The 188 has several age, financial and business requirements. Requirements may differ depending on what stream you go onto. The Business Innovation stream's requirements include:
You must also have adequate health cover in place or your application will not be granted. The 8501 health requirement means you need comprehensive cover so you do not become a burden on Australian's public health care system, Medicare.
Medicare is Australia's public health care system and is available to all citizens and residents. It pays a benefit towards your doctor's fees of up to 75% for you to be treated as a patient in a public hospital, excluding medication, accommodation and surgery fees. It doesn't cover extras (ancillary) services so most Australians have some form of private health cover.
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. This gives you access to Medicare, satisfying the 188 requirements.
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 visa and 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 accurate for 2020 but are subject to change.
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.
Depending on your financial situation, aims and goals, you may be eligible for one of the following six streams on the 188 Visa. These include:
Insurance can be confusing when you first arrive in Australia but only health insurance is compulsory – others can be good to have depending on your situation.
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