If you currently hold a Business Innovation and Investment (Provisional) Visa (Subclass 188), suitable health insurance can help protect you and your family against eligible hospital and medical expenses while living in Australia.
The Business Innovation and Investment Program is closed to new applications, but existing subclass 188 visa holders may continue to live in Australia under their visa arrangements and may still need appropriate health insurance during their stay.
Depending on your circumstances, Overseas Visitor Health Cover (OVHC) may provide benefits towards eligible hospital treatment, doctor and specialist services, emergency ambulance transport and certain prescription medicines.
Your health insurance requirements can depend on the conditions attached to your visa and your individual circumstances. You should therefore check your visa grant notification or VEVO record and consider your Medicare eligibility when choosing cover.
At 8501 Health Insurance, you can compare health insurance options for eligible existing subclass 188 visa holders and review prices, benefits and important policy features before choosing cover.
Subclass 188 visa holders can spend several years living in Australia, so choosing suitable health insurance involves more than simply finding the lowest monthly premium.
When comparing 188 visa health insurance, consider:
If your spouse or dependent children are included in your family's visa arrangements, compare the healthcare needs of the entire family rather than considering only the primary visa holder.
Because the Business Innovation and Investment Program is closed to new applications, this page is intended primarily for people who already hold a subclass 188 visa and are looking for suitable health insurance while living in Australia.
Your healthcare circumstances may also change over time. For example, your Medicare eligibility or visa status may change if you later transition to another visa.
For this reason, review your health insurance whenever there is a significant change to your immigration or healthcare circumstances.
Compare the available Subclass 188 health insurance options below.
The Business Innovation and Investment (Provisional) Visa (Subclass 188) is a provisional visa that allowed eligible business owners, investors and entrepreneurs to live in Australia under different streams of the former Business Innovation and Investment Program.
Although the program is now closed to new applications, existing subclass 188 visa holders may continue to require suitable healthcare arrangements while living in Australia.
Your health insurance needs can depend on your Medicare eligibility, visa conditions, family circumstances and healthcare requirements.
For eligible subclass 188 holders who do not have Medicare access, suitable Overseas Visitor Health Cover (OVHC) can help with eligible hospital and medical expenses in Australia.
Health insurance requirements should be considered according to the conditions attached to your individual subclass 188 visa.
If a health insurance condition applies, you should maintain appropriate health insurance for the period required by that condition.
When reviewing your health insurance arrangements, consider:
Check your visa grant notification or VEVO record to confirm the conditions applying to your current visa.
Visa Condition 8501 requires a visa holder to maintain adequate arrangements for health insurance while in Australia when the condition is attached to their visa.
Subclass 188 holders should check their individual visa grant notification or VEVO record to determine whether Condition 8501 applies to them.
If Condition 8501 applies, appropriate health insurance should be maintained for the period required by the condition.
Do not cancel your health insurance simply because another subclass 188 holder has different healthcare arrangements. Visa conditions and individual circumstances can differ.
Holding a Subclass 188 provisional visa does not automatically mean that you are eligible for Medicare.
Medicare eligibility can depend on your individual circumstances, including nationality, residence status, applicable reciprocal healthcare arrangements and any other basis on which you may qualify.
You should check your Medicare eligibility separately rather than assuming that your subclass 188 visa either automatically provides or excludes Medicare access.
If you are not eligible for Medicare, you may be responsible for healthcare expenses you incur while living in Australia.
These can include:
Suitable OVHC may provide benefits towards eligible healthcare expenses, subject to the terms, waiting periods, exclusions and limits of the policy selected.
If you have Medicare eligibility, whether you also need private health insurance depends on your individual circumstances and any health insurance condition attached to your visa.
Private health insurance may still be considered for additional hospital options, ambulance benefits or extras such as dental, optical and physiotherapy.
If a visa health insurance condition applies to you, check the requirements before cancelling or changing your existing cover.
Many subclass 188 visa holders live in Australia with their spouse or partner and dependent children, making family healthcare needs an important consideration when selecting insurance.
Depending on the insurer and eligibility requirements, options may include:
When comparing family health insurance, consider:
The cheapest family policy may not necessarily provide the most appropriate benefits for everyone included on the cover.
Subclass 188 holders may have been living in Australia for several years. Healthcare needs can change considerably during a longer stay.
Review your health insurance periodically, particularly if:
A policy that was appropriate when you first arrived in Australia may not necessarily remain the best option several years later.
Existing subclass 188 holders may eventually transition to another visa or immigration status, depending on their individual circumstances and eligibility.
If your visa status changes, review your health insurance rather than automatically continuing or cancelling your existing OVHC.
The appropriate healthcare arrangements can depend on:
If you become eligible for Medicare following a change in immigration status, consider how Medicare and any private health insurance will work together before changing your existing arrangements.
Health insurance for existing Business Innovation and Investment (Provisional) Visa (Subclass 188) holders may provide benefits towards eligible hospital and medical expenses while living in Australia.
The exact benefits depend on the insurer and policy selected. OVHC policies can differ significantly in their eligibility, benefits, exclusions and costs, so compare the individual policies carefully.
Depending on the policy selected, Subclass 188 health insurance may provide benefits towards eligible hospital treatment.
This may include benefits towards eligible hospital accommodation and medically necessary treatment, subject to the terms of the policy.
When comparing hospital cover, check:
Without appropriate insurance or Medicare eligibility, overseas visitors can be responsible for significant hospital costs in Australia.
Depending on the OVHC policy selected, benefits may be available towards eligible services provided by GPs, doctors and medical specialists.
Some policies calculate medical benefits with reference to the Medicare Benefits Schedule (MBS).
The amount charged by your doctor or specialist may be greater than the benefit payable under your policy. If this happens, you may need to pay the difference yourself.
Emergency ambulance cover is an important feature to compare when choosing health insurance.
Ambulance arrangements vary between Australian states and territories, and the benefits available under private health insurance can also differ between policies.
Before selecting cover, check:
OVHC policies may provide benefits towards certain eligible prescription medicines.
However, pharmaceutical benefits under overseas visitor policies can be limited, potentially leaving substantial out-of-pocket expenses for some medicines.
If you or a family member regularly requires prescription medication, check:
Treatment relating to a pre-existing medical condition may be subject to waiting periods or other policy conditions.
This is particularly important for existing Subclass 188 holders and their families who may be living in Australia for an extended period.
When comparing policies, check:
Government guidance specifically recommends that overseas visitors check waiting periods and how a policy treats pre-existing conditions before purchasing cover.
If pregnancy cover is important to you or your partner, carefully check the benefits and waiting periods of the policy you are considering.
Depending on the policy, eligible pregnancy and birth-related hospital and medical treatment may be covered after applicable waiting periods have been served.
Compare:
Do not assume that every OVHC policy automatically includes pregnancy and birth-related treatment.
Standard OVHC generally focuses primarily on hospital and medical expenses. Additional general treatment or extras cover may be available for services provided by dentists, optometrists, physiotherapists and other eligible healthcare providers.
Depending on the product selected, extras may provide benefits towards:
Waiting periods, annual limits and service-specific limits may apply.
Private health insurance does not necessarily cover every healthcare expense or the full amount charged for treatment.
Depending on your policy, you may have to pay some or all of the cost of:
Restrictions, exclusions and waiting periods can have a significant effect on what you can claim, so these should be compared alongside the premium.
For existing Subclass 188 holders, it is also worth reviewing your cover periodically. If your visa status or Medicare eligibility changes, check with your insurer whether your existing OVHC remains appropriate.
When comparing health insurance for an existing Business Innovation and Investment (Provisional) Visa (Subclass 188) holder, consider more than the monthly premium. OVHC policies can vary considerably in eligibility, benefits, restrictions and costs.
Because Subclass 188 can allow a stay of several years, your longer-term healthcare needs and those of your family are particularly important. Home Affairs confirms that the BIIP is closed to new applications, while applications lodged before 31 July 2024 continue to be processed.
When comparing 188 visa health insurance, consider:
Not necessarily.
A lower premium can reduce your regular insurance costs, but a cheaper policy may have a higher hospital excess, different benefit levels or more exclusions and restrictions.
When comparing policies, consider the potential cost of actually using the insurance as well as the premium.
For example, compare:
Australian Government guidance recommends checking waiting periods, restrictions and exclusions carefully when choosing OVHC.
A hospital excess is an amount you agree to contribute towards a hospital stay before applicable insurer benefits become payable.
A policy with a higher excess may have a lower premium, while another policy may cost more but require a smaller contribution if you are admitted to hospital.
For Subclass 188 families, also check how the excess operates when more than one person on the policy requires hospital treatment.
Temporary visa holders are generally not automatically covered by Medicare, although some people may qualify under a Reciprocal Health Care Agreement or another eligibility pathway.
If you have Medicare eligibility, consider this when comparing private health insurance.
If your Medicare eligibility or visa status changes, review your insurance to determine whether your existing policy remains suitable.
Subclass 188 holders may have partners and dependent children living with them in Australia.
When comparing family cover, consider not only today's healthcare needs but also what you may require during the remainder of your stay.
This may include:
If pregnancy or treatment for an existing medical condition may be required, waiting periods should be checked carefully before changing or purchasing cover.
Australian insurers offer Overseas Visitor Health Cover (OVHC) for eligible temporary visa holders, but eligibility can vary between insurers and individual products.
Use the comparison table above to compare the health insurance products currently available for your Subclass 188 visa circumstances.
Bupa offers health insurance products for eligible overseas visitors and temporary residents.
If you hold a Subclass 188 visa, confirm that the particular Bupa product displayed in the comparison table is appropriate for your visa circumstances.
Compare its hospital and medical benefits, ambulance arrangements, prescription medicine benefits, waiting periods, hospital excess and exclusions.
Medibank offers health insurance options for eligible overseas visitors and temporary residents.
Existing Subclass 188 holders considering Medibank should compare the relevant hospital and medical benefits, ambulance arrangements, waiting periods, excesses, exclusions and family cover options.
Confirm eligibility for the particular product before purchasing.
Allianz Care offers health insurance products for eligible overseas visitors and temporary visa holders.
When considering Allianz Care, confirm that the particular product accepts your visa circumstances and compare hospital and medical benefits, emergency ambulance cover, waiting periods, excesses and exclusions.
nib offers visitor health insurance options for eligible overseas visitors and temporary residents.
Before purchasing nib cover, confirm eligibility for your current Subclass 188 circumstances and compare hospital and medical benefits, ambulance arrangements, waiting periods, excesses and policy exclusions.
Different insurers and policies can have different eligibility requirements, premiums, benefits, waiting periods and exclusions. Government guidance specifically notes that OVHC costs, benefits and eligibility can vary considerably.
Before choosing a policy, compare the products actually available for your visa circumstances and consider:
For this page, I would not include AIA unless we have specifically verified that the relevant AIA product accepts Subclass 188.
