INSUR016 Health insurance...yes or no? (540 words)

This detailed article includes a case study to show the financial differences between having private health insurance cover or not. It provides calculations to show what could be saved if someone decided not to pay for health insurance and explains the surcharge and loading applicable.

The argument has been waged for many years - do I take out health insurance or do I invest the same amount each year and if I get sick, the money will be available (and it's earning me interest!)?
As with any type of insurance the decision is a personal one. Many people go without car, home or life insurance, thinking that the money is better spent or invested elsewhere… they are willing to take that risk. But how many of us have actually sat down and weighed up the differences between taking out health insurance or not, particularly with the government penalties on those not covered by a private health fund?