Health & Family Do u really need Health insurance?

Discussion in 'Living Room' started by MyDarlinghurst, 2nd Feb, 2018.

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  1. kierank

    kierank Well-Known Member

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    Last year, my wife received over $31,000 in benefits from our PHF and that was only for hospital admissions.

    That would have made a serious dent in our pension :).
     
    kierank, 3rd Feb, 2018
    #21
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  2. geoffw

    geoffw Moderator Staff Member

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    My daughter had shoulder surgery recently. She was on the public system.

    She was booked in for an x-ray for which she had to wait some time. When she went in, she was told that they had been told the wrong shoulder, and that she would have to make another appointment.

    Eventually she got an appointment for her operation (nearly six month later), but because she had had a small bout of diarrhoea she was told she had to go to the end of the waiting list. (She had had to get special permission from her university to take the necessary leave in the first place). But she was expedited. Four weeks later she was told that she had two days to have her surgery. It was very good timing for her studies, but she had to go or lose her place.

    The original injury had occurred when she was living and working in Canada. Had she chosen to have her operation there, it would have been free and performed immediately. She chose to come home so that she could be supported post hospital.

    During the wait she dislocated her shoulder twice more.
     
    geoffw, 3rd Feb, 2018
    #22
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  3. Xenia

    Xenia Well-Known Member

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    You always have a choice of private or public hospitals. No waiting lists.
     
    Xenia, 3rd Feb, 2018
    #23
  4. SatayKing

    SatayKing Well-Known Member

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    Yep, will always be not-so-good stories from people who have need to use the hospital systems. Neither are perfect and never will be in my view.

    One aspect which is never addressed by patient advocates, Governments or hospitals, understandably in their case, is the demand is infinite but the resources are finite. Applies to some extent to private system aw well.
     
    SatayKing, 3rd Feb, 2018
    #24
  5. wylie

    wylie Moderator Staff Member

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    This topic is one of the old chestnuts where people simply make the decision for themselves. Like religion and politics, you aren't going to change someone's mind (IMO) on this.

    I personally wouldn't want to not have at least hospital cover. Our son's ICU account was $85k(ish) and that was just a portion of the total account, just the ICU. He would have had the same care had he been in the public system, and he would not have had to wait as his surgery was life and death. He's had four surgeries since, and I suspect for at least a couple of those, he possibly would have been on a wait list.

    I know he will never go without private cover.

    It is the possibility of needing (for example) a hip or knee replacement, waiting on a long list, in pain but you just have to wait, that makes many people take out health insurance. I see it as the same as life insurance.

    You don't have to pay for it, but when the **** hits the fan, you are glad you did.
     
    wylie, 3rd Feb, 2018
    #25
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  6. L3ha7

    L3ha7 Well-Known Member

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    @SatayKing -in this scenario : was it an emergency case or elective procedure?
     
    L3ha7, 3rd Feb, 2018
    #26
  7. Jamesaurus

    Jamesaurus Well-Known Member

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    Totally agree... I'm a physio by trade and it grinds my gears that some of the health funds give next to nothing back to their customers- so many bad "insurance" products!

    As for ambulance and private health I figure as a 27yo in good shape and a low risk taker I will back myself to come out in front by saving my money for investments and having some liquid cash for emergencies..,
     
    Jamesaurus, 3rd Feb, 2018
    #27
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  8. SatayKing

    SatayKing Well-Known Member

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    All depends on one's stance. From the patient's or the health practitioners. They have probably changed the triage definitions since I was peripherally involved but at the time they range from Triage 1 (critically ill and probably arrived by by ambulance) to 5 (has a paper cut.)

    The case I referred to involved one of my kids who had high temperature, stomach pains and was assessed as having possible appendicitis. Required admission.

    You're mostly likely correct. I have known, however, of a young person in their 20's who called out for an ambulance as they thought they were having a heart attack. Turned out to be an anxiety/panic attack I was told and an ambulance bill of $700 although no admission or transport to hospital was required.

    As usual, any insurance matters is entirely up to the individual.
     
    SatayKing, 3rd Feb, 2018
    #28
  9. L3ha7

    L3ha7 Well-Known Member

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    My understanding is hospitals gets avtivity based funding and try to generate revenue with PHI. One may argue that they may use better/top notch expensive products if you have PHI and you don't have to get onto the waiting list.
     
    L3ha7, 3rd Feb, 2018
    #29
  10. L3ha7

    L3ha7 Well-Known Member

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    As per the Bare foot investor book if single earning less than $90K and couple earning less than $180K then PHI doesn't add value.

    I am having a discussion at home and comparing if it's worth getting extras only and now I just read in this thread that we nay be able to get Ambu cover only.
     
    L3ha7, 3rd Feb, 2018
    #30
  11. Fargo

    Fargo Well-Known Member

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    If you pay health Insurance, then you may need it because you have serious brain dysfunction. Let the people who pay health insurance fund your medical expenses and lifestyle. About 20 years ago I noticed after a few years my insurance was no longer being automatically debited as my credit card details had changed. When I tried to renew they wanted a ridiculous premium like $4000, so I thought **** that, and invested $2000 a year for 5 years in RHC instead. After 10 years I was very overweight as the shares where worth 100k and as other shares where on a bargain sale I sold most of them. Now those same shares which was only about 2.5 years health cover are worth 700k and pay 100% dividend on the purchase price then.
     
    Last edited by a moderator: 5th Feb, 2018
    Fargo, 5th Feb, 2018
    #31
  12. wylie

    wylie Moderator Staff Member

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    That argument doesn't hold water. What if you'd lost money on your shares?

    To each his own. The nature of all insurance is that you buy it hoping you won't need it. Health insurance is no different.
     
    wylie, 5th Feb, 2018
    #32
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  13. Graeme

    Graeme Well-Known Member

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    Graeme, 6th Feb, 2018
    #33
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