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 items in most households budgets. So it’s worth asking the question – do we need it?

Private Health insurance is likely to be worth having if:

1. You are over age 65 – the statistics say you’re far more likely to need medical care as you get older.
2. Your income is at a level where the Medicare surcharge will apply.
3. You’re planning on starting a family and would like greater choice around care and hospital accommodation.
4. 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?

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