I understand I have to wait up to 12 months to be able to claim some things.
I also know that some, if not all health funds will transfer you in, if you've already served that waiting period with another fund.
So what is to stop someone from doing the 12 month wait with the cheapest possible fund and then transferring to a similar level of cover with a better fund?
Just wondering, if someone in the know has a comment on this?
It could save a grand or two, yes?
Also, if there is a difference in the benefit that a new fund will pay you (eg. your new fund covers you for $1000 for major dental work vs your old fund only covering you for $500) you will have to serve the waiting periods again if you want to be paid out at the higher amount. Your new fund will still pay up to the limits of your old fund (ie the $500 limit) within the waiting period.
And you will still need to sit out the waiting period of the new insurance company for items not covered in your previous policy.
Thanks for all the useful comments.
For me I think probably it is not worth it, but it might help someone to know all of this.
It is so confusing - I only just realised that mid and high hospital cover does not refer to the amount of money they refund, but to the kinds of services that are covered. And they are all different - some cover things like Cataracts, others don't.
Thanks again.
Nothing stops you from doing this - it's the game with health insurance, although you will find that most insurance with similar level of cover would have similar price but if you find one that is cheaper then go for it. Health insurance are gouvernement regulated and have the obligation to honor your waiting period if you can prove you've served them with a previous fund with no interruption between your cover.