Friday, 29 March 2013

Saving money on health insurance

With the removal of the 30% tax rebate on private health insurance in Australia this year for higher income earners, the cost v. benefit equation of private health insurance is getting renewed attention.

The Millionaire on Heels prepaid her insurance in 2012 for more than a year in advance to lock in the 30% discount.  So I’m not feeling the impacts in my bank account yet.  But later this year, I will need to take a cold hard look at what I’m receiving for my investment.

If you are feeling stretched by the new private health insurance arrangements, here are some tips to ease the financial pain.
  1. Consider your need for private health cover in the first place.  This is only really an option if you’re on a lower income and expect to remain there.  If you’re on anything remotely like a millionaire by 2020 salary, the penalties for not having private health insurance, far outweigh the costs of purchasing it.
  2. Align your insurance cover to your current and planned medical needs.  If you are young and healthy and don’t need premium cover, don’t pay for it.  Virtually every insurance provider has lower cost options that do not cover hip replacements, cataract surgery,

Final days to enter the Millionaire on Heels turns 100 contest


Hi everyone.  This is just a reminder that there are only three days remaining to enter the Millionaire on Heels turns 100 contest.

I've received some great ideas so far, which I'll share in early April when the contest finishes.

To enter the contest, all you need to do is sign up to follow the site and receive RSS feeds and then email me with an improvement you’d like to see on the site – easy!  The best response received on or before midnight 31 March 2013 (AEST) will receive a $50 prize.

The full details of the contest can be found on

I’m looking forward to receiving a few more suggestions.