If you change your private health insurance, you will be entitled to a refund of any premiums you have paid in advance. The amount of the refund will depend on the number of days you haven’t used on your policy at the time of your cancellation.
Any refunds will take place on the completion of your health insurance transfer. The refund will happen automatically once your new policy has been setup. This refund by law can take up to 21 business days to complete.
Additionally, it’s important to keep in mind that if you cancel your policy, you may lose any continuity of cover benefits you have accumulated. Continuity of cover benefits can help you avoid waiting periods and exclusions when you take out a new policy, so it’s important to weigh the pros and cons before deciding or ensure you transfer within a certain period of time. Those time frames vary by health fund. Reach out to us to find out more.
In summary, you are entitled to a refund with your private health insurance when you switch or transfers your health insurance. The amount of refund will be determined by the pro rata amount of unused premiums. For more information on transferring or switching, give us a call!