Health insurance regulator predicts only three funds will survive beyond 2022
Just three of Australia’s 38 private health funds will likely remain financially viable by 2022, the financial regulator says.
Australian Prudential Regulation Authority (APRA) director Geoff Summerhayes has warned that smaller health insurers are approaching the brink of collapse, thanks to declining coverage and rising costs.
Any solution to the problem would require “difficult conversations” around the cost of care with doctors and hospitals, he said in a speech on Tuesday.
“Right now, strong and persistent headwinds are blowing