Most Australians think their private health insurance is expensive and more than 5 million have reviewed their policy in the past year, according to the results of a Galaxy poll published on Tuesday.

The findings are at odds with the views of Private Healthcare Australia, the peak body for the insurance industry, which insists the “majority of the population” believe Australia has one of the best and most affordable health systems in the world.

Last month, Galaxy researchers interviewed 1,001 people aged between 18 and 64 for a nationally representative study on their attitudes towards private health insurance. The survey found 87% thought their current policy was expensive, including 45% who said it was “very expensive”.

The research, commissioned by the private health insurance comparison website iSelect, found affordability concerns were prompting many Australians to review their cover and explore their options.

“Our research found that over 5m insured Australians took the time to review their cover in the past year in order to make sure they are still getting the best value,” an iSelect spokeswoman, Laura Crowden, said.

Many Australians did not even know how much they were paying for their policy. Only 46% of respondents knew exactly what their policy was costing, with those aged 35 to 49 having the greatest awareness at 52%.

The survey found 27% of those under 24 had their private health insurance policy paid for by their parents, though this dropped to 2% among 25 to 34-year-olds.

The CEO of Private Healthcare Australia, Dr Rachel Davi, said premium affordability was the main concern for health fund members.

“Health funds recognise that premium affordability is major issue for their members,” she said.

“This is why we have campaigned for factors putting upward pressure on these costs to be addressed, for example fixed benefit setting for the prostheses list driving up medical device prices and an improved compliance system for the Medicare benefits schedule to reduce fraud and wasteful care.”

Health funds had spent more than $2m this year on developing a solution to make it easier for Australians to choose and use their health insurance, she added.

The findings echo a national ReachTel poll conducted in September and commissioned by the Medical Technology Association of Australia. That poll of 1,144 people found 78% either strongly agreed or agreed with the statement “Private health insurers put profits before patients”.

The ReachTel poll found 69.2% had considered downgrading or dropping their policy in the past 12 months, jumping to 75.4% of those aged 18-34. Findings from the Australian Prudential Regulation Authority show a small decline in private health membership from 47.4% to 47% in the year to June 2016, with most people concerned about cost reducing their coverage rather than dropping it altogether.

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