Hospital cover

Having a hospital policy in your 50s helps cover the costs of being a private patient in hospital, including treatment fees and accommodation costs, like for age-related surgeries. Taking out hospital cover means you can choose your treating doctor, have a likely shorter wait for treatment and a chance at a private room. Importantly, pre-existing conditions, like heart disease or joint issues, don’t disqualify you from cover – they can just mean a longer waiting period.

Hospital cover comes in 4 tiers: basic, bronze, silver and gold. Higher tiers cover more hospital services, and what’s covered (known as ‘clinical categories’) is standardised across the industry to make it easier to compare policies. You might also see ‘plus’ options that sit between the 4 tiers – these include everything from the lower tier and a few categories from the higher level.

Depending on your health, you might feel comfortable with a lower level of cover, like bronze. Even though it’s not the top shelf, it still covers quite a lot of procedures that Aussies in their 50s tend to need. Think things like:

• joint reconstructions (but not replacements)
• endoscopies, like gastroscopies and colonoscopies
• diabetes management
• gynaecological procedures
• chemotherapy, radiotherapy and immunotherapy treatment for various parts of your body.

A higher level of cover, like silver or gold, can be suitable health insurance for seniors or those with complex health issues, depending on unique circumstances. Gold, for instance, covers all clinical categories but you might be particularly interested in:

• cataracts
• joint replacements
• heart surgery.

If you’re sharing your policy with older children, they might appreciate the pregnancy cover that comes with gold or some silver plus policies, too.

Extras cover

Taking out an extras policy in your 50s helps pay for out-of-hospital medical services Medicare doesn’t usually cover, like physio, chiropractic, podiatry and major dental, to help manage age-related issues and more. Your out-of-pocket costs depend on your policy, including any annual limits.

Extras policies range from basic – which come with a few common services covered – to comprehensive – which have with lots of different services listed. Consider your health needs and choose an extras policy that includes more of the cover you want and fewer services you’re unlikely to use.

If you’re in your 50s, you might want cover for things like:

• dental treatments to keep gum disease at bay and manage tooth decay
• physiotherapy and remedial massage to help with musculoskeletal issues, like back problems and arthritis
• psychology to manage anxiety, depression or other mental health concerns
• optometry to help pay for prescription glasses.

Combined cover

Combined cover in your 50s is a comprehensive and often convenient health insurance choice, helping cover in-hospital treatment and out-of-hospital healthcare costs Medicare typically doesn’t cover. For instance, this could be for age-related issues like dental issues and joint problems. You can choose a hospital policy and extras cover from the same health fund or from different health funds. Some health insurers offer convenience with bundled combined cover with everything in one policy.

You can mix and match your levels of combined cover, for instance, opting for a higher level of hospital cover and a more basic extras policy. It depends on what works for you based on your budget and health needs, including if your policy is covering just you, your partner or the whole family.