questions about travel insurance, airfare etc...

ok, I am an incredibly unseasoned traveller. I have a few (probably stupid)questions.

First off, I'm applying for a working holiday visa for australia. To my understanding, they want you to have at least $5000 in the bank, and a return or onward ticket booked. My problem is this...I don't think I'll be going home after my visa is up (if all goes according to plan, a year from march, or april). I'll likely try to renew my visa for a year - or go somewhere else. (if I do go back to canada, it will probably be to alberta or BC). I know I can book a round trip to take me back home, however, I can't seem to book a flight more than a year in advance. Does that mean I should have the 5000 + enough money to get out of australia(possibly another 1500) meaning 6500 dollars in the bank when I get there? If I do book a round-trip ticket, and at some point through my travels I decide not to go home, can I be re-imbursed?

Another question is about travel/health insurance. What am I looking at spending here? I'm 29, healthy, fit and don't get sick much. Should I go through the same insurance company I get my car insurance from? Or, should I get insurance from and australian company? Is travel and health insurance usually sold in a package?

I was told, I should budget between 10000 and 11000 for the whole thing....it's starting to look like A LOT more than that...

Anyhow, I've been a lurker on these boards for a bit, some great information on here!!