Here’s how to avoid new waiting periods on private health insurance

Many Australians avoid switching their health insurance because they’re worried about again serving their waiting periods.

But it’s a misplaced fear that could be costing them hundreds of dollars.

The truth is that legally insurers are required to honour any hospital cover waiting periods you’ve already served if you switch to a cheaper equivalent or lower level of cover.

That means it is possible to switch, save and use your new policy straight away.

What’s more, when you switch using a service like Health Insurance Comparison, its dedicated support team will also take care of the paperwork so you don’t have to worry about making sure your new insurer doesn’t accidentally apply waiting periods to your new policy.

The equivalent cover tactic

Equivalent hospital cover means that your new health insurance policy provides the same level of coverage as your old policy.

For example, if you have already served the waiting period for silver hospital cover with your existing provider, your new insurer can’t impose a new waiting period on the equivalent silver hospital cover.

Find cheaper health insurance without new waiting periods. Photo: Getty

So by comparing policies you can quickly see if there’s a cheaper deal with the same amount of cover.

It’s the fastest way to find better value health insurance you can use straight away.

A quick note: Waiting periods may apply if you upgrade your cover. For example, if your old policy didn’t cover pregnancy or cataract surgery, your new insurer can impose a waiting period if you want to be covered for these services under your new policy.

Some funds may also ask you to serve waiting periods for some extras services. Our trained advisers can provide expert guidance about these.

It’s straightforward to make sure your new provider doesn’t reapply hospital cover waiting periods – all you’ll need is a clearance certificate from your old fund to confirm you’ve already served these waiting periods for an equivalent cover.

The Health Insurance Comparison team will take care of this and the other paperwork.

So don’t miss out on a better deal on your health insurance.

Last year, we saved Australians an average of $312* when they compared and switched health insurance through us.

Now let’s see how much we could save you.

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

*Based on 25,311 policies in 2020.