According to the Department of Home Affairs, international students must have adequate health insurance while in Australia. Students can show this by obtaining Overseas Student Health Cover (OSHC) which provides medical and hospital insurance.
You can select an approved OSHC provider such as Medibank, Bupa or Nib; and pay for the policy yourself. Some education providers might offer to arrange OSHC for you.
If your education provider arranges your OSHC coverage, you will need to know the name of your health insurance provider, the date that your policy starts and finishes and should be aware of the terms and conditions of your policy. If you arrange OSHC coverage yourself you will also need to know the policy number to include in the visa application.
For a Student Guardian visa (subclass 590), you must provide evidence that you have enough health insurance for the duration of your stay in Australia. This can be Overseas Visitors Health Cover (OVHC) or another health insurance product from Australia or your home country that provides a similar level of cover.