Private Health Insurance offers exceptional convenience in a world where public health insurance can prove a pain in the neck: the actual ailment notwithstanding. For starters, let’s take a look at some dynamics and terms used in private health insurance.
The Waiting period
The waiting period refers to the period that you have to wait before you can lodge an insurance claim with your company after joining. It occurs at the initial stage of your membership to an insurance entity. The waiting period is meant to protect the members of a health insurance company and the company itself from fraudulent people who would register or lodge a huge claim and quit. The Health insurance waiting period is a mandatory requirement with most private insurance companies. The period ranges from one month to several months, depending on the insurance company.
The Australian authorities dictate the amount of waiting time before the insurance company can effect your hospital cover. Hospital cover means any fees chargeable with regard to accommodation, surgeries, medication and the nursing you receive while at the hospital. Hospital cover generally requires 12 months waiting period. So is the case with pregnancy and obstetrics. However, palliative care, psychiatric care, and rehabilitation only need a two-month waiting period.
The waiting duration is protected by the law in Australia, waiting periods for health insurance extras are determined by the type of fund you subscribe to. Generally, waiting periods for extras range from a couple of months up to 12 months. The cost and complexity of the treatment are taken into consideration when determining this period. Waiting periods for extras include a dental care waiting period, optical care and physiotherapy. Procedures such as orthodontics may require as long as 12 months waiting period.
Suspending Policy: what happens to your waiting period?
There are instances when you may be allowed to suspend your health insurance policy. You may do so when traveling overseas for a range of reasons including work and even sport. While you will find convenience in suspending your insurance in terms of savings, you should remember that the days you suspend will be carried forward and will be reinstated when you resume paying your premiums. In other words, the days that you suspend will not be included in the requisite waiting period and thus, not counted.
Finding a Fund with the Shortest Waiting Duration
One of the most helpful ways of choosing a good insurance cover, including one that offers a short waiting period is comparing the plans and policies offered by a range of insurance companies. Different companies offer health insurance plans based on varied considerations. Indeed, the waiting periods may range between companies. So it is a great idea to shop for a fund that offers you the waiting period that you are comfortable with.
However, note that a fund that offers the shortest waiting period for certain services may not do so for others. Besides, the shortest waiting period does not mean that such an insurance company has the best rating in terms of the quality of service and products. If you wish to Learn more about Private Health Insurance, check out more on our DIY website in the coming days.
Article Submitted By Community Writer