Been on the fence about getting overseas health insurance? Has someone mentioned it and you’re not quite sure what it is and how it works? Do you know what to ask and think you might need to read a full guide before you make a decision?
If this applies to you, then this guide is for you. This is your start guide for the top 10 things to know before buying an overseas health insurance plan that will allow you to understand the basics of insurance terms, different policies, and tips on how to fully prepare.
Without waiting for further ado, let’s dig deep into terms & know them better before buying overseas health insurance.
What are OSHC & OVHC?
Overseas Student Health Cover (OSHC ) is the general term used by insurance companies to cover students who travel abroad for studies.
OVHC (Overseas Visitor Health Cover) is a similar policy, however, it is designed specifically for the working & non-working visitor’s visa category.
Here is a list of 10 things to know before buying overseas health insurance.
1 What is Medicare?
Medicare was introduced in Australia on July 1, 1992, as part of the deal that turned Australia from a federated country with a British monarch into a sovereign nation.
Medicare is a government-run program that guarantees health care coverage for all Australians. Medicare is financed by a combination of general taxes and compulsory levies on hospitals, doctors, pharmaceuticals, and dental services.
Because Medicare is a government-run program, the government sets rules about who can and cannot access the health care system. Thus students, working & non-working visitors are ought to take private health insurance.
2 What is a waiting period?
A waiting period is a minimum period with your respective insurer you’ll need to wait before you become eligible to claim. You can usually switch to a different fund without having to re-serve waiting periods if the switch is to the same level of cover and you have served the appropriate waiting periods with your original health fund.
Who are the leading OSHC & OVHC insurance providers in Australia?
A few of the government-approved and trustworthy OSHC & OVHC for Australia are as follows:
OSHC for Australia such as: –
- OSHC Nib
- OSHC Medibank
- BUPA OSHC
- OSHC Ahm
- OSHC Allianz
OVHC for Australia such as: –
- Iman OVHC
- BUPA OVHC
- Allianz OVHC
- Australian Unity OVHC
- OVHC Medibank
3 What is PBS?
The pharmaceutical benefits scheme (PBS) is a scheme where the Australian government pays for your medicines. It helps you to budget for the cost of your medicines. These schemes provide medications to citizens at a reduced or discounted price.
4 What is Co-payment?
Co-payment is the amount that you have to pay towards each medical bill. Co-pay (or co-insurance) is the percentage of the total bill that you have to pay for the medical services.
5 What is the network of hospitals?
A network hospital is an in-patient hospital or clinic that has a contract with an insurer to provide specified medical treatment to its insured members.
As the insured member, you will have to choose a network hospital or clinic when seeking medical care. If you seek care from a hospital or clinic that is not part of the network, your insurer may not cover the costs of your treatment.
6 What is the claim settlement ratio?
The claim settlement ratio is one of the most common and important questions to ask about health care coverage. That is, how often does the insurance company pay claims?
Claim settlement ratio (CSR) is the percentage of claims settled within a given time. The insurance company’s CSR is an indicator of how well the company handles claims. The higher the CSR, the better the company is at settling claims. Learn more from healthcheck home depot.
7 What are gaps?
The term gap period refers to the length of time between the end of one insurance policy and the start of another.
A gap period is important, because you may not be able to afford health insurance when your current policy ends.
If you have a gap, you can typically apply for a new, cheaper policy, but you may be rejected if you have gaps in your medical history.
8 What is hospital & extras covered?
In general, hospital and extras cover to provide you with cover for medical treatment received in hospital, as well as a range of extra medical services.
However, it’s important to note that hospital and extras cover is up to the discretion of the insurer.
For example, some insurers will only offer you hospital cover for accidents and emergencies, while others will provide you with cover for a range of orthopaedics, dental, maternity, and other conditions.
9 What are out-of-hospital medical services?
Out-of-hospital medical services are for illnesses and injuries that are not serious enough to require treatment in the hospital.
If you fall ill outside of a hospital, you can receive free advice from an Australian registered nurse or doctor over the phone.
10 What are in-hospital medical services?
In-hospital medical services are medical services provided in a hospital. They may include room and board, diagnostic tests, laboratory tests, X-rays, medications, surgical and nursing care, and physician services.
Most health insurance plans pay the cost of in-hospital medical services and prescription drugs, but will not cover the cost of other medical services, including dental and optical services.
Policies from different insurance companies may cover different services.
Wrap Up
We hope that this post will shed light on how, to begin with choosing the best overseas health insurance. When it comes to choosing overseas student health cover (OSHC), you can visit Get My Policy to compare and choose the best student health insurance plan. Moreover, you could compare the plans by price, features, etc., and receive an instant health policy certificate. Visit today & get FREE 15 PTE Practice Tests. Try today!
