I'm the same. I suspect that if I had the discipline to put away the 170 per month in a separate account and not touch it I'd be well ahead.
I've only been to hospital a few times and always been satisfied with the medicare service, and you don't get much as an allegedly private patient in a public hospital.
I'm mainly still in it for the dental and optical extras.
However, now Billp has sown the seed of doubt, I might have a look at my policy to see if it covers what he describes. Personally, I doubt if any of them would, but I'll be back with an edit if I find success.
Surely Dr Google would know?