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

Looking for a cheaper deal on your health insurance, but you’re worried about lengthy waiting periods that’ll stop you from using your cover straight away?

There’s a way around this, but don’t expect your health insurer to tell you how.

If you switch to a hospital policy with the same level of cover, your new insurer is legally required to honour any waiting periods you’ve already served.

And it pays to check out your options.

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

Many people are too scared to change providers because they believe their new insurer will hit them with long waiting periods.

But that’s not necessarily true.

Cheaper health insurance with no new waiting periods is easy to find but many Aussies are missing out. Photo: Getty

 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.

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 waiting periods for your equivalent cover.

When you switch with Health Insurance Comparison, our team will take care of this paperwork for you.

So wave goodbye to new waiting periods and say hello to lower-cost cover.

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.