Australia enjoys one of the best healthcare systems in the developed world. even then, not everything is covered under Medicare.
Keep in mind, if you’re taking out private hospital cover for the first time, rather than upgrading or switching from an existing hospital 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.
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 can all have different needs.
Depending on the level of cover, hospital cover can offer choice of doctor/surgeon and coverage for a wide range of items, such as:
Extras cover might include:
It’s important to remember that not every private health insurance policy will have everything on the lists featured above and will not cover 100% of the cost of these services. 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 a suitable health insurance policy for seniors to suit your lifestyle and requirements.
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 longer waiting periods, so while it might be cheaper for you to wait, health insurance could help you to have that procedure earlier. Taking control of your treatment time puts the cost of seniors health insurance in perspective.
No matter what your needs might be, iSelect can help find a suitable health insurance policy for seniors from our range of providers.
Last updated: 15/06/2020
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