Vital Information on 188 Visa Health Insurance Plan

• byBudgetpolicy
• 2023-04-28

188 business-innovation-investment visa permits business people or business aspirants to run their existing or new businesses in Australia. It may also ease their business activity or any investment made in a business in Australia. The applicant can have this visa anywhere in their preferred country for a period of 3 to 48 months.

Along with the 188 visas comes a business-innovation-investment visa health insurance plan, which is a must-buy for all visa applicants. Make sure you compare the 188-visa health insurance plan with different insurance providers before buying to secure your healthcare needs in Australia.

Everything you need to know about 188 visas

The 188 visa is a provisional visa for business aspirants with the possibility of permanent residency, allowing them to work and live in Australia. However, the holders of this visa must have a good health insurance plan; otherwise, they can have their visa application denied.

People with established business skills willing to own and operate their business in Australia or invest in one are eligible for the 188 visas.

What are the critical requirements for the 188 Visa?

The 188 visa involves various requirements, from age to finances and business. These requirements can differ depending on your business type or the field you enter. The key business innovation investment visa requirements are as follows:

• Your age must be below 55 years, and your business should have a successful history until the present.
• Your business must earn a minimum turnover of $500,000 for at least two of the previous four fiscal years.
• You must own personal and business assets worth $800,000 or more.
• You need to pass the business innovation and investment exam.

The next most important thing to ensure is that you have your health insurance in place or be ready to get your visa application rejected. The 8501 health requirement demands you to buy health insurance coverage so you are not a burden to Australia's healthcare system – Medicare.

How does health insurance work in Australia?

Australia’s public healthcare system, Medicare, is accessible to all Australian citizens and residents. It covers up to 75% of your doctor’s fees, so you can get medical treatment from a public hospital. However, it does not cover any extra services, so; it is advised to buy a private health cover before you arrive in the country.

What are the health eligibility criteria for the 188 Visa?

The 188 visa requires you to have a complete health insurance policy as well as undertake a health exam. Australia includes RHCS - Reciprocal Health Care Agreements with various European countries such as the United Kingdom, Sweden, Ireland, and the Netherlands. This gives you an allowance to Medicare, thus meeting all the 188 requirements.

However, suppose you are not eligible for Medicare under the RHCA or prefer to have more services in your insurance policy. In that case, you may purchase overseas visitor health cover, also known as OVHC. The policy gives you an allowance to avail yourself of emergency ambulance services, private hospital bills, frequent visits to the doctor, and dental services. You may also purchase prescribed medications.

Who can apply for the 188 Visa?

As we have discussed earlier, the 188 visa applies to those who are business enthusiasts, running a successful business, or wishing to invest in a business in Australia. Therefore, based on your financial condition, business aims, and goals, you can apply for any of the one streams on the 188 visa:

• Investor Stream: You need to invest a minimum of $1.5 million in an Australian-based business.
• Significant Investor Stream: You need to invest a minimum of $5 million in Australian investments.
• Business Innovation Extension Stream: This allows investor stream holders to extend their visa for two years.
• Significant Investor Extension stream: This allows investor stream holders to extend their visa for four years.
• Premium Investor Stream: This is applicable for individuals nominated by the CEO of Australia Trade and the ones who invest a minimum of $15 million in Australian investments.
• Entrepreneur Stream: This permits the applicants to do entrepreneurial activities across Australia.

Why can you trust Budget Policy health cover experts?

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We are here to provide assistance

We have assisted thousands of people with health insurance policies by explaining different options to them. You can seek guidance for everything you need to know, compare the prices, buy the policy, and ensure your 188 visas with us. Send us a quote today and give us a chance to assist you better.