Why I’m cancelling my Private Health Insurance

I’m currently paying $53.07 per month for private health insurance with NIB and I’ve decided that it’s finally time to stop. This is a sensitive subject for most because if you don’t take out PHI then you’re slugged extra taxes.

My rationale is that I’ve finally got my health under control and no longer fear a long and painful life leading to a long and painful death. I know what it costs to maintain / improve my health and none of it is really covered by PHI.

Since going on this journey to improve my overall health & well-being I have stopped seeing my psychologist. I haven’t visited a chiropractor / osteopath since starting Pilates / yoga. I’ve stopped doing any major dental work after finding out it’ll cost me >$10k + a jaw break + tooth extraction just to get straight teeth and eating good food helps to keep the teeth & gums in check. And don’t get me started on optical. The deals advertised for free specs are always bad quality so end up spending more anyway.

In short, I’m not getting any benefit for giving money to a private health insurer.

I’ll still want to get the occasional teeth clean but since starting to research this I’ve found that you can get dental care from teaching schools which is a great way to help provide real world experience to students looking to enter the field.

As I mentioned at the start of this post, not having PHI results in increased taxes. At first this seems like a bad thing, nobody really likes paying taxes.

But the way I see it is that if I’m going to pay money month over month for a service I’m (generally) not going to use then the money may as well go into the public system where everybody can access it because it’s free.

I’m fortunate enough to be able to make this choice, and it feels irresponsible not to.

If I keep paying for PHI then it only benefits myself, if I even make a claim, and if I don’t claim then the money just goes straight to the insurance company & their investors.

We can’t keep complaining about the public system being under funded and under resourced if we don’t personally make an effort to change this.

And in the same vein, if we keep complaining about PHI costs going up and benefits reducing in value… that will absolutely keep happening unless we stop paying. Otherwise there’s no incentive to change.

Perhaps my needs will change down the track but at the moment this feels like the right thing to do.

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