As earlier stated, OSHC is compulsory for you to obtain your student visa in Australia.  However, this does not cover you for loss of baggage, theft, cancelled flights etc.  To be covered for this it is advised that you seek your own insurance.  Also, if you are renting a house you may want house and contents insurance and if you decide to buy a car you it is also compulsory to get third party insurance, this varies between the states.

Overseas Student Health Cover is offered by four health insurers other than OSHC Worldcare.  Your education institute may be partnered with one of these, so check with your institution first.

Although OSHC will cover you for most medical needs, ambulance and some prescribed medicines, you will still need to pay about 15% of the cost. Dental, physiotherapy and optical are not included, if these are required then you will need to take out private health insurance.