Health insurance doom loop accelerates

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Via the ABC:

The percentage of Australians with basic hospital cover has dropped to its lowest level in more than a decade, as almost 30,000 people dumped their policies in just three months.

The latest Australian Prudential Regulation Authority (APRA) data shows health premiums are still rising faster than wages, and out-of-pocket costs are continuing to bite, just one month after a report stated Australia’s health care system had become increasingly unfair, costly and confusing.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.