Almost two million Australians are not paying for their health insurance.

The rising cost of living has put many people in a tough spot when it comes to managing their expenses. With bills piling up, it's becoming increasingly common for individuals to have to make difficult decisions about which payments to prioritize. Unfortunately, this has resulted in a concerning trend where people are forced to skip health insurance payments in order to make ends meet.

According to recent research from Finder, 15% of people with health insurance - that's almost two million Australians - have been unable to make a health insurance premium payment in the last year. And it doesn't stop there - another 11% said they may have to miss a payment in the next 12 months. This is a worrying situation, as having health insurance is crucial for safeguarding against unexpected medical issues.

Tim Bennett, an insurance expert at Finder, explained the impact of missing a health insurance payment. "As the cost-of-living crisis deepens, households are increasingly forced to make tough choices about which expenses to cut, often prioritizing essential needs over health insurance premiums in a bid to stretch their budgets," he said. However, Bennett also stressed that missing a payment can have serious consequences, potentially leaving individuals underinsured at a critical time.

In fact, women are more likely than men to have missed a health insurance payment in the past year, according to the research. This highlights the fragility of the safety net that health insurance provides, especially as more and more people struggle with affordability. Bennett urged individuals to stay proactive about their payments in order to avoid any gaps in coverage that could leave them vulnerable.

He also emphasized the crucial role that health insurance plays in protecting against unexpected medical issues. "The fear of incurring high out-of-pocket costs can deter people from visiting their doctors for even routine check-ups, ultimately compromising their health," Bennett said. "Having adequate coverage ensures that people can access necessary treatments and services when they need to, without having to sit on a long wait list."

For those who are struggling to keep up with their payments, Bennett recommended reaching out to their health fund to discuss a potential payment plan. Unlike other services like phone or internet plans, insurance premiums are paid in advance. This means that if your policy falls into arrears, you won't automatically lose eligibility for services and benefits. However, you may not be able to file a claim until your payments are up to date.

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