• 15 March, 2022

OSHC Waiting Periods - Things You Should Know

If you're an international student in Australia, securing OSHC is a crucial step to ensure you have access to medical services while you're here. However, one aspect that is often overlooked is the waiting periods associated with OSHC. Waiting periods are the amount of time you need to wait after purchasing OSHC before you can make a claim for certain medical services. In this blog, we'll explore the waiting periods associated with OSHC and what you need to know to ensure you have the coverage you need when you need it.

What you should know

It's best to check with your insurer beforehand to ensure you're protected if you're unsure if your waiting period has expired. These waiting periods are standard across most OSHC providers and refer to the time you must wait before you can access certain services or benefits. It's important to be aware of these waiting periods and how they may impact your health coverage.

What are the reasons behind the waiting periods for OSHC?

The waiting periods for OSHC coverage are put in place by insurance providers as a way to manage risk and keep premiums affordable. These waiting periods help to ensure that policyholders do not purchase a policy only when they need to make a claim, which could result in insurers having to pay out more than they collect in premiums.

The waiting periods also help to protect policyholders who have been with an insurance provider for an extended period of time. Without waiting periods, new policyholders could take out a policy and immediately make a large claim, which would impact the insurer's ability to provide adequate coverage to their long-term policyholders.

By having waiting periods in place, OSHC providers can manage their risk exposure and maintain affordable premiums for all policyholders. It's important to note that waiting periods may vary depending on the provider and the specific policy, so it's crucial to read the terms and conditions of your policy carefully to understand the waiting periods that apply to your coverage.

Is there anything I can do about it?

Unfortunately, waiting periods for OSHC coverage are standard practice and are put in place by insurance providers to manage their risk exposure and maintain affordable premiums for all policyholders. As such, there isn't much that individual policyholders can do to alter these waiting periods.

However, it's essential to choose an OSHC provider that offers waiting periods that are reasonable and manageable for your needs. Some providers may offer shorter waiting periods or may waive waiting periods for certain services, so it's essential to compare policies from different providers to find the best fit for you.

Additionally, if you're already covered by an OSHC policy and are dissatisfied with the waiting periods, you can consider switching to a different provider. However, it's important to note that if you switch to a new policy, you'll typically need to serve waiting periods again, as waiting periods usually apply to new policyholders.

Overall, while waiting periods for OSHC coverage may be frustrating, they're an essential aspect of managing risk and keeping premiums affordable for all policyholders. Therefore, it's crucial to understand the waiting periods that apply to your policy and choose a provider that offers waiting periods that are reasonable and manageable for your needs.

If you want to learn more about BookOSHC's offerings, you can contact us at +61 433 195 430 or write to us at [email protected]

Don't get caught out by OSHC waiting periods! Be sure to understand the waiting periods for your OSHC coverage and plan ahead. If you have any questions about OSHC waiting periods or want to explore your coverage options, visit our website today to learn more!