Moreso, are you curious about the health insurance waiting period for OSHC Australia and OVHC Australia? Wondering how long you have to wait before you're covered by overseas health insurance?
Many of you must be unsure about what does a waiting period mean and why is it necessary to serve it before claiming for some specific services.
You're not alone!
In this blog post, we'll break down the waiting period for both types as well as pregnancy cover waiting period, so you know what to expect. Plus, we'll give you a few tips on how to prepare for your coverage. Stay tuned!
Demystifying OSHC & OVHC Australia Waiting Period
What is a Waiting Period?
Overseas health insurance companies usually set out different types of conditions when awarding policies in order to make sure that only eligible people will benefit from them. They do this through various treatments or procedures which applicants should meet in advance before making claims on their policies. These terms are known as "waiting periods”.Moreover, this also applies for OVHC Australia and OSHC Australia policies as well where you are obliged to serve the same number of days in between your arrival date and policy commencement date before becoming eligible under their respective terms & conditions.
When does a Health Insurance Waiting Period Apply?
It applies in two cases. - If you start a new private insurance policy;
- If already covered and you wish to upgrade your policy to higher level cover.
When it is not applicable?
When you choose to change your policy provider to an equal or to a lower level of cover, you would not have to re-serve the waiting period that you have already completed.Importance of Serving a Waiting Period
It's important to understand that there is a waiting period for both OSHC and OVHC Australia. This waiting period is in place to ensure that people aren't taking out insurance only when they need it, but are instead paying premiums all year round so as to avail policy benefits when they actually need it.Additionally, the health insurance waiting period is in place for a reason - so make sure you're fully aware of what's included in your health cover before making any claims.
Types of Health Insurance Waiting Period
There are two types of waiting period viz., - Hospital waiting periods
- Extra cover waiting period
What is Hospital Waiting Period?
There is a hospital waiting period with both OSHC and OVHC. This is the time you have to wait after your arrival in Australia before you are able to make a claim for any medical expenses. The hospital waiting period usually starts on the day that you arrive in Australia, but it can vary depending on your international health insurance policy.With OSHC, the hospital waiting period is typically two months, while with OVHC Australia it is typically six months. However, there may be some exceptions so it’s important to check your policy details carefully.
Generally, 12 months of waiting period applies in case of pregnancy care or if a person needs a hospital facility for some pre-existing conditions! It is recommended to check the specific policy details of the waiting period with GetMyPolicy.online.
What is the Extra Cover Waiting Period?
It differs with service providers and the level of cover! Although there are usually 6 months of waiting time for contact lenses, there will be at least 12 months of waiting time for hearing aids! For any psychiatric problem, some providers have 2 months of waiting period while some have none! You must log in to GetMyPolicy.online to compare between the best plans before buying!What is a Pre-existing Condition?
Pre-existing condition is basically an illness or condition that you have had in the last 6 months before joining your current health insurance policy or before upgrading it.For example: Sam had a back pain for which he was referred to a neurosurgeon by a GP. After getting the treatment done, Sam claimed against the hospital bills!
Since, the back pain existed 3 months before joining the current policy, Sam couldn’t claim for the hospital charges as it falls under Pre-existing condition.
What is Pre-existing Condition's Waiting Period?
You or your doctor might not be aware of the condition, but it can be still considered as pre-existing! The reason because you hadn't visited your doctor before joining the hospital policy or upgrading to higher hospital policy.Generally, risk factors are not included as a pre-existing condition. For the new hospital policy holders, there will be no benefit for 12 months! In case, if you already have a hospital policy and then transferred to a higher level of cover, one may only receive the lower benefits of his/her previous cover for a pre-existing condition in the first 12 months on your new policy.
In case you have to admit in a hospital during the waiting period, then you should contact the insurer to check whether it falls under the benefit!
How To Avoid The Health Insurance Waiting Period?
For Pregnancy benefits, you must buy a new policy or upgrade your current policy prior to 12 months to avoid huge hospital costs! Some service providers also give child care benefits! For that, you need to check with the particular service provider!Sometimes insurers run some offer and waive the waiting period to attract more customers! You can check those offer by logging in GetMyPolicy.online! Although it is merely impossible for the service providers to waive the whole 12 months waiting period, you still can hope to get the best possible deal!
It is always best to plan rather than spend! Isn't it?