This is how you save on health insurance without having to worry about waiting times

So you think you’re paying too much for private health insurance?

You’re not alone. However, many people are unable to find a cheaper health insurance deal because they believe that changing insurers involves long waiting times.

That is not necessarily the case. It is possible to save on health insurance and avoid new waiting times.

The rising costs of health insurance in Australia are a heavy burden on household budgets. That’s why it’s important to compare health plans to make sure you’re not paying too much for your health insurance.

But many people are too afraid to switch providers because they think their new insurer will have to wait long. Fortunately, that’s not necessarily true.

If you switch to equivalent coverage, your new insurer is required by law to account for any hospital waiting time you’ve already completed under your old policy.

Many health insurance companies also do without extras or significantly reduce waiting times as part of regular campaigns.

The rising costs of health insurance in Australia are a heavy burden on household budgets. Photo: Getty

What is equivalent coverage?

Equivalent coverage means that your new health insurance plan offers the same coverage as your old plan.

For example, if you have already completed the waiting period for Silver hospitalization coverage with your existing provider, your new insurer cannot impose a new waiting period for the corresponding Silver hospitalization coverage.

However, waiting periods for extended coverage may apply. For example, if your old policy didn’t cover pregnancy or cataract surgery, your new insurer may set a waiting period if you want to cover them under your new policy.

What about pre-existing conditions?

Many health insurers allow waiting periods of up to 12 months for medical treatment for pre-existing conditions when you are first admitted or extended to hospital coverage, although coverage for psychiatric, rehabilitative, or palliative care can often be obtained after a two-month waiting period.

In most cases, extras don’t take into account any pre-existing conditions – they’re usually covered by your hospital insurance.

You can easily ensure that your new provider does not re-apply for waiting periods for equivalent health insurance – you just need a clearance from your old insurer to confirm that you have already completed these waiting periods.

If you switch to health insurance comparison, our team will take care of this paperwork for you.

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