My health insurance may well be "free" but it is still utterly terrible value. That free health insurance is something I have in common with the Grattan Institute’s director of health programs, Stephen Duckett, whose report on private health insurance was released this week.

Private health insurance under the microscope. Credit:Michele Mossop

As Duckett puts it, “If I don’t take out health insurance I pay more in tax than the cost of my premium. I have a 100 per cent subsidy for my health insurance when a person on half my income has a much lower rate of subsidy.”

He’s smart and does it for financial reasons. For me, it's a lucky charm, paid for only because I’m superstitious. For example: “What if I get hit by a bus?” Health insurance only survives because we all have the secret “what if” anxiety.

Health care in Australia is, for consumers, a dual system that serves the interests of the private health funds; and, I fear, the desire of some doctors to be paid well. Doctors make up five of the top six taxable income earners, according to the Australian Taxation Office. Subsidies to private health funds and therefore to private medical care are subsidised to the tune of more than $9 billion a year and we have no evidence that’s value for money. We know it’s not really working on the demand side – it’s not just the public system which has queues of two years. Try getting into a top ear, nose and throat specialist short of three months; and take your credit card with you.