What Should OSHC Insurance Mean to Students?

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Let us make this very crystal clear for you. This post isn’t about providing financial advice or how to manage & grow your financial portfolio. However, if you clicked in the hope of receiving such insights from the banner image, we recommend contacting a financial advisor or a consultancy. This blog is purely about students who are aspiring to go abroad, especially study in Australia. And subsequently, how critical it is for them to opt for OSHC insurance.

What Should OSHC Insurance Mean to Students

But then, why include irrelevant terms like ‘Mutual Fund’ & ‘Financial Security,’ some of you may ask. To quench your thirst, it’s merely a representation to shed light on the importance of student health insurance through the concept of proportion.

So, What Does It Mean?

If one considers mutual funds as an instrument for financial security, what should OSHC equivalently hold value? Before we unearth the actual value of OSHC for Australia, let us understand what is OSHC & why it is required?

What is OSHC?

OSHC stands for ‘Overseas Student Health Cover’. OSHC helps international students cope with medical and hospital care costs they may need while in Australia. More importantly, to study in Australia, it is a condition of the student visa to maintain adequate OSHC insurance for the duration of your stay.

Thus, can we say that,

Yes, it is correct to say, but there is more to OSHC than meets the eye.

A student has the following options to purchase OSHC through directly:

  • The university or education institution wherein enrolled
  • The insurer
  • A migration agent
  • An education agent associated with the education institution

So, What does OSHC cover?

Student health cover policies cover the cost of hospital, medical treatment, and ambulance services. Students need to go through the OSHC Deed as all the minute details and OSHC policy requirements are set out. It is in the students’ interest to check what’s included in the Deed, and to review more in detail, one can check with the OSHC insurer or the department of health.

Let’s see who are the OSHC providers for student health insurance plans.

There are currently 6 private health insurers operating in Australia which offer OSHC:

  • Ahm OSHC
  • Allianz OSHC
  • Bupa OSHC
  • CBHS International Health
  • OSHC Medibank
  • OSHC Nib

Thus, students will have the option to refer to the widest choice of plans to choose as per their needs.

So, is it safe to say

Accurate, up to an extent.

But, what should you consider when comparing & purchasing student health insurance plans?

Waiting Periods

Whether you are getting a policy for the first time or upgrading your plan, you’ll need to serve a waiting period before you becoming eligible to claim benefits. The waiting period limits individuals to make a large claim right after joining and then canceling their membership. OSHC policies require you to maintain a waiting period for certain services (excluding emergency treatments).

Usually, waiting periods include:

• 12 months for Pre-existing conditions;
• 12 months for Pregnancy-related conditions;
• 2 months for Pre-existing Psychiatric conditions, rehabilitation, or palliative care;
• 2 months in all other circumstances.

Policy Exclusions

Due to the various OSHC providers and widest choice of plans available, not every treatment is covered in your overseas student health cover. Your level of cover determines the range of services offered under your OSHC cover. It is better to go through the policy document and understand all costs associated with your treatment and for which you might have to pay from your pocket.

OSHC Comparison

OSHC for Australia is comprehensively explained along with each insurers’ features and benefits on the GetMyPolicy.online website. Students can perform a quick OSHC comparison, and purchase a plan suiting their needs.

Hence, finally, can OSHC be summarized as,

Your Healthcare Needs

It’s a fact that no one knows your health as you do. Thus, you are the best judge for your healthcare needs. From time to time, to might wish to opt for various features or benefits as per your needs.

However, at any point, you must have the OSHC health insurance not because it’s a visa requirement, or to save hospital cost, or opt because of a good deal. But it would be best if you had overseas health insurance because your life matters the most. A loss of life is the most brutal pain to friends, family, and loved ones.


Wrap Up:

At GetMyPolicy, we understand every students’ needs and thus help them in a number of ways. Whether to manage policy and lower the cost or move to another insurer for specific features or benefits. We are always there for students to assist those who are looking for any OSHC services via [email protected]


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