Is health insurance worth it? Let’s shut down private health and start again

May 20, 2026 — 3:30pm

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I ran straight into a plate glass sliding door maybe 12 years ago. Fortunately, body fine, not a scratch. Bruised ego and nose. Glasses shattered.

Took me ages to find what I wanted. But then, I wear them from the minute I open my eyes to last thing when I look at photos of my family before I sleep. I reckon I get better mileage from them than most of you lot get from your sneakers.

When I made my claim from my private health fund back then, I got back $200. I’m meant to buy a new pair now, but telling you how much new ones will cost is too embarrassing. Yet when I look at my health fund, my refund will be $225. When I plug the numbers into the Reserve Bank’s Inflation Calculator, comparing 2014 to 2025, I should be getting well over $260, not accounting for this year’s inflation mayhem.

Are health funds worth it? Are we getting value for money? Do we need a giant revamp of health in Australia, and does any government have the gonads to do such a thing? As ever, I asked actual experts about what they thought.

Last year, as I faced up to the prospect of new glasses, I rang my health fund to see if rebates had improved over time. People, do not waste your time asking these questions of private health funds. Basically, no time-value comparisons and some wibble-wobble about how much you get back “up to the annual limit”. My favourite bit? [This] “ensures........

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