A large number of people find “Investment” an intimidating process as it demands to figure out the best one on the basis of information available.
Among them, there are also aspiring migrants who need to buy health insurance cover to fulfil the health requirements for Australian visa.
It is apparent that in order to maintain the best health standards of Australia, all the visa applicants and their accompanying family members are required to have a specific level of health cover (OVHC and OSHC) for the entire duration of stay in Australia.
It ensures best coverage against hefty medical and hospital accommodation bills that usually occurs due to number of situations that we compiled in our last blog.
When it comes to buying a health insurance, the tendency to regret decision is high as one gets extremely overwhelmed with the information and seldom thinks of actual needs before investing.
This is attributed to number of questions asked related to health or the use of medical terms that certainly gives a hard time to understand and make the buying process insanely confusing.
Besides, people often confuse “benefits” with “returns”. Even though health insurance is considered an investment, it is strictly limited to risk protection and not increasing your savings.
Are you also looking for overseas health insurance cover to stay in Australia and afraid of facing such consequences? Relax and take a sigh of relief!
Below, we have listed out some of the most important terms that you must know & consider to purchase a right policy. Take a look!
1. Coverage: It is one of the most important aspects to consider when buying a health insurance plan. One must not purchase a plan just because it is less expensive but carefully measure the amount of coverage it offers. Some of the benefits to ask your provider are pre and post hospitalisation, network hospitals, day care procedures, free medical check-ups, maternity benefits, amount of money paid towards a claim, etc.
2. Premium: Premium is the amount you are required to pay for your health insurance coverage, typically on a monthly basis. You need to determine how much amount you can afford to spend on your policy as each provider has a different set of standards and assumptions to calculate the amount for premium, and if you fail to pay that amount you are at the risk of losing your coverage.
3. Deductibles: A deductible is a specific amount that a policy holder pays each year towards the medical expenses before the insurance provider proceed to provide you the benefits.
For instance, you purchase a health cover with annual $1000 deductible and a stay in hospital that cost you $20,000. So, you would be only responsible to pay $1000 and the health plan will begin to pay the benefits for the remaining $19,000 as per the terms and conditions of your policy.
The main purpose of having a deductible is to keep the premiums low through cost-sharing and reduce the number of small claims.
4. Waiting Periods: All health cover plans come with a waiting period for pre-existing diseases like diabetes, high blood pressure, thyroid, etc. It is a specific period of time that you need to cover before claiming any benefits in your insurance policy.
Generally, waiting period of 2 to 4 years is a standard clause in majority of the health policies. When you abide by this clause (i.e. serve your waiting period), you will never be denied for appropriate claims by the insurance companies.
5. Co-pay or Coinsurance: Co-paymentsare the fixed amount of cost-sharing for certain health services or drugs between the insurance company and the policy holder. For instance, you purchase a policy with $20 co-pay for primary care physician and $10 co-pay for generic drugs. You must pay these fixed amounts for those services regardless of the cost.
More often, people confuse co-pay with deductibles but, they are complete different terms. A co-pay is the fixed amount that you pay each time you get a particular type of health service. While a deductible is an amount that you pay annually before actually reaping the benefits of your health insurance cover.
6. Sum Insured: Sum Insured is the guaranteed amount of money an insurance company assures to pay when a claim is made. When choosing a ‘Sum Insured’, you need to consider your age, income levels and add-on covers in the policy as it also affects your premium amount. It is always advisable to take care of the medical inflation in order to make the most of the sum insured.
Now that you are aware of these terms and before you leave us to buy one, why not compare multiple plans first at www.getmypolicy.com.au and be sure of making a right decision!
Getmypolicy.com.au is a one-stop shop for all overseas visitors looking to meet health insurance needs to stay in Australia be it for 485 visa, 489 visa or student visa. It allows comparing a wide range of health covers by leading providers like Bupa, Allianz, Australian Unity and IMAN so you can purchase the most suitable one.
There are no hidden overheads, just the platform with the most accurate information and hassle-free buying process.
Start navigating now to get the best value at the least price!
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