Whenever you set up new health insurance, you may have to wait for your cover to start. This is known as a waiting period and it’s an essential part of all healthcare coverage.
It’s important to consider waiting periods when choosing your health insurance. So, we want to dive deeper into this requirement, to help you choose a policy that aligns perfectly with your needs.
We’ll be looking at what health insurance waiting periods are, why they matter and how long they are, so that you can learn everything there is to know about them. So, let’s get started and answer ‘what does waiting period mean for insurance’?
TABLE OF CONTENTS
- What is a waiting period in health insurance?
- Why do waiting periods exist in health insurance?
- How long do waiting periods last?
- Making the most of your overseas visitor health insurance
What are Waiting Periods for Health Insurance?
Waiting periods in health insurance indicate the amount of time you must wait before making a claim. Once you’ve signed up, you may have to wait a few months or more, before benefits become accessible to you.
The length of time you have to wait will depend on the policy you’ve chosen and the cover included.
For example, pregnancy and maternity care may have a twelve month waiting period. Dental care can take six to twelve months. And in some more extreme cases, terminal conditions such as cancer can take up to two years before care is accessible.
Knowing this information should help you make a decision on which provider to choose.
Why Do Waiting Periods Exist in Health Insurance?
The main reason why health insurance waiting periods exist is to help prevent people from taking out cover only when the immediate need occurs and then cancelling it afterwards.
Imagine if everyone who gets pregnant suddenly takes out health insurance and then cancels it once the baby has been born. Or purchasing a policy before an expensive medical procedure. This could increase premiums drastically, making it unfair for everyone else.
Waiting periods also helps to reduce the risk of fraudulent claims, ensuring people don’t abuse the system. As such, having these waiting periods may seem inconvenient, but they’re actually really beneficial. They help to ensure health cover remains accessible and more affordable, for a system that functions more effectively.
How Long Do Waiting Periods Last?
The length of the waiting periods on your policy can vary depending on a number of factors. It’s important that you understand this before choosing your provider. Many OVHC waiting periods are similar but can differ for varying conditions.
So, let’s take a closer look at this in detail.
Waiting Periods for Pre-Existing Conditions
For pre-existing conditions, there is usually a 12 month waiting period. This is true for most available health insurance, including Bupa, Medibank and CBHS.
In this case, pre-existing conditions can refer to any illness, injury or health issue you had before you purchased your insurance. This can range from heart conditions, to sleep apnoea and epilepsy.
Waiting Periods for Pregnancy & Birth Related Services
Similarly, pregnancy and other maternity care needs require a 12 month waiting period. This includes prenatal care, childbirth and postnatal care. In some cases, upgrading to a more premium level of cover can cut this short to just nine months.
So if you’re pregnant and thinking of switching providers, we’d recommend waiting to ensure you have the cover.
Waiting Periods for In-Patient Psychiatric, Rehabilitation and Palliative care
Waiting periods for in-patient psychiatric, rehabilitation and palliative care is usually much shorter. For this type of claim, you can expect to wait only two months before benefiting. This applies even if the condition is considered pre-existing, making urgent care in this area more accessible.
This reduced time ensures you get the necessary medical attention for your mental health without too much delay.
Making the Most of Your Overseas Visitor Health Insurance
Understanding policy waiting periods is key to taking full advantage of your visitor health insurance. If you’re using it for the first time, you’ll need to know how long you’ll be waiting for it to kick in. And if you’re switching from one provider to another, you need to make sure you’re always fully covered without leaving any gaps.
Knowing everything there is to know about waiting periods will ultimately help you make better decisions when it comes to your healthcare coverage. So, if you’re thinking of switching or want to set up your first ever policy, this is definitely something you should consider.
To compare the waiting periods and other details involved with different policies, make sure you use a comparison tool. If you’re travelling to Australia and need Overseas Visitor Health Cover, we’ve got just the thing.
Start using OVHC insurance to look at the different policies in Australia so that you can meet your visa requirements with the best option available.
