Is paying for private health cover a waste of money?
A new report suggests paying for private health cover could be a waste of money and Australians can afford to ditch their memberships even if it means being taxed at a higher rate.
Analysts from Morgan Stanley Wealth Management are suggesting private health providers need to shape up. They’ve found Australians might be better off paying the Medicare Levy than paying for private health cover.
At the same time, there has been significant recent investment to improve the public system.
“Australian Health and Hospitals CEO Alison Verhoeven said public hospitals are “the pride of our region, but also internationally”.
Yet others say while public hospitals may be best for emergencies, private health care is still necessary for chronic conditions such a sports injuries or long-term mental health illnesses.
Despite that, less than 46 per cent of Australians currently have private cover – down more than 1.4 per cent from 2015.
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Private healthcare advocates warn that it's the lack of choice patients have over where, when and how they are treated in the public system that often comes as an unwelcome shock to those with non-emergency needs.
Private Hospitals Association Michael Roff said patients without private health cover “are basically playing the waiting list lottery”.
