Before buying an Overseas Health Insurance, first, you should analyses what you need. Check the waiting period before purchasing an overseas cover. For Pre-existing conditions, most insurers have Read more.
Are you moving to Australia on a student visa or a temporary working visa? In some cases, it is required to buy an Overseas Health Cover as a part of your visa condition. When you are living in your home country, purchasing health insurance is easier for you. But when you are moving abroad, you must keep in mind a few crucial factors before buying a health cover.
In this article, we have tried to provide you with information on the type of cover you need to buy and what factors to consider before purchasing the policy.
What type of cover you should purchase:
|Visa Type||Cover Type|
|Student Visa||You are required to buy an Overseas Student Health Cover|
|Work Visa||In case, you apply for a work visa including subclass 482 and 485, you need to buy an Overseas Visitor Health Cover (OVHC)|
|Visa with Condition 8501||You are required to buy OVHC Australia that meets the requirements of the visa|
|Any other Visa||
In case, you do not have the Medicare facility under Reciprocal Healthcare Agreement, you can buy a Visitor Health Cover from any Australian/International insurer
If you have a Full or Interim Medicare card, you need to buy health insurance from any Australian Resident’s Private Health Insurance
Medicare and Visitor Cover
Now that you know which type of cover suits best suits your situation let’s have a look at how the healthcare system works in Australia. Australia has one of the best medical infrastructures and provides high-end medical facilities. Authorised bodies are linked with the public as well as private health service providers. At the national level, state, local government and private health insurance companies fund the health care.
Residents who belong to the Reciprocal Healthcare Agreement (RHCA) countries with Australia receive immediate medical attention through Medicare. However, for other benefits, they need to opt for Overseas Cover. Other migrants (who don’t belong to RHCA countries) need to buy insurance from private companies.
Things to consider before buying an OSHC/OVHC
Before buying an Overseas Health Insurance, first, you should analyse what you need. Suppose you have some dental problems for long, then you should select a cover which covers that facility adequately. Also, budget is a factor. It would be best if you bought the insurance according to your affordability. However, choosing the right cover just by considering the budget can be a mistake in the longer run.
Read on for tips to choose the appropriate OSHC/OVHC plan with minimum efforts.
- Check the waiting period before buying an overseas cover. For Pre-existing conditions, most insurers have 12 months of waiting period before you can claim the service. Some have permanently excluded Pre-existing condition, which means you can never claim for the disease. An OVHC policy generally starts after you reach Australia, so a Pre-existing condition denotes an illness you have developed before.
- For international residents, the cost per day can be $1000 even in public hospitals. So, you must check what are the restrictions and exclusions before buying a policy. Plans vary from one provider to another. Knowing the key benefits will help you select better.
- Checking the levels of pharmaceuticals coverage is essential. Some policies do not adequately cover the higher level of pharmaceuticals like those chemotherapy drugs in cancer treatment. In such cases, you may end up spending thousands of dollar despite having insurance.
- It has been already stated earlier that, selecting a plan just because it is of minimum cost can be a mistake. In most cases, a budget cover may or may not include panel hospitals, free medical check-ups, pre/post hospitalisation costs, maternity coverage, day-care facilities, any refund claims or un-spent money claim.
- A deductible is a sum that needs to be paid by the insured as part of a claim if it happens, and the insurance provider covers the remainder of the sum. The insurance companies set the limit to stop the customers from making small or false claims. It can be a percentage or a specific amount of the total premium.
- Co-insurance is another one of the significant factors. Co-insurance is different than the deductible. Co-insurance is the amount you have to pay each time while seeking specific health services or buying medicines. If you have a co-insurance, you need to pay a fixed amount regardless of the original costs.
- The insurer must compensate for any covered loss when a policyholder claims. To make the most of the sum insured, experts recommend that you keep yourself up-to-date and make timely payments to avoid any chance of claim rejection by the insurer.
How to choose the right policy?
It can be a very tedious job to find the best deal from the leading service providers in Australia. GetMyPolicy can make your job easy by bringing a wide range of quotes from different providers under one platform.
Allianz Global Assistance is a household name in this field. With 24*7 hours of availability and a broad network of medical specialists, Allianz OVHC can be your best friend in the event of a medical emergency. Compare and choose the best plan from getmypolicy.online.