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Australia requires all international students to have OSHC (Overseas Student Health Cover) and working or visitor visa holders to have OVHC (Overseas Visitor Health Cover).
Choosing the right overseas health insurance can be overwhelming for both aspiring and current international students. It requires carefully evaluating which policy provides the best value and coverage.
Aspiring migrants looking to settle in Australia face similar challenges in finding suitable OVHC plans that meet visa requirements.
Australia boasts one of the world’s best healthcare systems. Therefore, it's mandatory to maintain an appropriate level of health insurance - OSHC or OVHC - for yourself and your family members for the entire duration of your stay.
Among the leading government-approved health insurers are Ahm OSHC, Allianz OSHC, Bupa OSHC, Medibank OSHC, and Nib OSHC. These providers offer strong coverage against high medical and hospital accommodation expenses - often encountered in unexpected situations (covered in another blog).
Let’s be honest: buying health insurance can be a tricky decision. No one wants to regret their choice after investing money. That’s why it’s essential not to get overwhelmed by all the information available and instead focus on what you truly need before purchasing a policy.
Many buyers struggle to understand health-related terms, which makes the buying process even more confusing. Plus, people often confuse "benefits" with "returns." While health insurance is a smart investment, it is solely for risk protection - not wealth growth.
1. Coverage
Are you choosing a health insurance policy just because it's the cheapest? Think again.
Rather than focusing only on price, check what kind of coverage the plan offers. Ask the provider about:
2. Premium
A premium is the amount you pay for your health insurance - usually monthly.
Before purchasing, determine what premium amount is affordable for you. Since insurers use different criteria to calculate premiums, failing to pay on time may result in a lapse of coverage.
3. Deductibles
A deductible is the amount you must pay out-of-pocket before the insurance company begins to cover your expenses.
For example, if your plan has a $1,000 annual deductible and your hospital bill is $20,000 - you pay the first $1,000 and the insurer covers the remaining $19,000 (subject to terms and conditions).
Deductibles help lower premiums and discourage small or frequent claims.
4. Waiting Period
Most health plans come with a waiting period for pre-existing conditions like diabetes, hypertension, or thyroid issues. You must complete this period - usually between 2 to 4 years - before claiming benefits for such conditions.
Complying with this clause ensures your claims won’t be denied later.
Must Read: Know more about Waiting Period
5. Co-pay or Coinsurance
Co-payment (co-pay) refers to fixed cost-sharing between the insurer and the policyholder for specific services.
For example, you might pay a $20 co-pay for a doctor visit or $10 for medication - regardless of the actual cost.
Don't confuse co-pay with deductibles:
6. Sum Insured
This is the maximum amount the insurer will pay when you make a claim.
Choose your sum insured based on your age, income, and add-on covers. Medical inflation is real, so opt for sufficient coverage to avoid out-of-pocket expenses.
7. Exclusions
Always read the fine print. Exclusions refer to conditions or treatments not covered under your policy.
These can be:
Now that you understand the key terms, don’t rush into buying - compare multiple policies at www.getmypolicy.online and make a confident decision.
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