family policies increased by 14,578 and single policies increased by 25,325 but the largest increase in coverage during the quarter was for people aged between 25 and 29 (14,723).
Hospital treatment benefit payments were also flat in the September 2024 quarter with insurers paying A$4,822 million, which was 0.05% more than the June 2024 quarter.
Hospital treatment benefits were:
- $3,483 million for services such as accommodation and nursing
- $719 million for medical services
- $620 million for medical devices or human tissue items.
Among Australia’s largest private health insurers are Medibank (ASX: MPL), Bupa, HCF (Hospital Contribution Fund) and NIB (ASX: NHF).
APRA publishes statistics on the private health insurance industry each quarter covering membership, coverage, benefits paid, medical gap, medical devices or human tissue products, and medical services.