Private Healthcare in Australia – Is it worth getting? What are your options?
Private healthcare for international students in Australia is taken care of with Overseas Students Health Cover. It is a mandatory visa requirement by the Department of Home Affairs. But, is it worth buying?
Many students out there wonder whether to buy health cover or not. The answer is, yes. OSHC policy has its benefits including, access to private healthcare services, coverage for prescription medications, easy management of expensive medical and hospital bills, and much more.
However, everything with an advantage comes with a disadvantage too. Likewise, it also has disadvantages of high premiums, hidden costs, etc.
You have to consider all the advantages and disadvantages to come to a point where you can decide for yourself if buying OSHC or private health cover in Australia is worth it or not.
We have jotted a helpful guide so you can make an informed decision on buying private health cover. Keep reading!
Is it worth having private health insurance?
Private health insurance in Australia comes with a lot of benefits, some of which we have mentioned below:
• You get access to private hospitals and specialists.
• You do not have to wait longer to see a specialist.
• You can have more flexibility and control over your health cover i.e., when you can decide what medical treatment you want to receive and what not.
• You get cheaper prescription medicines.
• You do not have to pay for ambulance services.
• You get potential tax benefits.
What are the Main Advantages of Private Health Insurance?
We have listed the advantages of having private health insurance in Australia below:
• Choice of Doctor and Hospital: With private health insurance, you can choose the doctor and hospital of your choice. This benefit does not apply to public health insurance.
• Shorter Waiting Times: You do not have to wait much with private health insurance as compared to long waiting times in public health cover.
• Access to Additional Services: Pas compared to public health insurance, private health insurance gives you access to a wider range of services - dental, optical, and much more.
• Peace of Mind: you can have peace of mind knowing that you covered under private health insurance with extras during unpredictable health situations.
What are the Main Disadvantages of Private Health Insurance?
• Complex policies: Private health insurance policies can be difficult to understand. Not everyone can get it right about what is covered, what is excluded, waiting periods, extras, and much more.
• Limited choice of providers: When it comes to health, you will buy OSHC from the best providers. And when it comes to being the best, there are a handful of providers out there. You get limited choices when choosing a health cover provider.
• Exclusions and restrictions: Private health insurance does not provide you coverage for pre-existing conditions and alike. You will have to get them included yourself, the prices of which can differ.
• Rising premiums: Private health insurance premiums usually rise with time, making it difficult for people to maintain health cover without facing financial burdens.
Is buying Private Health Cover in Australia worth it?
There are certain factors to think about when deciding whether to buy a private health cover in Australia. To start with, understand your medical needs and think of the services you would want. Next, see if you have a pre-existing condition. If yes, you will have to either pay for the medical bills yourself or include it in your coverage.
Find the OSHC provider you want to buy your OSHC from. In Australia, major providers are BUPA, NIB, AHM, Allianz, and Medibank. Compare the prices, benefits, and everything you would want to know to find out the provider and policy that fits best with your health needs. Along with, knowing about waiting periods, the claim process, and more.
Budget Policy is an open platform where you can compare and buy OSHC (or OVHC) from major providers across Australia. With our team of experts, get the guidance and apply for your health cover.
Frequently Asked Questions
1. Is private health cover mandatory?
- Yes. Being an international student (or visitor), you must have private health insurance before entering the country.
2. How long are the waiting periods?
- Usually waiting periods are 12 months long however, it will depend on the type of cover you have and the medical conditions covered under it.
3. Is there any difference between single and couples health insurance?
- Yes, certainly. In a single OSHC, only you will be covered whereas, in a couple OSHC, you and your partner will be covered.
4. What is the best platform to buy affordable OSHC?
- Budget Policy is one of the leading platforms where you can compare, buy, and save huge from major providers in Australia.
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