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Common Mistakes in purchasing Overseas Health Cover often stem from a lack of thorough research and understanding of policy details. Many individuals rush into buying health insurance without assessing their specific needs, leading to inadequate coverage or opting for basic plans that may not fully protect them in emergencies. Ignoring exclusions, concealing medical history, and failing to renew policies on time can further complicate matters.
Additionally, some rely solely on employer-provided insurance, which may not offer sufficient protection once employment ends. By being aware of these pitfalls, you can make more informed decisions when selecting the right Overseas Health Cover for your needs.
Lack of Adequate Research
Buying an appropriate Health Insurance Policy is a wise, yet difficult job. Before purchasing the Oversea Health Cover that best suits you, it is highly recommended that you go through an extensive research. The policy you buy should facilitate you during a medical emergency at an optimum level.
Meanwhile, it has to be budget friendly. You should consider your financial sustainability to cover the premium till its maturity. Deciding your policy in terms of your current income can be problematic, especially if you have fluctuating financial sources. While a lot of people tend to buy the policy in a hurry, or in someone’s recommendations. This adds the risk that they do not meet the requirements. So, you are suggested to purchase the policy to meet your aspirations and requirements through extensive research.
Opting for a Basic Cover
This is one of the most common mistakes people often make while buying Overseas Health Cover. The skim on the coverage so as to pay a lower premium and opt for these type of plans. This, at times, lead to purchasing inappropriate insurance coverage, or one with a lower sum insured amount. This type of coverage seems beneficial in the short term, but troubles the insured with inadequate compensation during medical emergency, adding financial burdens.
You are required to check the insurance policy and make sure it provides sufficient coverage for all possible medical needs including critical illnesses, pre- and post-hospitalization expenses, regular health checkups and more. Purchasing the right Overseas Health Cover can assist you during medical emergencies, and ensure financial security during the crisis.
Ignoring Exclusions
Majority of policy buyers make instant decisions looking at the highlights. They often ignore or miss the exclusions that their choice of the policy has. If you are purchasing a Overseas Health Cover policy, always expect that the intended plan might cover certain situations and not some others. Almost all types of policies have exclusions and meeting them requires additional payments.
A surficial study of the insurance policy comes up with numerous difficulties and disappointments. Before opting for a certain plan, you must be wise enough to have a meticulous look at the inclusions and exclusions of the Overseas Health Cover policy. Make sure to choose those aspects which you think you might need in the future. A clear understanding of these aspects will help you choose the right policy for you and your family. Some key coverages might be a maternal cover, critical illness cover, and personal accident cover.
Concealing Medical History
The insurance premium and the benefits offered by your policy highly depend upon the age and current health status of the insured. However, a huge number of people conceal their medical history due to the fear of rejections, longer waiting periods or high premiums. Concealing your previous or existing health issues appears to be a cunning step, but in fact, it is a blunder if you do so. This can turn detrimental when you actually need help.
Your insurance claims can be denied due to the existing conditions or unexposed medical details. Always keep in mind that your policy benefits you the best when you remain transparent regarding your medical history. Don’t hesitate to provide factual information when you buy the policy. Doing this, you might have to pay a higher premium, but will also eliminate the risks of your claim termination during the emergency.
Not Renewing Policy in Time
Once a policy is bought, abiding by the terms and conditions is a very crucial aspect. You will get these details in the insurance package to go through and decide as per your interests and capabilities. One of the very important conditions is the premium deadline. They always expect you to make the payment within the deadline. You will be obviously charged in case of failure in timely payment. But if you are in Australia, it is very important that you renew your policy if it is going to expire before your visa. This might also be implacable if you wish to extend your visa or apply for a new one.
Please note that you mandatorily need to have an insurance throughout your entire stay in Australia. Not having your insurance, or not renewing it in time might lead to your visa cancellation or rejection of your new visa application. Hence, it is highly recommended that you have clarity with your timely installments and renewal of the policy in time.
Hesitation in looking for options
Although the majority of the health insurance policies have more or less same thing to offer and charge, they are identical to one other in some regards. In seeking a particular policy with multiple options in hand, it is obvious for us look at the benefits and compatibilities that fit our interests.
On that note, the choice of our policy differs in terms of our preferences. In the wide range of policy options, there shall be one (or more) in perfect alignment with our expectations. Looking for the multiple packages to find the best option definitely is a must before making a decision. Hesitating to look for options can limit your opportunities to grab the optimum benefits. Always seek comparisons among the options and pick the perfect suit for you.
Relying on Employer provided Insurance
Health insurance has been one of the attractions in competitive job market in today’s context. Even in developing countries, the employers sponsor their employees’ insurances in one of the policies. The maximum of employees, however, doesn’t bother to purchase an additional health cover. This initiative, despite being praiseworthy, will often fail to provide adequate coverage, due to which, the employees get in trouble during medical emergency.
Be aware that the insurance will not cover anything at all if you lose your job or retire from it. So, it is beneficial for you to have your personal insurance policy that covers your risks and sickness. While the employer provided insurance works by the time you are employed for them, you are advised to invest in an additional health insurance for financial security regardless of your employment status during the need.
Not Considering the Policy Duration
When purchasing Overseas Health Cover, it’s important to ensure the policy duration aligns with the length of your stay in Australia. If you extend your visa or stay longer than anticipated, you may need to extend your health cover policy as well. Don’t let your coverage expire prematurely, as this could lead to gaps in protection and financial risks.
Underestimating the Waiting Period
Some health cover plans have waiting periods for certain services, such as dental or optical treatments. If you require these services soon after arriving in Australia, make sure to select a plan that doesn’t have long waiting periods or that offers immediate coverage for your needs.
Ignoring Ambulance Coverage
Many overseas health cover plans don’t automatically include ambulance services, which can be costly in an emergency. It’s essential to confirm that ambulance transportation is covered in your plan, especially for medical emergencies, accidents, or hospital transfers.
Conclusion
Australian government has mandated Overseas Health Cover for each individual immigrant to Australia. Whether you are a student, or a visitor, or are applying for one of these visas, you are required to maintain a valid overseas health cover till your stay in Australia to ensure that you meet or are able to cover the medical and hospital care in need throughout your stay. Having an overseas health cover, you can enjoy top-class health and medical facilities during emergencies.
Avoiding these common mistakes will ensure you choose the right Overseas Health Cover that suits your personal health needs and visa requirements. Take the time to carefully review your options, compare plans, and ask questions before making a decision. By securing comprehensive coverage, you can focus on your studies, work, or new life in Australia with peace of mind, knowing that you’re protected in case of a health emergency.
Further Education and Migration Services (FEMS) is readily available to offer you necessary guidance on the most appropriate Overseas Health Cover. In partnership with most of the prominent insurance providers, FEMS id dedicated to serve you. Whether you are opting for study in Australia, work in Australia, or migrate to Australia, FEMS can make it possible for you to achieve the best insurance to live your dream in Australia.
Note that you need Overseas Student Health Cover (OSHC) if you are a student. For visitors, Overseas Visitor Health Cover (OVHC) is needed. However, finding the right and adequate health policy can be a difficult job. Getting rid of this possible risk comes up with your consideration of these common weaknesses while purchasing Overseas Health Covers.
If you need any assistance to purchase any Overseas Health Cover, Further Education is always there for your assistance. Please contact us for any kind of assistance.
