I originally heard an idea from Wayne Goss, the former Premier of Queensland, who had self-insured himself and his family for health insurance. Mr Goss ended up having to have major brain surgery and he still had money left over in the account after the operations were completed. It tells you something about the profit levels enjoyed by the major health insurers. And don't even get me started on my thoughts regarding their advertising schedule during the 1996 Federal Election!
The hardest part of self-insurance is the initial period. My aged Renault 20 cost me $2,400. The insurance company have it valued at $4900 and the payments each month are over $120 a month - in 20 months I've bought the car again! But what happens if something goes wrong before those twenty months are up?
Anyone got an idea?