Switching health insurance policies and health funds is easy.
Under Federal legislation, health funds are required to allow ‘portability’ for hospital cover. That means you can switch to a new health fund on an equivalent or lower level of hospital cover and you won’t have to serve any new waiting periods.
So if you’ve served all your waiting periods with your current health fund, you’ll be covered straight away by your new health fund providing you transfer to an equivalent or lower level of health insurance cover.
Most health funds also allow portability for General Treatment Cover (Extras Cover) although this is not legislated.
For assistance switching health funds, contact us or request a free, no obligation health insurance review and personal recommendation.
Transfer Certificate
When you switch health funds, you will usually be asked to sign a form to cancel your previous health insurance membership. That cancellation form will also ask your previous health fund to issue a Transfer Certificate to you. This document will usually be posted to you within a few weeks of switching health funds.
When you receive the Transfer Certificate, you should send it to your new health fund without delay – as this is the document that will confirm to your new fund the level of health insurance you have previously held and allow ‘portability’ of your entitlements. If you fail to provide a Transfer Certificate to your new health fund, you will most likely have to serve waiting periods again.
Upgrading your Health Insurance and/or reducing your Hospital Excess
If you upgrade your cover or reduce your hospital excess when you switch health funds, you are increasing your benefit entitlements. Your health fund can therefore require that your serve waiting periods for the increased benefits. Under these circumstances, you will usually continue to receive the same benefits as you would have before the benefit upgrade, but will be required to wait for the higher benefits/lower excess to take effect. These waiting periods for the higher benefit entitlements will apply regardless of whether you upgrade with the same health fund or switch health funds at the time you upgrade.
Loyalty Bonuses
Some health funds offer loyalty bonuses when you stay with them for a period of time or take a combined Hospital and General Treatment (Extras) Cover. Loyalty bonuses cannot generally be transferred over to your new policy when you switch health funds.
Health Link can help
Health Link Consultants has access to a huge selection of policies from a range of health funds to ensure we can find the most appropriate and competitive cover for your needs abd assist you to switch health funds.
Simply provide us with details of your health insurance needs using the online form or call us on (03) 9670 5555 or 1800 808 026. We’ll then review your situation and forward a policy recommendation to you. Best of all, Health Link’s health insurance review and personal recommendation service is available to you free of cost and without obligation.
More information about switching Health Funds
For more information about switching health funds or assistance to switch health funds, contact Health Link Consultants on 03 9670 5555 or 1800 808 026 – or submit your contact us