Insufficient coverage hits a fifth of Australians’ finances

Australian comparison site Finder has found that 17% of Australians have been left out of pocket due to insufficient insurance of some kind in the past three years. This equates to roughly three million people who were either uninsured or underinsured.

The survey, which collected the experiences of 1,062 people, also found that almost one in 10 had been impacted by a lack of sufficient health insurance – paying out an average of A$225 as a result.

Additionally, one in 20 (5%) had lost out due to insufficient travel insurance coverage.

When forced to cover the cost of being insufficiently insured, almost half (47%) said that they dipped into their savings, while 11% said that they went into debt. A further 20% said that they borrowed money from a friend, while 16% simply didn’t pay for the thing that should have been covered.

“With insurance, it’s always a case of you don’t need it until you do,” said Tim Bennett, Insurance Expert at Finder. “Unexpected events can strike anyone and at any time, and being underinsured can be just as risky as being uninsured.

“Underinsurance is like wearing a hospital gown – you may think you’re covered, but you really aren’t,” he added.

Australia’s St Vincent’s Health Australia Private Hospitals recently announced the implementation of MEDITECH’s Expanse electronic medical record platform.