Top 7 ways to consider before buying OSHC or OVHC

Top 7 ways to consider before buying OSHC or OVHC

Are you planning to migrate or study in Australia and seeking for a suitable health insurance cover? If yes, then navigate below and find the answers relating to OSHC insurance in Australia. From the basic concept of health insurance until the right selection, you will find a comprehensive solution.

Migration or studying in Australia has so much to deal with, the one mandatory requirement is the Overseas Health Insurance Cover (OSHC). This is a hedge to protect you from financial loss in case of general or accidental damage. 

OSHC insurance cover not only cushions adverse financial costs but also mitigates risks. As long as you plan to stay in Australia whether you are a student, a visitor or a migrant, you have to buy a health insurance cover for the duration of stay.

It is easier for you to get health treatments on a reasonable cost while you are in your home country, but when you are in overseas you need to keep various aspects in your mind to bear any substantial costs.  Accidents and mishaps can occur anytime and anywhere so, It is crucial to identify them and get insurance against them.

To serve this purpose, there are various insurance companies in Australia that provide such services on the premium collected from the insured policyholders. However, you need to understand the basic structure and requirements of a health insurance cover that meets the requirements of Medicare. Australia has one of the best Health care system in the world which is governed by Medicare directly or indirectly. Whether the health services are provided by private or government companies, they are linked to this authorized body. At the national level, health care is mainly funded by the government, state, local government as well as private health insurance companies. In the case of migrants, they usually have to buy a health insurance cover from a private insurance provider.

Before buying a
health insurance policy or cover you need to keep below points in consideration
for your understanding:

  • Suitability: If you are a student, a visitor, a couple or need entire family cover
  • Affordability: How much amount you have to allocate for your health insurance. You can consult our expert team to plan your whole budget.
  • Analyze your needs: You can set your priorities and analyze any pre-existing health condition, for example, if you wear spectacles, then you can buy a policy that covers optometry.
  • Duration of a waiting period: Mostly in policy there is a waiting period before you claim on any services. That depends on the type and coverage of your plan.

Apart from this general analysis, Health insurance coverage arises many questions crediting to health insurance and medical terminologies. This can be obscuring and time-consuming while you have to deal with many things undergoing a visa process. So, if you have a lot to mark in your visa checklist and you are looking for an OSHC/OVHC with minimum efforts, so here is the deal.

IMPORTANT aspects prior buying 
an Overseas Health Insurance Cover:

KEY BENEFITS:

If you only consider the health cover with minimum cost, then you need to make sure the perks and coverages of a plan that an insurance provider offers. It may or may not include Pre/Post hospitalization, panel hospitals, free medical checkups, day-care services, maternity coverage, any refund claims or un-spent money claim

Price plan

If you only consider the health cover with minimum cost, then you need to make sure the perks and coverages of a plan that an insurance provider offers. It may or may not include Pre/Post hospitalization, panel hospitals, free medical checkups, day-care services, maternity coverage, any refund claims or un-spent money claim

Deductible

The amount, which the policy holder bears in all cases set on an understanding between the insured and an insurer. In case of certain events you as a policy holder and your insurer share a risk. While deductible and premium are inversely proportional, it can be either a specific amount or a percentage on the total premium of insurance policy.

For instance if you buy a cover including a hospital stay and deductible $1500, whose actual cost is $22000, then you will be required to pay only deductible and your insurer will pay the premium on left over $20,500. This deductible facilitates the policy holder by cutting down small claims and keeping premiums low.

WAITING PERIODS

This is the time-period required for claiming any benefits of your health plan, this duration may vary depending on the insurer and any pre-existing health condition, the standard and usual duration is 2-4years. This waiting period is set to give equal benefit to both long term and short term policy holders. Without a waiting time anyone can claim all the benefits from the cover, and then can downgrade or cease it. It causes abundant Hospital bills, resulting in affecting the long-term members because then they have to endure that according to the policies.

Coinsurance:

The insurer and insured share cost which is a fixed amount to get benefits in getting medicines or other health supports. Upon seeing a doctor and buying drugs on co-insurance you will only pay particular fixed amount nevertheless of original cost. Keep in mind that Co-insurance and deductible are unlike, in co-insurance you have to pay each time on seeking specific health services and buying medicines while deductible is charged annually on total premium amount of policy plan for benefiting the policy.

SUM Insured:

Insurers are obligated to compensate any event of covered loss when an insurance policy holder claims. This also affects your premium and relies on factors like age, add-on covers as a part of your policy and your income. To make the most of this aspect, keep yourself updated on the costs associated to your medical conditions and aspects covered under the purchased policy.

Exclusions

While purchasing a health cover, make sure you thoroughly see the set of standards and assumptions of the plans, there may be certain diseases and accidental conditions that are not covered under the policy and you have to bear any substantial cost. There may be a certain time like during the first year of the policy you cannot get coverage of omissions while the next year you can avail any prohibited services. However permanent exclusions can never be covered in the policy.

Where can I get a suitable Health Insurance ? 

Hoping that above summary has clarified most of the aspects in purchasing an Overseas Health Insurance Cover (OVHC). You can seek a guideline from our expert counselors if you need any further information or clarification.

Now it is easier for you to compare health insurance covers and get quotes on price plans from our reliable association with renowned Health insurance providers including: BupaAllianz Global AssistanceAhmMedibankNib, and CBHS. Browse to get maximum advantages with minimum cost.

Get Quotations and multiple price plan to buy your health insurance cover:
OSHC at Vision Consultants Australia