Health insurers paying more benefits than ever, report shows 

Australians are depending on their health insurance more than ever before, new data has revealed. 

The latest Private Health Insurance statistics from government regulator APRA has found that health insurers paid $17.6 billion in benefits for Hospital Cover treatments in the 12 months to March 2024, an increase of 9.7%. Insurers also paid out $6.2 billion for Extras Cover treatments over the same period, up 5.4%.  

Commenting on the latest statistics, Private Healthcare Australia noted the amount of benefits paid by insurers was at “an all-time high”. 

Despite increased costs of living, Australians are holding onto their health insurance policies. In fact, the number of Aussies with health insurance increased slightly in the last quarter with an additional 79,023 Aussies signing up for Hospital Cover and 93,067 joining Extras Cover.

The APRA report found more people have Extras Cover than Hospital Cover, with 54.6% of the population having Extras Cover and 44.8% of the population with Hospital Cover. 

Other findings from APRA’s Quarterly Private Health Insurance Statistics for March 2024 include: 

• The largest increase for benefit payments in Extras Cover was for chiropractic treatment, up 9.6% compared to the September-December 2023 quarter. 
• The average out-of-pocket payments Aussies paid for hospital treatments was $426.79, an increase of 3.9% compared to the previous quarter. 
• The average out-of-pocket payments for extras treatments and services was $58.38, a small increase of 1.3%. 

Read the full APRA findings here. 

Trudie McConnochie

Writer and Researcher

Knowledge is power – that’s the guiding principle behind everything Trudie writes, and it’s a philosophy she brings to her work at healthslips.com.au. By breaking down complex information into easy-to-understand blogs and stories, she aims to empower Australians to make the best choices and an informed decision around private health insurance.

Trudie understands firsthand some of the complexity of private health insurance having moved to Australia from New Zealand and having to navigate a vastly different public healthcare system and health insurance structure.

Trudie holds a Bachelor of Communication Studies (journalism major) from the Auckland University of Technology.

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