The 2026 Price Report: How to Find the Cheapest OSHC in Australia

• byBudgetpolicy
• 2026-02-18

Navigating the Australian healthcare system can be as complex as your university finals. For international students on a Subclass 500 visa, Overseas Student Health Cover (OSHC) isn't just a "good idea"—it is a mandatory legal requirement for visa approval.

However, there is a massive gap between the "standard" price universities offer and the "budget" prices you can find by shopping around. In this Budget Policy 2026 Price Report, we reveal how the market has shifted this year and how you can secure the most affordable cover without sacrificing quality.

The 2026 OSHC Landscape: What’s Changed?

The Australian government recently approved an average health insurance premium increase of 4.41% effective from April 1st, 2026. This means that students who wait until the second semester to buy their cover will likely pay more than those who lock in their rates early.

Current Price Leaders at a Glance

Based on our real-time data for February 2026, here is how the providers rank for a standard 12-month single student policy:

The "University Trap": Why Convenience Costs You $300+

Most international students receive a "package" from their university that includes OSHC from a preferred partner (often Allianz or Medibank). While it’s convenient to pay for everything in one invoice, it is rarely the cheapest option.

The Budget Policy Strategy: You are not legally required to use the provider your university suggests. By choosing a budget-friendly provider like ahm or NIB independently, a student on a 3-year Bachelor’s degree can save upwards of $450 AUD. Always check the prices on Budget Policy before saying "yes" to your Letter of Offer.

Singles vs. Couples vs. Families: The Price Shock

One of the biggest trends in 2026 is the widening price gap between single and family policies.

• Singles: Highly competitive, with prices staying relatively low.
• Couples/Families: Prices can be 5x to 8x higher than single policies.
  
  

Where to find the cheapest Family cover in 2026?

While ahm is the cheapest for individuals, Bupa and Allianz Care have introduced more aggressive pricing for families this year. If you are bringing a spouse or children, don't look at the single rates—look at the "Dual Family" or "Multi-Family" tiers specifically. In some cases, Allianz is currently $4,000 cheaper per year for a family of four compared to its competitors.

Direct Billing: The Secret to "Invisible" Costs

The "cheapest" policy isn't just about the monthly premium; it's about the "Gap Fee." If you choose a provider with a small network, you might pay $100 for a doctor’s visit and only get $42 back from your insurance. You are "out of pocket" by $58.

How to avoid this: Look for providers with large Direct Billing networks.

• Medibank and Allianz have the largest networks in 2026.
• NIB and ahm use an easy-to-use "Find a Provider" map in their apps.
  By visiting a direct-billing clinic, the doctor bills the insurance company directly, meaning your "out-of-pocket" cost is $0.
  
  

The 2026 "April 1st" Deadline Strategy

In Australia, health insurance prices rise every year on April 1st.

Pro-Tip for 2026 Students: If you buy your OSHC for the entire duration of your 2, 3, or 4-year visa before April 1st, 2026, you lock in the current lower rate. You effectively "inflation-proof" your healthcare for the duration of your stay. If you wait until May, you will pay the 4.41% increase on every single month of your policy.

 Understanding Waiting Periods (The 2026 Update)

A major reform in 2026 has seen some providers begin to relax waiting periods for mental health services. However, for most "cheap" policies, the following still applies:

• Pre-existing conditions: 12-month waiting period.
• Pregnancy/Birth: 12-month waiting period.
• Psychiatric care: 2-month waiting period.

If you are planning to start a family while studying, the "cheapest" plan might not be the best if it has restrictive maternity benefits. Always read the Product Disclosure Statement (PDS) on Budget Policy before committing.

How to Use Budget Policy to Secure the Lowest Rate

We’ve built our platform to do the heavy lifting for you. To find the cheapest OSHC for your specific situation:

1. Enter Your Dates: Input your visa start and end dates.
2. Filter by Type: Choose Single, Couple, or Family.
3. Sort by Price: Our 2026 algorithm pulls the latest live rates from all 6 government-approved providers.
4. Instant Certificate: Once you pay, your OSHC certificate is emailed to you instantly, ready for your visa application.
   
   

The Final Verdict for 2026

If your primary goal is to save money, ahm and NIB are your best friends in 2026. If you want the best balance of price and a huge network of doctors, Medibank is the way to go. For those with partners, Bupa remains the value leader for couples.