Switching health insurance
Looking to switch health insurance funds? No worries. Frank can make the whole process quick and fun (note: depends on your definition of ‘fun’). Let’s get started.
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A better way to health insurance
At Frank, we are an online digital brand, and while we have a contact centre there to support you, we don’t have any physical stores which means, fewer overheads for us so lower premiums for you. Winner-winner, chicken dinner (with a side-helping of health insurance).
How to switch your cover to Frank
At Frank, we want to make the whole switching health insurance thing as pain-free as possible. We've put together this handy list so you understand everything you need to know about switching health insurance with us:
- Join Frank Health Insurance
- During sign-up, provide the details of your previous fund (fund name and membership number) with us
- We’ll contact your previous fund on your behalf and request cancellation (to make sure your new policy with us is effective from your cancellation date)
- Your old fund will send us the transfer certificate
- Your old insurer will refund you any premiums you've paid in advance of the date you switched to Frank or from the day after your last claim, whichever is later
- We’ll honour any waiting periods you’ve already served if you don't have a gap in cover of more than 30 days and take out the same or lower level of cover with Frank. If you do increase your level of cover, you will need to serve waiting periods on services you previously haven’t been covered for, or any increased extras limits (pre-existing condition waiting periods will also apply for newly included hospital services, see waiting periods below).
We’ll handle the paperwork with your old fund
Once you've joined Frank, you don’t need to lift a finger - we can get all the details from your previous fund on your behalf. No awkward convos required.
Everything you need to know about Frank
So, who are these Frank Health Insurance folk, anyway? And why should you switch to them? Well, here are a few quick facts about Frank.
Easy as since 2009
Frank has been providing members with simple, great value online health insurance since 2009.
Not-for-profit health cover
We are a not-for-profit, 100% member based health fund which means we work for the benefit of you and your family.
Great service on standby
You can chat to a Frank team member or manage your cover through our app or online member area.
4.2/5 stars on productreview.com.au - October 2024
As an Aussie not-for-profit health fund, we’ve got a track record of delivering great value health insurance.
Powered by GMHBA
Frank is part of GMHBA, one of Australia’s leading regional not-for-profit health funds for over 90 years.
Why switch health insurance?
We recommend all health insurance members review their cover every 18 months or so, or as your needs change. This is to make sure you’re on the right cover and getting the right value for your specific circumstances. If you’re not sure you’re on the right cover, which cover might be right for you or just want some advice, contact our team and they’ll help you out.
Better value for money
One of the major reasons to choose a not-for-profit insurance company is because they often provide better value. Not-for-profit insurance companies, like Frank, can offer affordable premiums without compromising cover because we don’t have shareholders to keep happy.
Coverage to suit your situation
There’s no one-size-fits-all cover with Frank. Everyone’s health needs are different, and we offer a range of policy options and benefits to meet those needs across hospital, extras or combined cover.
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Medical Gap and Hospital Access Gap Cover
A Medical Gap is the ‘scheduled fee’ for medical services provided by doctors that is set by the Australian Government. If you have private hospital cover and are admitted as an inpatient to hospital, 75% of the scheduled fee of your specialist doctor are paid for by Medicare, and your insurer pays the remaining 25%.
Specialists are free to charge whatever fee they deem appropriate for their services. If this fee is more than 100% of the scheduled fee, you will need to pay the difference. This is called a medical ‘gap’ and is sometimes also called an out-of-pocket cost.
Frank is part of the Australian Health Service Alliance, which means we will pay benefits if hospital providers elect to charge using the Access Gap Cover scheme. This means you could potentially have further reduced out-of-pockets for a number of inpatient hospital procedures, and could minimise any out-of-pocket costs you may incur as a result of the procedure.
If your hospital provider is not a part of the Access Gap scheme, you may still be able to claim benefits, but your out-of-pockets may be higher than if they were a part of the Access Gap scheme.
It’s best to ask your medical specialist for Informed Financial Consent regarding your out-of- pocket costs before going to hospital for your procedure, as each individual specialist can choose whether they participate in Access Gap Cover on a case by case basis.
When’s the best time to switch?
You can switch health insurance providers at any time, there are no lock-in contracts. With Frank, you also get a 30-day cooling off period, so if you do switch health funds, and then change your mind, you’ll get your money back (unless you’ve already made a claim). Neat, huh?
How long does it take to switch health insurance?
Honestly, not long. Frank can get you a quote in under 60 seconds. After that, all you have to do is sign-up. We’ll just need some personal details, as well as your old health insurer information, your Medicare and direct debit details. Frank can take it from there: we’ll get the transfer certificate sorted, and you’ll be up and running in no time.
What to consider when switching health insurance
Hospital benefits
- Do you need cover for specific things like pregnancy or joint replacement?
- Does your current cover include the clinical categories you need now or in the future?
- Have you completed your waiting periods at your old fund? If not, those waiting periods will transfer across to you with Frank.
- How much excess are you paying? The most you'll pay at Frank is $750 per person, per calendar year (up to a max of $1500 for a family, should you be admitted to hospital).
Extras benefits
- How much are you currently claiming?
- Are you getting covered for the right services, and enough benefit limits?
- How much will you get back? This depends on your choice of extras. At Frank, you can choose between a cover that lets you claim a percentage back, or a fixed amount back per visit up to your annual limit.
What about my annual limits and waiting periods?
Good question! When switching health insurance, you need to think about coverage, obviously, but also stuff like annual limits and waiting periods.
Annual limits
If you’ve already claimed benefits this year from your old insurer, that amount will come off your new annual limit with Frank. So, for example, say you had a $200 limit on physiotherapy with your old fund, and you’ve already claimed $100. Your fancy new Frank Lots Extras cover – which has a joint annual limit of $400 (benefit amount is shared between physio, hydro and myotherapy), will now be reduced to $300, with $100 available to claim now (these limits do not roll over and will reset each calendar year). Waiting limits for physiotherapy (2 months) will still apply due to higher limits.
Waiting periods
Nobody likes waiting periods. They’re one of those annoying necessities of health insurance – to reduce costs. When you make the switch to Frank, you won’t have to re-serve any waiting periods from your old fund (unless you’re upgrading your cover, say from Bronze Plus Hospital to Silver Hospital, where you will have to serve waiting periods on new services and pre-existing conditions, or have any existing waiting periods that haven’t already been served). The same goes with extras cover, if you upgrade your extras cover, you will need to serve any waiting periods for new or upgraded services. Find out more about waiting periods.
Okay, I switched. What now?
Once we’ve received the transfer certificate from your old fund, that’s it! If you’re not upgrading your level of cover or serving unserved waiting periods, you can start claiming with Frank straight away (if your new cover includes this service). We recommend downloading the app so you can manage your health insurance on the go. If you’re moving up a level, you may be required to serve any relevant new waiting periods. Just give us a call if you’ve got any questions.
Switching health insurance FAQs
Nope! We’ll handle all that for you. All you need to do is pick your policy, let us know who your old insurer was and sign-up to become a Frank member – we’ll handle all the paperwork with your old fund. If you’ve already paid advanced premiums to your old insurer, they’ll give you a refund, too (up to the date you joined us or from the day after your last claim with them, whichever is later). So don’t worry, you won’t be paying double.
Remember, you won't need to re-serve waiting periods from your old fund (unless you're upgrading your cover, where you'll have to serve waiting periods for new services and pre-existing conditions, or have any existing waiting periods that haven't already been served). The same goes with extras cover, if you upgrade your extras cover, you'll need to serve any waiting periods.
You can if you want to, but it’s generally easier to keep everything under the one roof. There’s nothing stopping you from having hospital cover with one provider, and extras cover with another, for example. One thing you can’t do is claim twice for the same treatment with two different providers. No double dipping.
There is no ‘best’ private health insurance: only what’s best for you. All health funds will have advantages and disadvantages, different levels of cover, different benefits etc. The trick is finding a health fund that clicks with you, is there when you need them (and isn’t bugging you when you don’t!) and offers the right combination of protection, value and service. We like to think Frank is that kind of health fund.
That’s really up to you. Everyone’s circumstances will be different. You need to take into account factors like budget, what you’re covered for, any extras cover and member benefits, the partnerships of the relevant health fund, and also the level of customer service. The best advice we can give is to shop around. Compare funds, compare plans, and use impartial sites to find the cover that’s right for you.
Lifetime Health Cover Loading (LHC) is a government loading added to your hospital premiums for every year you don’t have hospital cover after turning 31 (short version: get hospital cover before 31 and you’ll be fine). This loading is 2% for every year you’re over 30 (and don't hold hospital cover), with the amount capped at 70% (or 65 years old). When it comes to switching health insurance, this shouldn’t affect your LHC at all. As per government rules, you can be without hospital cover for a total of 1,094 days (i.e. three years minus one day) during your lifetime, without affecting your LHC. This is known as ‘Days of Absence’. LHC follows you from fund to fund until you've had it for the 10 years of continuous cover, factoring absence days. So, if you pay LHC with your old fund, you'll pay it with Frank until you don’t.
It’s a little complicated we know - reach out to our team if you have any questions.
No fees. No extra charges. You’re free to switch at any time. You’ll need to start paying for your Frank cover right away, as private health insurance needs to be paid in advance. But don’t worry, your old insurer will refund you any premiums you’ve paid in advance of the date you switched to Frank, or from the day after your last claim (whichever is later).
If you’re a high-income earner, switching from one hospital cover to another, then no, you’ll continue to be exempt from paying the MLS. However, if you’re switching from hospital cover to extras-only, then yes, you may incur the surcharge (if you’re a high-income earner). Or, if there is a gap between when you cancel your hospital cover with your previous private health insurer, and then join on one of our hospital policies, you will not be exempt from paying the MLS for days without hospital cover. So you would have to pay the surcharge based on the number of days without hospital cover. Learn more about the MLS.
