Some Australians are opting to self-fund their healthcare in a bid to curb household expenses.Pauline Davies has never skimped on healthcare. She's also never had private health insurance.
It's a strategy that won't suit everyone because it involves taking a risk that you'll stay healthy and won't end up chronically ill. It also requires a stable income and being a good long-term saver.Typically, people who self-fund set aside money at regular intervals. That money is then used to pay for medical care, including doctors, specialists, procedures, hospital stays, therapies and medical devices.
"My wife went in as a private patient in a public hospital here in Canberra, and the obstetrician that we expected to be there for the birth was not available," he said. They also discussed the fact they should only self-fund if they had a safety net, to cover a worst-case scenario if a major health event emerged. In that situation, they agreed they would use their mortgage offset account to cover unforeseen big medical costs.David believes his decision to self-fund made him more proactive about his health and more likely to seek out second opinions to ensure he was getting the best advice and value.
The most recent data from the Australian Institute of Health and Welfare shows the number of public patients using public hospitals – that is, whose costs are entirely funded by the government — has steadily increased between 2017 and 2022. In his view, self-funding healthcare is something only people with a certain earning capacity, temperament, and strong organisational skills should attempt.The other consideration is around tax and various levies.
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