How to save on health insurance without worrying about waiting times
So you think you’re paying too much for private health insurance?
You’re not alone. But many people fail to find a cheaper deal on health insurance because they think switching insurers comes with long waiting times.
This is not necessarily the case. It is possible to save on health insurance and avoid any new waiting period.
The rising cost of health insurance in Australia is weighing heavily on household budgets. This is why it is important to compare mutuals to ensure that you are not paying too much for your health insurance policy.
But many people are too afraid to switch providers because they think their new insurer will hit them with long waiting times. Fortunately, this is not necessarily true.
In fact, if you switch to equivalent coverage, your new insurer is legally obligated to honor any hospital wait times you already experienced under your old policy.
Many health insurers are also waiving or drastically reducing waiting times on extras as part of regular promotions.
What is equivalent coverage?
Equivalent coverage means that your new health insurance policy provides the same level of coverage as your old policy.
For example, if you have already served the elimination period for Silver hospitalization coverage with your current insurer, your new insurer cannot impose a new elimination period on the equivalent Silver hospitalization coverage.
That said, waiting periods may apply on upgraded coverage. For example, if your old policy did not cover pregnancy or cataract surgery, your new insurer may impose a waiting period if you wish to be covered for these under your new policy.
What about pre-existing conditions?
Many health insurers apply waiting periods of up to 12 months on medical treatment for pre-existing conditions when you join or upgrade hospital coverage, although coverage for psychiatric, rehabilitation or palliative care is often accessible after only two months of waiting.
In most cases, extras don’t take into account pre-existing conditions – they usually fall under your hospital coverage.
It’s simple to make sure your new provider doesn’t reapply waiting periods for equivalent hospital coverage – all you’ll need is a clearance certificate from your old fund to confirm you’ve already served those waiting periods. ‘waiting.
When you switch to Health Insurance Comparison, our team takes care of that paperwork for you.