Private health premiums set to rise, page-17

Yes, but you are volunteering to be milked.

Medicare provides excellent essential cover for almost all eventualities. Private cover is mainly to queue jump non-critical procedures. Apart from car CTP you can choose to self-insure; put aside an amount each year as a reserve to pay for anything that you think might pop up. Actually you need to do that with private cover anyway as it rarely covers everything. If all goes well, you have a lump sum in your late retirement.