The number of Australians covered by private health insurance has hit at an all time high, with almost half of the population protected under a plan.

The latest data released by the Private Health Insurance Administration Council (PHIAC), shows private hospital cover has reached a new high, with almost 10.8 million Australians covered. 

Federal Minister for Health, Tanya Plibersek, said that the results show that almost 1.4 million people have taken out private health insurance since 2007.

“More people have hospital cover now than at any time since private health insurance records began in June 1971.” 

The new record followed 52,863 more people taking out hospital cover since the December 2012 quarter. 

In percentage terms, hospital cover is now held by 46.9% of Australians. This is the highest participation rate in over 24 years – compared with 47.0% in June 1988. 

“These strong trends counter predictions that almost a million people would drop their private health insurance because of an increase in the Medicare levy surcharge in 2008,” Ms Plibersek said. 

“Instead, there was an increase of almost 1.2 million people with hospital cover since September 2008.”