Will Health Insurance Waiting Period Waived off(transferred from current insurer) When Switching Health Insurance

LOzfanmel on 05/06/2023 - 07:02
Last edited 05/06/2023 - 13:38

I have been trying to negotiate with Bupa to get benefits like 5-6 weeks free as have been long term policy holder (almost 6-7 years due to corporate discount). Paying $450 per month with extra but not using much extras. I had worst plan to opt out extras for dental checkups but due to person circumstances I couldn’t start the procedure but will start soon.

Now should I try to negotiate with bupa so far they didn’t give any discount? Any one have been successful as existing customer?

When I switch to new provider will extras and waiting period not applicable if I take same cover in new provider?

I should have started reviewing much earlier to save few thousand per year. Multiple switch per year would have saved 4 months of insurance.

Health & Beauty Health Insurance Insurance

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Comments

  • MS Paint on 05/06/2023 - 08:01
    -2

    The government has written a small book on how this works

  • terlalu on 05/06/2023 - 08:56
    +1

    Generally if it's the same or higher level of cover waiting periods are waived. If you're switching to a lower level of cover, you may have to start again (sometimes they have deals/incentives that waive certain waiting times).
    In both cases, rebates that have been paid out generally carry over towards your new annual limits. eg if you've been paid $500 in rebates already this year, you DON'T start again at $0 and get all your extras again.

    • Ozfanmel on 05/06/2023 - 09:11

      Thank you. Just to confirm that if I take same level in new policy, how long it may take to confirmation about my waiting period is waived off or not. Is it instance or any timeframe to get transferred from previous provider

      • terlalu on 05/06/2023 - 09:31
        +1

        Usually your new provider will confirm the wiaver of your waiting periods once they receive a Transfer Certificate from previous provider ~2 weeks.

        But I'm pretty sure they will backdate any services from the date of transfer. You just won't be able to claim anything until after the Transfer Cert.

        Just check, sometimes the there is a 1 day waiting period

        • Ozfanmel on 05/06/2023 - 10:15

          Sure thanks

      • happydude on 05/06/2023 - 12:10
        +1

        It's not a waiver per se, it is the law that your waiting period is recognised. They put the law in to ensure people don't get stuck paying higher prices because the risk of switching and having an issue during the waiting period was too great.

        It's akin to being able to take your mobile number to a new provider.

        Last time I switched was from NIB to HCF. As soon as NIB got the request from HCF they called to offer a better deal. Still couldn't match it though so switched

        All insurance has a cooling off period so if you want to get a better deal you can sign up with someone else, call BUPA immediately and say you need a Transfer Certificate. If they offer something good, you can cancel the new insurer for no cost.

        • Ozfanmel on 05/06/2023 - 13:36

          Thanks for sharing this

  • Ozfanmel on 05/06/2023 - 09:13

    And for ato tax perspective, if I pay lowest policy or with extras any difference. My friend family does it around $200 which is minimum cover to start and he saying he don’t pay tax levy( his family income has no rebate)

    • terlalu on 05/06/2023 - 11:05
      +1

      No difference between policies if it's just for tax implications. (as long as they are an ATO authorised Australian insurer - ie you can't just say you're covered by a random insurance company overseas that no one has heard of).

      Tax wise it's also just hospital cover too. You don't need to have extras.

      • Ozfanmel on 05/06/2023 - 11:24

        Thanks.

  • pharkurnell on 05/06/2023 - 09:55

    I have been trying to negotiate with Bupa

    LOL!

    • Ozfanmel on 05/06/2023 - 10:13

      :( asking them to provide any benefit to continue but no positive response from them . No luck
      Few members here mentioned they were successful to get 4-6 weeks free as existing customer. It may be luck as Telstra credit some ppl gets and some doesn’t

  • Cherry12 on 05/06/2023 - 12:04
    +1

    Change insurance company before 30th June and you would usually get 6 weeks free, both hospital and extras, sometimes even gift cards on top of that.

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