Switching private health insurance funds? Here’s what you need to know
We answer the big health insurance transferring questions
Whether it’s holding out for a text back or standing by a box of unripened mangoes, no one enjoys waiting around for the good stuff; so why are there waiting periods when it comes to health insurance?
Understanding your health cover should be simple, which is why we’ve explained what a waiting period is and why we have them.
Whenever you increase your level of health cover, or sign up for a new policy, you’ll be required to serve a ‘waiting period’. This is the time frame you’ll have to wait before you can start claiming benefits and it applies to both Hospital and Extras cover at different levels. The government is responsible for setting the maximum hospital waiting periods that health funds can have to make it as fair as possible for all Australians.
Waiting periods protect the majority of our customers by ensuring that individuals don’t join a health fund, claim immediately and then cancel their private health insurance as soon as they’ve received their benefits. This would lead to premiums increasing - potentially making health insurance unaffordable for many Aussies.
If you have a ‘pre-existing condition’ – i.e. you show signs or symptoms of an ailment in the six months prior to joining or upgrading your private insurance cover – you’ll be required to serve a 12-month waiting period for Hospital procedures*.
This is outlined as part of the government’s Private Health Insurance Act 2007, and aims to keep health cover fair and as affordable as possible. Check out our pre-existing conditions page for more information.
If you’re considering switching health insurers, don’t worry, if you’re transferring a policy that has an equivalent or lower level of benefits, you won’t have to re-serve any waiting periods. We’ll also recognise partially served waiting periods – so even if you’ve only served three months of a 12 month waiting period, the three months still counts when you transfer to us.
If you’re already an nib customer, you can check whether you have any waiting periods in Online Services.
If you join any combined Hospital and Extras policy online before January 31, we’ll waive the two and six month waiting periods that apply on Extras, so you can seek treatment straight away on treatments covered by your Extras policy like optical, chiro and general dental.
*Psychiatric care, rehabilitation or palliative care services pre-existing conditions have a 2 month waiting period.