Some policies allow the Insurer a buy out of major medical and hospital claims leaving the Sponsor responsible for the balance of costs. This clause appears in some policies. It operates after the insured person has spent 14 days in hospital. The amount paid is reduced to the minimum default level which equates to a public hospital ward or nursing home fee even if the patient is being cared for in a private hospital. IMAN has no such escape clause.
Many policies only allow inspection of the Policy Wording at their offices.
IMAN's Policy Wording is available here on our website , and is also issued to each new member along with a detailed Schedule of Cover . A few policies allow for credit for time spent travelling outside of Australia. This is particularly relevant to consultants. This is very important. Waiting periods of up to 2 years are often included in policies.