Health insurance is beneficial to individuals, couples or families because it protects them from the unknown. Sudden accidents or a decline in health rarely give warning or allow time for people to earn money to pay for treatment.
In Australia, where all citizens are covered by the universal health care system (Medicare) health insurance is useful for those areas not covered by the government.
Dentistry, optometry and ambulance services are not covered under Medicare, so an individual is urged to take out private health insurance to offset the costs of these services should the be required in the future.
Health insurance also gives you greater choice of doctors, access to private hospitals that are equipped with more luxurious items and shorter waiting times for some types of surgery.
One major benefit of health insurance is the ability to have elective surgery at your convenience without having to join the public health system waiting list that can be years long.
Private health insurance also benefits our public health care system by easing the burden on public hospitals. The availability of private health insurance and private hospitals mean that those who are insured are kept out of the public hospitals where those who cannot afford insurance, such as the poor and elderly, can have access to health care.