What are the no waiting period benefits when you switch health insurers
Want to switch to a new health insurer but don’t want the waiting periods?
02 January 2018
Nobody likes waiting around for something new to start. It’s annoying, boring and inconvenient. When you get a new health insurance policy there can be some waiting around before you can make a claim. You may only have to wait 1 day before you can claim on services like AAMI Health Insurance’s Unlimited Emergency Ambulance Cover, but for some benefits you’ll have to wait up to 12 months before you can claim.
You can now get AAMI Health Insurance. When you switch from your old insurer to an equivalent AAMI Health Insurance policy, you might not have to serve any waiting periods, if you’ve already served them with your previous health insurer. That means you could be eligible to make a claim on your private Health Insurance from the first day you join AAMI Health Insurance.
Claim services you’re already covered for
Good news! Switching from your old policy to an equivalent AAMI Health Insurance policy means you won’t need to wait around for months – you’ll immediately be able to claim on your private Health Insurance for the waiting periods you served with your previous health insurer if the services match an equivalent AAMI Health Insurance policy. With our AAMI Health Insurance Extras Covers you can immediately claim up to your annual limit, less any amount claimed in that calendar year on the same service with your previous fund. This all makes switching to a new health cover provider a whole lot easier.
For example, if you switch to our AAMI Health Insurance Everyday Active Extras Cover, you’ll skip the normal 6-month waiting period on Optical when you switch from a comparable level of optical cover. This means if you’re needing to get your eyes checked and buy some new glasses soon, you can do it without having to hold out for another half a year.
Keep in mind the level of cover you need
If you are switching to AAMI Health Insurance, and you need a higher level of cover, you may have to serve waiting periods on newly covered services. That’s because by upgrading, you’re adding some useful new services that you haven’t served waiting periods on previously. You may have to wait up to 12 months before you can make a claim.
Compare your options before you commit
We think it’s a good idea to compare your health insurance options with AAMI Health Insurance. While it’s important to remember that you may not be eligible for the no waiting period if you do switch and upgrade, you can feel safe and looked after knowing that the waiting periods you served though the provider you’re switching from will be recognised.
If you want to switch from your old insurer to an equivalent AAMI Health Insurance policy and start making the most of your AAMI Health Insurance today, get a health insurance quote now.
If you still have questions or would like more info, give us a call on 13 22 44 (MON to FRI - 8.00am - 8.00pm AEST/AEDT SAT - 9.00am - 1.00pm AEST/AEDT ).
AAMI Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer, and is arranged by Suncorp Insurance Ventures Pty Ltd ABN 53 158 182 042 (SIV), for which SIV receives commission.
With private health insurance you won’t have to wait on public hospital waiting lists when you need treatment. In comparison, waiting times for treatment as a public patient in a public hospital under Medicare are on average: • 4 months for removal of tonsils (120 days)
• 1.5+ weeks for coronary bypass surgery (13 days)
• 3.5+ months for hip replacement surgery (114 days)
• 6+ months for knee replacement surgery (188 days)
Source: Australian Institute of Health and Welfare, Australian hospital statistics 2015-2016: elective surgery waiting times.
Medicare Levy Surcharge
The Medicare Levy Surcharge (MLS) is a government tax on top of the normal Medicare Levy and impacts singles with a taxable income of over $90,000 or families (including couples and single-parents) with a taxable income of over $180,000 who don’t have an appropriate level of private hospital insurance for the full financial year.
Holding any AAMI Health Insurance Hospital Cover product means you won’t pay the MLS if your income is above the government threshold and you maintain your hospital cover for the full financial year.
Lifetime Health Cover (LHC) loading is a government charge which adds 2% on to the price you pay for Hospital Cover if you sign up after 30 June following your 31st birthday. The loading increases by 2% for every year you don’t join, up to a maximum of 70% and can only be removed after 10 years of continuous Hospital Cover.
For example, if you sign up at the age of 40 you’ll pay an extra 20% for your Hospital Cover compared to someone who joined aged 31.
Standard waiting periods
1 day: Accidental Injury; Emergency Ambulance.
2 months: Palliative Care; Rehabilitation; Psychiatric Treatment; Hospital Treatment not related to a pre-existing condition.
12 months: Pregnancy and Birth Services; Pre-existing Conditions: When a customer has shown symptoms of a condition during the 6 months prior to joining this health fund or upgrading their Hospital Cover. This does not apply to Palliative Care, Rehabilitation or Psychiatric services.
Not all of the above services are included with each level of Health Insurance cover. Waiting periods apply to customers not currently covered for these services. Use our Health Insurance comparison table to see the complete list of included and excluded services.
We don’t cover procedures or hospital costs associated with cosmetic procedures to enhance appearance.
AAMI Home Building and Home Contents Insurance, Landlord Insurance, Strata Insurance, Car Insurance, Motorcycle Insurance, NSW and ACT CTP Insurance, Caravan Insurance, Business Insurance and Travel Insurance are issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. AAMI Life Insurance and Accidental Injury Insurance are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (SLSL) and are distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 (SFS) under the AAMI brand. AAMI Income Protection is issued by SLSL and distributed by SFS, under the brand AAMI, and AAI, who only issues the redundancy benefit. AAI trading as AAMI does not provide any financial product advice in relation to AAMI Life Insurance, Accidental Injury and Income Protection (except in relation to the redundancy benefit).
AAMI Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer, and is arranged by Suncorp Insurance Ventures Pty Ltd ABN 53 158 182 042 (SIV), for which SIV receives commission. Registered Office, Level 28, 266 George St, Brisbane QLD 4000. Information provided is general advice only and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Read the relevant Product Disclosure Statement or Policy Document available at www.aami.com.au and consider whether it’s appropriate for you before making any decisions about whether to buy or continue to hold a product. Information current as of 9 July 2015.