Essential Health Insurance Facts You Must Know!

• byBudgetpolicy
• 2023-06-15

Health insurance is a way to take care or safeguard your and your family’s financial wellbeing during medical emergency. Putting it in simple words, a health insurance policy takes care of all your medical expenses that you may incur at the time of accidents, illness or injury. Technically, you and your health insurance company makes a contract to ensure medical expenses for your health are taken into account.

Now, as you are moving to Australia for study purposes, PR, or vacationing, you will need a health insurance along with your visa. Without it, your visa will not process. If you are on a student visa, you will need OSHC and for others, OVHC. You can get in touch with OSHC or OVHC providers across Australia to acquire one depending upon your profile.

The following blog will guide you through essential facts for health insurance in Australia – why you need it, types of health insurance, and points to consider while buying it.

Why You Need Health Insurance?

It is evident that healthcare expenses in Australia are increasing drastically. Therefore, you need health insurance – OSHC or OVHC to get the required medical assistance without burdening yourself from huge bills. To brief it up, health insurance:

·         Allows you to get better medical treatment without burdening you from huge hospital bills.

·         Supports you against the shock of medical inflation.

·         Safeguards your hard-earned savings at the time of medical emergencies.

·         Provides the access to tax benefits.

·         Last but not the least; it lets you to take care of you and your loved ones’ health without questioning your budget.

Types of Health Insurance Policies Available

Australia has two types of health insurance for people who move from different parts of the world – overseas student health cover and overseas visitor health cover. The former is for international students holding student visas and the latter is for visitors visiting for work, vacation, or related purposes.

Points to Consider While Choosing Your Health Insurance Policy

Enlisted are a few essential points to keep in mind when choosing your health insurance plan for Australia. Along with the following points, remember to buy a health insurance plan that is best suited for you and your family’s medical needs.

Comprehensiveness of Cover

Track the cost of current medical treatments in Australia and buy the insurance policy accordingly. Imagine buying a cover, which is not sufficiently providing you coverage for your medical treatment. Your invested money in the policy will go in vain. Therefore, keep on checking the prices and buy your policy carefully.

Know What is Included in your Cover and What is Not

Once you have checked the present time prices, you need to shortlist health insurances accordingly. Finalize the one, which is best suited for you and your family after going through what all is included in the policy, the conditions under which you can claim the benefits, etc. Having clarity before buying the policy will keep you away from any hurdles in the future.

Network of Hospitals

Now that you know what all is covered under your policy, look for the hospitals included.  This is important or you to know where to get yourself treated and where not. Taking medical services from a hospital or medical center, which is not even included under your cover, will make no sense and leave you with stress.

Reputation of the Health Insurance Company

Last but not the least, consider factors like how fast the health insurance company arranges claim settlements, solvency ratio, customer support, and so on. Finding the right health insurance provider is equally important as buying the right health insurance.

Bottom Line

You must have heard the famous phrase, “Health is wealth”, however, when it comes to the unpredictability of life, no matter how good your lifestyle is, you still need some wealth to ensure you and your family are healthy.

Having health insurance can ease it for you to access money when you need it during the crucial times. In addition, considering Australia’s expensive healthcare system, it becomes more essential to access OSHC and OVHC benefits with your visa.

With Budget Policy by your side, you can easily compare different policies from different health insurance providers across Australia. Get more information from our experts. Contact us today!