405 visa health insurance

Overseas visitor health cover for self-funded retirees - 405 visa

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The subclass 405 visa is for self-funded retirees without any dependents, who want to live in Australia during their retirement years.

Adequate health insurance is a mandatory requirement for this visa. This might be found with an insurer from your home country, but it might be easier to go with an Australian insurer, whose policies are specifically designed to meet visa requirements.

Your health insurance must:

  • Be fully comprehensive
  • Provide coverage that is at least equivalent to Australia’s Medicare system, including cover of no less than 85% for hospital, emergency and general practitioner services
  • Provide coverage of pharmaceuticals

These are stricter requirements than some other types of visa, and you will generally want to be looking at comprehensive overseas visitor health cover (OVHC).

Compare Overseas Visitor Health Cover from $65 a month

Name Product Meets condition 8501 Hospital Cover Dental Pregnancy Cover GP Visits Medical Repatriation Price
Frank Basic Workers Cover
Yes (Reduced benefits)
$20,000
From $64.50 per month
From $64.50 per month.
Medibank Overseas Workers Base Hospital
From $71 per month
From $71 per month.
Allianz Budget Working Cover
$20,000
From $75 per month
From $75 per month.
Frank Minimum Working Visa Cover
$20,000
From $75 per month
From $75 per month.
Frank Mid Workers Cover
$20,000
From $100 per month
From $100 per month.
Medibank Overseas Workers Standard Hospital and Medical
From $104.50 per month
From $104.50 per month.
Allianz Standard Working Cover
$20,000
From $110 per month
From $110 per month.
Frank Mid Workers Plus Bundle
$20,000
From $125 per month
From $125 per month.
Allianz Mid Working Cover
$20,000
From $158 per month
From $158 per month.
Medibank Overseas Workers Advanced Hospital and Medical
From $308 per month
From $308 per month.
Allianz Top Working Cover
$20,000
From $298 per month
From $298 per month.
Medibank Overseas Workers Premium Hospital, Medical and Extras
From $329.50 per month
From $329.50 per month.
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Who can get a subclass 405 visa?

In order to get a 405 visa you must:

  • Be at least 55 years or older. Your partner can be of any age.
  • Have no dependents, other than a partner.
  • Have an income of at least AUD65,000 per year, or AUD50,000 if you’ll be living in a regional area.
  • Have a designated investment of at least AUD750,000 in Australia, or AUD500,000 if you wish to live in a regional area.

This is the only retirement visa. If you’re not eligible for this, you might still be able to get a parent visa instead.

How to find the right health insurance

You can contact an insurer to ask whether a policy meets visa requirements, or can check by looking at:

  • The exclusions: If your policy excludes any treatments, such as cardiac-related or spinal procedures, it might not meet visa requirements.
  • The coverage: You’ll generally want to look for a policy that covers 100% of the MBS, (the Medicare coverage) and no less than 85%.
  • Pharmaceuticals: Your policy will need to include cover for pharmaceuticals.

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