Frank Health Insurance For 457 Visa Holders

Frank Health Insurance is a subsidiary of GMHBA Limited, one of Australia’s oldest health funds with over 250,000 members. Located in Victoria, they service policy holders Australia-wide.

In 2014 Frank Health Insurance launched Frank 457 visa health insurance (know as Frank OVHC).

Advantages Of Frank OVHC Health Insurance

1) Is one of the cheapest 457 visa health insurance in Australia for all applicants.

Frank’s has one of the cheapest 457 visa health insurance policy at $75 per month for singles and $150 for families.

This price is for all applicants (not a starting from price) so it won’t change as you provide the Australian health fund more details about yourself (eg age, country etc).

Frank’s can offer cheap health insurance because the fund is ‘not for profit’ which means it doesn’t need to pay shareholders. Any additional revenue is reinvested into the company through improved policy benefits or reduced prices.

HIF & Australian Unity are two other ‘not for profit’ health funds.
The overseas visitor health cover chart below shows the prices of health funds as of the 06/04/2016

 

2) Private Hospital Cover Is Included
A unique element of Frank OVHC is that unlike other cheap 457 visa health insurance policies it includes private hospital accommodation cover at any hospital in Australia (not just agreement hospitals).

Private hospital cover means that if you’re sick or injured you can get treated in a private facility as a private patient at no extra charge. For many individuals and especially families this can be a critical element as Australia’s public hospitals often don’t meet the standard that many people require.

3) Strong Reviews
Frank has the best reviews from existing/past policy holders of any Australian health fund offering overseas visitor health insurance on the leading review website Product Review.

The health fund has a score of 94% from 37 reviews on ProductReview.com.au as of 4th of May 2015 (see the exact reviews below).

4) DIBP Approved

Like all the other 457 health insurance policies compared on this site, Frank’s OVHC meets the Department of Immigration and Border Protection requirements that relate to condition 8501. This is the minimum standard for a specialist health cover policy to be considered ‘adequate health insurance’ by condition 8501 of the 457 visa.

Disadvantages Of Frank OVHC Health Insurance

1) Hospital Excess

Frank OVHC has a $500 excess per person on the policy. This means that if you are admitted to a hospital you will need to pay the first $500 of costs towards your stay. This is capped per year so if you have multiple hospital visits you wont need to repay the excess.

There is also a ‘private room co-payment’ of $100 per night in addition to the $500 excess if you prefer a private room rather than a shared room (most other funds don’t provide this option).

It should be noted that you can go to any Australian public or private hospital but fixed benefits will only be payable in non-participating private hospitals.

If you visit one of the 460 private hospitals and day surgeries that Frank has agreements with then the benefits won’t be fixed.

If your happy to get treated only in a public hospital and share a room with someone else, then HIF may be a better solution (although their cover is more expensive).

2) Limited Cover Options

Unlike most of the other overseas visitor health cover firms, Frank only offers cheap 457 visa health insurance policies.

This may be an issue if you’re looking for more premium cover such as private hospital cover for pregnancy in which case another Australian health fund may be more suitable.

Who Is Best Suited For Frank 457 Visa Health Insurance?

Frank OVHC is the ideal option is you:

• Are looking for low cost cover ($75 for Singles & $150 for Couples/Families)
• Want to be treated in private hospital
• Want the option of a private room

If your happy to be treated in a public hospital and want to avoid paying an excess when admitted to a hospital then HIF may be a preferred choice.

Frank as mentioned earlier is a ‘not for profit’ health fund (as is HIF).
This is why the Australian health fund is able to offer low prices yet receives the best customer reviews in the industry.

Frank Health Insurance is rated 4.7 stars by 39 customers.

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