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Older And Wiser: Your Seniors Health Insurance Options
As we get older, our health, and wellbeing needs change. That means our health insurance needs are going to change too.
Australia enjoys the second best healthcare system in the developed world. But even then, not everything is covered, or free, under Medicare. Seniors medical insurance plans can ensure you’re covered for all your needs, allowing you to enjoy the retirement you’ve spent years working towards.
Keep in mind, if you’re taking out private health insurance for the first time, rather than upgrading or switching from an existing plan, then you may be charged extra due to Lifetime Healthcare Cover (LHC).
From the start of the first financial year after you turn 31, LHC loading adds an extra 2% to your health insurance bill for every year you don’t take out a private health insurance policy, to a cap of 70%.
There are a few different kinds of insurance policies to consider. As a senior or someone approaching retirement age, it’s possible that you’ll require more comprehensive insurance than someone in their early 20’s, even if you’re in peak health.
What are the different kinds of seniors health insurance policies?
Almost all private insurance plans fall into three different categories – hospital cover, extras cover, and both – and private health insurance plans for over 65’s are no different. What is different, is the stage of life that you’re currently in. Singles in their early 20’s, working families, and people heading into retirement all have different needs.
Hospital cover can provide for a wide range of procedure such as:
- Choice of doctor or surgeon
- Intensive care fees
- X-rays, MRI, CAT scan
- Treatments for stroke
- Eye surgery (non-cosmetic)
- Fees for the operating theatre
- Prosthetics (hip, limb and joint replacements etc)
Extras cover might include:
- Dental treatment – both general and major treatments (extras only cover won’t include major dental operations)
- Visits to the chiropractor or physiotherapist
- Medical aids such as hearing aids
- Visits from an occupational therapist
- Non-prescription medication
It’s important to remember that not every private health insurance policy will have everything on the lists featured above. Start by checking what you’re covered for in your current plan.
Once you have an idea of your needs, we can help you find the best senior’s health insurance policy for your lifestyle and requirements
What are the costs and savings for seniors health insurance?
The cost-effectiveness of seniors medical insurance policies is determined by a variety of factors. This includes the time it saves you, your relationship status, and whether you have an existing policy.
One benefit made possible by private health insurance for seniors could be the saving you make on time. Some elective procedures in the public system have long waiting periods, so while it might be cheaper for you to wait, health insurance could allow you to have that procedure earlier. Taking control of your treatment time puts the cost of seniors health insurance in perspective.
Another factor that will change how much you have to pay is whether you’re a single or a couple.
No matter what your needs might be, iSelect can help find the most appropriate seniors health insurance plan for you.
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