Essay :Role of private health insurance in health care financing Unlike most OECD countries with universal public insurance.

Australia has 50% of the population holding private health insurance (PHI) and at the same time PHI spending accounts for only 8-11% of total health expenditures (like most OECD countries with universal public insurance!). 

Discuss the underlying reasons and potential approaches to optimize, if necessary, the functioning of PHI in the Australian context.