PRIVATE HEALTH INSURANCE – IS IT WORTH IT?
How many times have you thought, ‘if only I had put away the amount of money I have spent on health insurance, I would be able to retire now!’? Its true, if you’ve had private health insurance for 20 or 30 years, you may well have had a handy nest egg by now. But there are a few flaws in that argument if you think a little deeper. One, it doesn’t take into account money you have saved on things such as birth, any elective surgery you have had, Physio, dental…..and so on. If you add that all up, you may be surprised.
Secondly, you have to remember it is an insurance. We ‘buy’ insurances hoping we never have to use it, as that would mean something bad has happened….your house had burnt down, you’ve been robbed, you have twisted your knee and need surgery. Yet we complain furiously when we pay health insurance and ‘don’t get our money’s worth’. The definition of insurance means it is there if and when we need it!
Thirdly, I have found in the Physiotherapy field, if people have private health cover, they are much less likely to put up with pain. They will get it sorted! Sure you may make the conscious decision to not have health insurance and pay cash for any treatment if and when you need it. It is human nature in these circumstances to be more conservative in what you are prepared to pay, leading to not fully eradicating pain, or the causative factors. People find they are constantly living with pain and dysfunction. For services such as Physiotherapy I definitely recommend a good level of ancillary cover, as all of these are what you would call ‘elective’ and are not covered by the public system.
If you shop around, you can find funds that pay a good rebate, leaving little, and in some cases, no gap payment. MoveWell Physiotherapy Joondalup Gate is a preferred provider with BUPA for example, with most of our BUPA clients having no gap to pay.
In summary, although it may seem expensive, when you do the figures, with money saved on services, what you would have to pay in Medicare surcharge if you opt out, and the peace of mind you have from having it, private health insurance remains a good investment.