Common Insurance Terms You Should Know: Overseas Health Cover

Jan 24, 2024

When studying in Australia as an international student, Overseas Student Health Cover (OSHC) is by far the most necessary insurance to carry. It ensures that you have access to the necessary medical assistance while studying away from home.


However, understanding the terms and conditions of your health insurance coverage, on the other hand, might be difficult!


We have followed the simplest and most significant things in this blog to assist you in grasping the common phrases associated with overseas student health coverage, so you can make informed selections.

Significance of OSHC

Before we get into the details, let's talk about OSHC. This coverage is your full safety net, providing a slew of unique benefits for the well-being of your health. 


OSHC has you covered in every manner, from necessary treatments to emergency services, prescriptions, and preventative care. 


The health cover may as well be considered as your health guardian, dedicated to ensuring your well-being during your educational journey and providing you with the peace of mind you deserve.


To make that happen, you'll need to choose a dependable insurance company. PFEC Global has formed partnerships with major companies such as NIB Group, Medibank, Iman Australian Health Plans, Bupa, and other top-tier insurance companies. Thus, allowing us to provide our clients with the best overseas student and visitor health insurance available in Australia.

10 Health Insurance Terms You Should Know


Premium refers to completing a transaction or making a payment to your insurance provider in exchange for health coverage. 


There are several payment options available, including yearly, semi-annual, and monthly payments. As a result, it is particularly flexible for international students.


The payment schedule, on the other hand, is frequently established by your policy and the insurance company you choose.


Deductible – it’s certainly a catchy word that will give you a sense of calmness. This word refers to the amount of money you must pay whenever you want medical care, as well as the amount your insurance company will cover.


For instance, suppose your health insurance coverage has a deductible of AUD 1000. This is presented as the terms and conditions in your health coverage policy.


Let's consider you had a medical emergency and after your diagnosis, the total cost came to around AUD 2200. This means you'll only have to pay AUD 1200, with the remainder covered by your health insurance, which is AUD 1000.


A co-payment, often known as a co-pay, is a predetermined cost that you pay for particular medical services such as doctor consultations or prescribed medications.


A Pre-Existing Condition is any health problem, injury, or medical condition that existed before the effective date of your insurance policy. This covers any illness or injury for which you were treated or provided medicine before the starting date of your insurance. 


It's important to understand your insurance policy's definition and coverage for pre-existing conditions, as some policies may exclude coverage for certain diseases. Understanding these phrases will help you negotiate what your insurance will and will not cover in terms of pre-existing health conditions.


The term is pretty straightforward, meaning the Coverage Limit is defined as the maximum benefit amount your health insurance provider will pay for eligible medical expenditures. 


Before getting your health insurance, we advise you to thoroughly check the coverage limitations to see what costs are covered and whether or not there are any restrictions – since these policies differ from company to company.


In the field of healthcare, a network provider refers to professionals or organizations that have engaged in agreements to provide services to insured persons at predetermined pricing. Choosing these network providers sometimes results in lower rates or more coverage for your medical bills via your insurance plan. 


Your insurance ID card will normally include the exact network(s) linked with your plan, directing you to providers affiliated with the PPO networks designated by your plan. Choosing these network-affiliated medical institutions may help you save money while still getting the most out of your insurance plan.


A medical practitioner, health facility, or clinic that has yet to be identified or mentioned as being in network with the designated network(s) of your health insurance coverage.


Repatriation coverage pays for the costs of returning a deceased individual's remains to their home country if they die while studying abroad, giving financial help in such tragic circumstances.


Certain universities or educational institutions may grant an exemption to students who can demonstrate adequate health insurance coverage. Thus, understanding the waiver conditions and filing the necessary papers if eligible is required.


In the case of an emergency accident or sickness, medical evacuation refers to transferring the insured individual to the nearest hospital or medical facility or perhaps arranging for their return to their home country.


Due to potentially high healthcare costs, particularly in countries such as Australia, studying abroad demands having comprehensive health insurance, making decent coverage essential for students. 


The Student Secure plan is designed for foreign and study abroad students who are studying outside of their home country and offers four coverage levels—Smart, Budget, Select, and Elite—to fit a variety of demands and budgets.


PFEC Global is your ultimate stop to acquire an Overseas Student Health Cover (OSHC) in Australia. Our premium network and affiliations with respected Australian health insurance firms guarantee thorough help for acquiring the best OSHC plan.


Please reach out to PFEC Global at +610396201773 (Melbourne), +610283784282 (Sydney), and +610870992258 (Adelaide) for more details.

Frequently Asked Questions (FAQs)


1. What are out-of-pocket expenses?


Answer: Any expenditure incurred for a hospital, medical, or healthcare service or item that your health insurance company will not cover or pay.


2. What healthcare benefits are available in Australia?


Answer: Medicare is Australia's national health insurance policy. It ensures that all Australians, and certain international visitors, have free or low-cost access to a comprehensive variety of health and hospital services.


3. Are public hospitals free in Australia?


Answer: In New South Wales, there are over 220 public hospitals and health facilities that offer free health treatment to Australian citizens and permanent residents.


4. How much does it cost to see a doctor in Australia without insurance?


Answer: The doctor's consultation cost for an ordinary consultation is $50.00, with a Medicare Schedule fee of $36.30. After getting a Medicare refund and paying 100% of the Scheduled cost, the patient's out-of-pocket payment is $13.70. However, the average cost of a specialist appointment is around $130.

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