Families Should Consider IMAN 485 Visa Health Insurance

On the 16/03/2016 a comparison of 485 visa health insurance policies was conducted and found IMAN Family Budget Cover was the best value.

IMAN was not the cheapest cover but was considered best value because:

• It offers both public & private hospital accommodation including:
  • 100% of the cost of hospital accommodation for overnight and same day stays
  • 100% of the cost of operating theatre, intensive care, ward fee
• Their policy has no hospital excess
• Ambulance cover is included in the policy when medically necessary
• It includes both medical repatriation and funeral services (up to $20k) within the policy
• The policy meets Department of Immigration and Border Protection (Australian Government) requirements for 485 visa health insurance
• A “credit for time away” scheme exists so you don’t need to pay while holidaying overseas

The higher coverage of some services and additional services are the key reason with IMAN is considered the ‘best value’ for 485 visa health insurance. Reviews of each fund were also factored in with IMAN receiving a score of 3.9/5 from 14 reviews. IMAN has 17,000+ policy owners and is the only brand to only offer overseas visitor insurance.

Family Health Insurance For 485 Visa Holder Background

When applying for a 485 visa you must show proof that you meet ‘condition 8501’. This condition states that you must have ‘adequate health insurance’ during your stay in Australia. Most overseas students looking to transition to 485 visa confuse ‘adequate health insurance’ with OSHC which is incorrect. Overseas Student Health Cover (OSHC) does not meet this condition. Instead, specialist health insurance for 485 visa policies only will provide the cover required to meet condition 8501 such as those above.

A family must not only provide proof that they will be covered on commencement of the 485 visa but also any other family member placed on the application. This means that for a family specific family 485 visa health insurance will be required which covers the primary visa holder, their spouse (or de facto) and dependent children. It should be noted that different policies will vary in how old a child can be to remain covered under the health insurance for 485 visa policy. IMAN (recommended above) covers children up to 25 years old.

When you join any of the 485 health insurance policies above you will receive a letter (usually via e-mail) within a very short period as proof of purchase. This is the 485 visa compliance letter that you will need to attach to the application form as proof you have met condition 8501. When you come to Australia you must maintain your health insurance 485 visa policy for the duration of your stay. The only exemption is if you travel overseas when some policies will allow you to put your policy on hold for that duration.

Another way to meet condition 8501 is through Medicare. If you come from a country with a reciprocal health care agreement you can apply once your in Australia for Medicare. Once you receive your Medicare card this will be proof that you have met condition 8501. It should be noted that if your applying from overseas you can’t apply for Medicare and unless you have your card you can’t show proof you have met this requirement so you still will need a 485 visa family health insurance policy. Even if you can receive Medicare, most families keep their 485 visa health cover policy because:
- It provides additional cover over Medicare (which is really just a safety-net for Australians)
- It can lower your tax by avoiding the Medicare Levy Surcharge
- It covers other services such as Ambulance cover

Details On The Family 485 Visa Health Insurance Comparison

The comparison table and recommendation was made on the 1st of April 2016 by the authors of 457 visa compared. The comparison was made by going to the Australian health fund websites to view if they offered family health insurance for 485 visa holders and what the key elements were of their policy such as price, benefits and waiting periods. The figures in the above table were double-checked but policy details can change so any feedback is welcomed by individuals who feel an element is inaccurate.

The information was gained by real people and through a direct link (or scraping) of any site. As such the information is indicative and provided for general information only. The authors recommend that for a full and comprehensive comparison that individuals should go to each site and download the full policy PDF document and make comparisons based on these detailed documents.