Is Family 457 Visa Health Insurance Good Value?

When it comes to 457 visa health insurance in Australia there are only three set categories available:
1) Singles Cover
2) Couples Cover
3) Family Cover

Now lets compare some prices from the three largest players in Australia for their budget policy:

IMAN 457 Visa Health Insurance
Singles Cover = $79.99
Couples Cover =$159.98
Family Cover = $187.98

Medibank 457 Visa Health Insurance
Singles Cover = $114.15
Couples Cover = $228.30
Family Cover = $239.60

BUPA 457 Visa Health Insurance
Singles Cover =$91.19
Couples Cover = $182.38
Family Cover = $182.38

Two key elements are evident is the following:

a) Couples cover is always double that of singles cover (so there is no discount for a joint policy)

b) Family cover is only a small increase (if any) from couples cover (So covering children has a minimal cost)

So Is Family 457 Visa Health Insurance Good Value?

Most Australian’s have private health insurance because the the public system has some major shortfalls and for some procedures you will be out-of-pocket.
The debate as to the value of health insurance and most specifically 457 visa health insurance is ongoing but looking at the figures you would have to conclude that if you consider singles health insurance be ‘value’ then you certainly will see family 457 visa health insurance as being ‘value’. This is because children are insured under the policy at an almost minimal cost.

It’s worth comparing 457 visa health insurance policies for specific elements of their family cover such as:
- How many dependent’s can be covered under the policy (important for large families)
- What is the maximum age of dependent
- What are the conditions of a dependent

An example for IMAN is that a dependent is any direct family member that is under 21 years old and lives in Australia. If parents have any children or dependants aged between 21 to 25 years of age inclusive and are studying full time they can be covered on your policy. Student Dependants can be added to family policies at no extra cost provided they are studying full time. There is also no cap on how many dependent’s (children) can be covered under a policy.

Such policy details can be critical for families in unique situations (eg larger families, older children etc etc). Its best to check health insurance policies and discuss them with the insurer directly before you decide which policy best suits you.