Is private health insurance actually worth it in Australia? Ben McEachen and Pete Burrows dig into one of the most common financial headaches Aussies face — weighing up the cost of private cover against what Medicare already provides. They break down the Medicare levy surcharge, what private policies often leave out, and how to figure out if going private makes financial sense for your stage of life. If you've ever stared at a health insurance renewal and wondered whether to cancel, this conversation is for you.

Key Takeaways:
Private health insurance offers peace of mind but comes with additional costs, which may or may not be justified by the services it provides.
Medicare levy surcharge incentivises certain earners to opt for private health coverage by imposing additional tax if they don't.
Exclusions on private health policies have significantly increased from 3-4% in 2000 to approximately 65% today, affecting the value of coverage.
The decision to choose private health insurance should consider personal financial circumstances, potential future medical needs, and individual comfort levels with risk.
Economic practicalities often make self-insurance challenging, particularly with rising health costs linked to an aging population.

Notable Quotes:
"Do I want that for the peace of mind that it'll bring me?"
"It's going to take a piece of your wallet."
"On a purely economic level, it's very hard to make private health insurance stack up."
"The government puts an extra fee or a loading on you by joining a health fund later in life."
"If you choose to be in a fund, you need to understand what it's going to cost you."

Resources:
ABC News Article on Private Health Insurance
The Australia Institute article
Ethical Fashion Guide

Is private health insurance actually worth it in Australia? Ben McEachen and Pete Burrows dig into one of the most common financial headaches Aussies face &mdash; weighing up the cost of private cover against what Medicare already provides. They break down the Medicare levy surcharge, what private policies often leave out, and how to figure out if going private makes financial sense for your stage of life. If you've ever stared at a health insurance renewal and wondered whether to cancel, this conversation is for you.
Key Takeaways:
<ul>
<li>Private health insurance offers peace of mind but comes with additional costs, which may or may not be justified by the services it provides.</li>
<li>Medicare levy surcharge incentivises certain earners to opt for private health coverage by imposing additional tax if they don't.</li>
<li>Exclusions on private health policies have significantly increased from 3-4% in 2000 to approximately 65% today, affecting the value of coverage.</li>
<li>The decision to choose private health insurance should consider personal financial circumstances, potential future medical needs, and individual comfort levels with risk.</li>
<li>Economic practicalities often make self-insurance challenging, particularly with rising health costs linked to an aging population.</li>
</ul>
Notable Quotes:
<ul>
<li>"Do I want that for the peace of mind that it'll bring me?"</li>
<li>"It's going to take a piece of your wallet."</li>
<li>"On a purely economic level, it's very hard to make private health insurance stack up."</li>
<li>"The government puts an extra fee or a loading on you by joining a health fund later in life."</li>
<li>"If you choose to be in a fund, you need to understand what it's going to cost you."</li>
</ul>
Resources:
<ul>
<li><a href="https://www.abc.net.au/news/2025-06-30/private-health-insurance-is-it-worth-it-tax-time-surcharge/105121592">ABC News Article on Private Health Insurance</a></li>
<li><a href="https://australiainstitute.org.au/post/private-health-insurance-is-a-dud-thats-why-a-majority-of-australians-dont-have-it/">The Australia Institute article</a></li>
<li><a href="https://baptistworldaid.org.au/resources/ethical-fashion-guide/?gad_source=1&amp;gad_campaignid=281467495">Ethical Fashion Guide</a></li>
</ul>

Money: Faith & Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money?

Welcome to the profit, loss and real balance sheet of wherever money intersects with you.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Money: Faith &amp; Finance explores the profound and practical of everyday finances. In every episode, we explore the real-life impact of everything from superannuation to stewardship, the World Bank to your wallet – and what does God have to say about money? Welcome to the profit, loss and real balance sheet of wherever money intersects with you.
Pete Burrows is an accountant for small business and individuals with <a href="https://www.lrf.com.au/">Lower Russell and Farr</a> in Penrith, Western Sydney, Australia. Ben McEachen hosts <a href="https://hope1032.com.au/programs/hope-mornings/">Hope Mornings on Hope 103.2FM</a> in Sydney, Australia.

Money: Faith & Finance

Listen to more from our Hope Podcasts collection at hopepodcasts.com.au. And send the team a message via Hope 103.2’s app, Facebook or Instagram.

This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.

Listen to more from our Hope Podcasts collection at <a href="http://www.hopepodcasts.com.au/">hopepodcasts.com.au</a>. And send the team a message via <a href="https://hope1032.com.au/listen/#apps">Hope 103.2’s app</a>, <a href="https://www.facebook.com/Hope103.2">Facebook</a> or <a href="https://www.instagram.com/sydneyshope1032/">Instagram</a>. This podcast is not offering financial or investment advice. It's always best to do your own research and to consult a professional financial or investment advisor before making any financial or investment decisions.