When it comes to buying overseas health insurance there are a lot of decisions to make. One of the most important is whether you should buy individual or couple’s coverage.
This article will discuss some of the major differences between these two types of policies so that you can make an informed decision about what type of overseas health insurance is best for your needs.
The idea of private health insurance is to offer you and your partner protection against the costs associated with hospitalization, doctors’ appointments, out-of-hospital medical services like dental care or physiotherapy that aren’t covered by Medicare.
Outsmarting these expenses can be difficult for many people who are on tight budgets. Thus, it’s important not only to have this type of coverage but also to investigate what else might apply to get full value from insurers including the extra cover which offers help paying bills when emergencies arise.
If you’re legally married or in a de facto relationship, then there are two options for couples’ health insurance. One is to take out separate policies and buy them together as partners; the other would be getting one policy that covers both of your needs under this arrangement.
A single health insurance policy will cover one person instead of multiple people. This means it can be more tailored to the needs and preferences of that specific policyholder, as opposed to needing what benefits parents or spouses may need to maintain their families’ coverage.
Hospital insurance is a great way to protect yourself from high medical costs. Hospital policies can cover the cost of treatment when you are admitted as either an in-patient or outpatient, including doctor visits and hospital stays!
A person with OSHC for Australia with Extras cover will be able to pay for out-of-hospital medical services, such as:
For people who question the need for an OSHC cover, a private bed at an Australian hospital with basic medical facilities could cost you as much as 1000 Australian Dollars a day. Too much of a ‘hole in the pocket,’ isn’t it?Answering your question with basic statistics, if an overseas student looks to buy an OSHC, say, for one month, it costs, at an average, approximately AUD 41. (Varies as per the OSHC provider) Therefore, for a two–year course, a person would end up paying close to 1000 AUD. Again, two persons would end up paying 2000 AUD for the same.
However, in case a couples’ OSHC insurance is taken, for the same month taken for individual calculation, it would, at an average end up costing them AUD 250 for a month and as much as 3000 AUD for a year. And, for the similar case as mentioned above, a whopping 6000 AUD for a 2-year course!
Just have a look at what has been highlighted. Do you realize that the insurance covered is the same, for the same number of people – two? Then how come the couples’ insurance is three times the cost of 2 individual student insurances? Conventional thinking, however: Isn’t it economically feasible to buy two such individual OSHC policies? Smart savings, right?
Well, there is a clash of thoughts! As per the Australian home affairs, the OSHC policy for families or couples need not be combined, and each applicant can take out their covers respectively. (Economically simple and feasible, isn’t it?) But keep in mind, that in almost all cases, the department of home affairs doesn’t have anything else to do wrt. Individual/couple insurance as their primary concern is addressed – You have made arrangements for adequate health insurance for your period of stay in Australia.
However, the policies of insurance companies seem to collide with this view of thought. As per them, a couple is not allowed to have dual individual policies. They MUST have the couple’s insurance.
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There is NO CLEAR REASON for the extreme difference in prices, however. Here are a few possible reasons:
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Whatever your choice is, we are here to help you. At GetMyPolicy, choose between the best government-registered insurance providers and plans. Also, compare between them, see available features, and know precisely what you pay for. That is not all. Upload your policy and get 15 FREE PTE Practice Tests!
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