188 Visa Health Insurance

What are the requirements for the 188 visa?

The 188 visa closed to new applicants on 31 July 2024. If you already hold a 188 visa, you still need to keep adequate health insurance while you're in Australia. Before it closed, the 188 had several age, financial and business requirements, which differed by stream. The Business Innovation stream's requirements included:

• You must be aged under 55 and have had an overall successful career in business.
• Own a business with a turnover of at least $750,000 for a minimum of 2 of the last 4 fiscal years.
• Have personal and business assets of $1.25 million or more.
• Pass the Business Innovation and Investment points test.

Applicants also had to have adequate health cover in place or their application would not be granted. The 8501 health requirement means you need comprehensive cover so you do not become a burden on Australia's public health care system, Medicare.

How does health cover work in Australia?

Medicare is Australia's public health care system and is available to all citizens and residents. If you're a public patient in a hospital, Medicare subsidises things like emergency care, most surgeries and procedures, and medicines provided to you in hospital. It doesn't cover extras (ancillary) services so most Australians have some form of private health cover.

What are the health requirements for the 188 Visa?

As part of the 188 Visa requirements, you will need to have a health examination and hold comprehensive cover. Australia has Reciprocal Health Care Agreements (RHCA) with many European countries including United Kingdom, Netherlands, Sweden and Ireland. If you enrol in Medicare after you arrive, you may be able to apply to the Department of Home Affairs for an exemption from the health insurance requirement. Until then, you'll still need complying health insurance.

If you are not entitled to Medicare under the RHCA – or want more comprehensive cover – you can get Overseas visitors health cover (OVHC). It can cover you for things like emergency ambulance services, hospital bills, visits to the doctor, out of hospital services like dental and prescriptions.

Pricing is based on a single individual living in the State of New South Wales on a 188 visa who is not from a country that Australia has a Reciprocal Health Care Agreement (RHCA) with and is not eligible for cover under Medicare. Prices are subject to change.

Who is the 188 Visa for?

The 188 Visa is for individuals with established business skills who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory.

Before it closed to new applicants, the 188 visa also had these streams:

• Investor stream: Requires you to invest at least $2.5 million in an Australian State or Territory.
• Significant Investor stream: Requires you to invest at least $5 million in Australian investments.
• Business Innovation Extension stream: Lets Business Innovation stream visa holders extend their stay in Australia for 2 more years.
• Significant Investor Extension stream: Lets Significant Investor stream visa holders extend their stay in Australia for up to 4 more years.
• Entrepreneur stream: Allows you to carry out entrepreneurial activities in Australia.

Frequently asked questions

• Who can I include on my 188 visa health insurance policy

  Your 188 visa health insurance policy should cover the principal visa applicant and any family members included on your visa application. This typically includes your spouse or de facto partner and any dependent children under the age of 18 or 25 if they are full time students.

• What exactly does comprehensive health cover mean for the 188 visa

  For the 188 visa, comprehensive health cover generally means a policy that covers hospital and medical expenses. This includes costs for inpatient hospitalisation, doctor's fees for in-hospital treatments and some prescription medications. It must satisfy the Department of Home Affairs visa condition 8501, ensuring you do not become a burden on Australia's public health system.

• What happens to my OVHC if my 188 visa is extended or I apply for permanent residency

  You must maintain continuous Overseas Visitors Health Cover for the entire duration of your 188 visa, even if it is extended. If you apply for a permanent residency visa, you may need to switch to a different type of private health insurance or become eligible for Medicare depending on your new visa status. It is crucial to ensure there are no gaps in your health cover.

• Are pre-existing conditions covered by 188 visa health insurance?

  Most Overseas Visitors Health Cover policies including those for 188 visa holders apply waiting periods for pre-existing conditions. This means you may not be covered for treatments related to a condition you had before taking out the policy for a certain period, often 12 months for hospital and 6 months for psychiatric care. Always check the Product Disclosure Statement for specific details.

• How can I compare 188 visa health insurance policies?

  To compare 188 visa health insurance policies you should consider the level of hospital and medical cover provided, the waiting periods for various services, the inclusions for extras like dental or optical if needed and the overall cost. Use comparison tools to quickly assess different providers and ensure the policy meets your visa requirements and personal health needs.

• When do I need to purchase 188 visa health insurance?

  You need to purchase your 188 visa health insurance before your visa is granted. Proof of adequate health cover is a mandatory requirement for your visa application. Ensure your policy is active from the date you arrive in Australia and covers you for the entire length of your intended stay.

• Can I get a refund on my OVHC if my 188 visa application is unsuccessful?

  Most Overseas Visitors Health Cover providers offer refunds for the unused portion of your policy if your 188 visa application is refused or withdrawn. You will typically need to provide proof of the visa refusal or cancellation. Be aware that admin fees may apply and refund terms vary by insurer so always check with your provider.

• What is the 8501 visa condition?

  Visa condition 8501 requires you to have and maintain adequate health insurance for the entire duration of your stay in Australia. For 188 visa holders this means having comprehensive health cover to avoid placing any burden on the Australian public health system (Medicare). Failure to comply with this condition can lead to your visa being cancelled.

• Which providers offer Overseas Visitors Health Cover for 188 visa holders?

  Several Australian health insurance providers offer Overseas Visitors Health Cover suitable for 188 visa holders. Popular options include Allianz Care Australia, Bupa, HCF, Westfund and HIF. You can compare policies from these and other providers on Finder to find one that meets your visa requirements and personal preferences.