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According to Taylor Blackburn, a personal finance and insurance expert at Finder, many Australians lacking insurance are compelled to use their savings, accrue debt, or postpone medical treatments.
“Unexpected medical diagnoses have left millions of Australians in difficult situations,” Blackburn explained.
“Without insurance, a health scare can quickly escalate into a severe financial challenge,” she emphasized.
“Many delay purchasing private health insurance to cut down on premiums, only to face substantial expenses when unforeseen medical procedures arise,” Blackburn noted.
“What initially seems like a cost-saving measure can become a costly error for some families,” she added.
The survey found Gen Z were most likely to regret being underinsured when faced with a major health event, compared to just compared to one per cent of baby boomers.
Seven per cent of millennials told the comparison website they wished they had taken out a policy sooner due to a major health issue, while only three per cent of Gen X expressed the same regret.
According to Finder, Australians with private health insurance currently pay $238 per month for their coverage.
Based on this average, an increase of 4.41 per cent would see Australians having to pay $126 more per year.
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