Medibank is the Government owned Australian Health Fund that has the highest market share for permanent resident health insurance. Their market share though is significantly lower for 485 visa health insurance due to their lower brand recognition overseas (against a brand like BUPA) and higher price points.
The table above shows how Medibank’s basic 485 visa health insurance policy is significantly higher than other providers such as IMAN for singles. Their couples is twice the price ($228.30) while their family is $1.30 higher. This is at the premium end of the market for the ‘basic’ range while the most expensive family policy is $522.70 a month.
Its important to note that Medibank 485 Visa Health Insurance policies include an excess for hospital claims. Medibank state on their website this is to reduce their premium costs but it should be noted that some other funds with lower prices offer no excess. An excess can mean that if you need to visit a hospital you will be out of pocket a certain amount immediately. Its then possible based on the treatment that additional out-of-pocket expenses could be experiences. This is especially true depending on the hospital you get treated at with only a select number of Australian hospitals been ‘preferred providers’. This means that is you get treated in one of these preferred provider hospitals you may have ‘no gap payments’ on your treatments while other hospitals that don’t have an agreement with Medibank could have a large gap between what the hospitals charge and the price Medibank are willing to pay.
Medibank 485 Visa Health Insurance Review
Medibank has a unique benefit of a nurse on call. This service means you can call up if you have non-emergency health related questions. Those that also have Medicare though may find this service obsolete as the Australian government has a similar service that is free for all medicare holders. They key services all of Medibank’s 485 visa policies include are Ambulance cover, Hip and knee joint replacement surgery and all other in-hospital services recognised by Medicare. In fact, the wide range of treatments such as shoulder reconstructions and cataracts surgery may make their policies more suited towards older 485 visa holders who may be more likely to use these services compared to younger individuals who are less likely to require such procedures during their stay in Australia.
It’s worth noting that there is a one years waiting period for any pre-existing conditions. This means that for example you have a bad knee before you take up the policy that you can’t make a claim against it until after a full 12 months. The only exceptions is if you already had a 485 visa health insurance policy with another provider. In that case the policy time frame is seen as continuous as long as that exact procedure you may seek existed on the previous policy cover.