The cost of private health insurance in Australia keeps on rising. After housing, food and motor vehicle expenses, health insurance typically comes up as the next big-ticket item in most household budgets. So it’s worth asking the question – do we need it?
Private Health insurance is likely to be worth having if:
- You are over age 65 – the statistics say you’re far more likely to need medical care as you get older.
- Your income is at a level where the Medicare surcharge will apply.
- You’re planning on starting a family and would like greater choice around care and hospital accommodation.
- You have significant ongoing medical issues that won’t be covered under the public system.
In Australia we all contribute to a form of health insurance – Medicare, which for the most part is very good. Given the existence of Medicare, why pay for a second layer of health insurance?