Getting your head around the Private Health Insurance Fund waiting periods doesn’t have to be difficult.

To keep you from waiting around for the health care that you need right now, all you need is some persistence and knowledge.

What is a Waiting Period?

A Waiting Period is the time between when you have joined a Private Health Insurance Fund and when you are entitled to receive benefits or make a claim. A classic example is that most Private Health Insurance Funds will make you wait 12 months before you are covered for Obstetric care. Yes, most private health insurance funds have a rule that you cannot claim for having a baby unless you have been a member for 12 months or more.

How do I know when a Waiting Period applies?

Simply put, Waiting Periods will start immediately after you purchase a policy.

Waiting Periods can also apply when you:
– Become a new member of a Private Health Insurance Fund
– Rejoin a Fund after a significant time lapse
– Change to a different or higher level of cover within your Private Health Insurance Fund.
– Transfer to another Private Health Insurance Fund, especially if there is a difference between the benefits of the old and new policies.

How long can I expect to wait before I can receive benefits?

Waiting Periods vary between Private Health Insurance Fund and also between individual services covered within your policy. Each fund may have different variations on how long you must wait, but the following are common periods defined in their policies.

Generally, you can expect to wait:
2 Months – Basic Cover
6 Months – Optical: including replacing you glasses or contact lenses
12 Months – Pre-Existing Illnesses, Obstetrics ,Dental: including major dental surgery, Breathing Aids i.e. Nebulisers, Peak Flow Meters and Spacing Devices
24 Months – Blood Glucose Monitors for diabetics
36 Months – Hearing Aids

Always check your Product Disclosure Statement about Waiting Periods and if you’re ever unsure, please contact your Health Fund. They will often try and sort out the best options, even if the news is bad you have still tried to discuss the problem with them.

What do I do if I need to claim against my Health Insurance before the end of the Waiting Period?

If something unexpected happens that you need to claim on your Private Health Insurance, like your baby being born prematurely, you can provide a Doctor’s statement detailing that the situation was not expected until after the waiting period.

Are there ever any exceptions to the Waiting Periods?

Absolutely!

If you change to a new Private Health Insurance Fund, you should be covered by Continuity of Cover, which means that any waiting periods that you have already served will transfer over to your new fund.

Also, Private Health Insurance Funds frequently advertise special deals on policies that have “No Waiting Periods”. These are certainly worth investigating. This is great if you need cover quickly and you need cover quickly.

There are bargains out there, so grab them when you find them!

Author Bio: Frank Wall is a student of Private Health Insurance in Australia. He helps people compare private health insurance cover, find the cheap private health insurance and best extras or anciliary cover.

Category: Finances
Keywords: health insurance, australia, waiting period, times, pregnancy