New research has revealed as many as 2.2 million people have dumped their private health insurance in the past five years.

The cost of premiums and out-of-pocket expenses were listed as the main reasons.

Dr Stephen Duckett, Health Program Director at the Grattan Institute, told 3AW people simply didn’t think they were getting value for money.

“Quite frankly, for all of them, up to about age 55, what they pay for health insurance is more than what they get back, on average,” he said.

“So younger people are cross subsidising older people to make it more affordable for older people.”

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