New data reveals that extras cover is one of the most underused components of private health insurance in Australia, with many policyholders paying significantly more in premiums than they claim back. Private health insurance premiums are rising 4.1% from April 1st and have increased 17.5% over the past five years, with singles paying over $3,000 annually and families exceeding $6,000. Financial expert Matt Bowen from ING advises Australians to reassess their coverage levels, check for unnecessary upgrades, review policy limits, and consider switching providers to avoid loyalty taxes and access new customer offers.

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