In need of senior health insurance? Here is everything you need to know

You’re over 50 and it’s becoming more apparent that looking after your own health is a top priority.

Maybe your children have flown the nest and started to build families of their own. Or maybe you’re at the height of your career, thinking about retirement or already enjoying the freedom of not having to go into the office.

Being more susceptible to a range of health risks is one of the downsides of ageing. You may already have health insurance, but the policy you took out when you were first entering the workforce or raising a family no longer suit your needs.

Health insurance for Australian seniors are policies tailored specifically to meet your current and future health needs without having to pay for things you don’t need.

Why pay for obstetrics when having more children isn’t on the cards? And why miss out on treatments you’re more likely to need like cardiac-related procedures, palliative care or hospital accommodation in a private room? You may even have a chronic condition, such as arthritis, that could be better managed with a specialist in the private system.

The last thing you want to do is worry about not being able to pay for the costs of future medical treatment you may need. Chances are you want to enjoy the later years of your life with the peace of mind that your health needs will be well looked after without financial burden.

Why do seniors take out private health insurance?

You might be thinking at your age it’s too late to benefit significantly from private health insurance. When you’re nearing retirement or downsizing your home, managing your money becomes a priority, so why should you pay for health insurance, especially if you’ve lived a healthy life thus far?

The reality is, now’s the time you may need private health insurance the most as one of the downsides of getting older is that you’re more susceptible to a range of health issues.

While keeping active, consuming a wholesome diet and living a healthy lifestyle will help reduce your health risks, there’s no guarantees. As a general rule of thumb, the older you are, the more likely you’re going to need medical treatment for an injury, illness or another health complaint. This could end up costing you thousands in out-of-pocket expenses you could be putting to better use like a road trip around Australia or a tropical island getaway.

Compare your options today with Members Own

Understanding the different types of cover and what you get

Like other insurance policies, as a senior you can choose from the most comprehensive cover to affordable or basic health insurance. These policies can include Hospital cover, Hospital and Extras Cover or an Extras Only policy depending on your needs.

A good value seniors policy will cover all the common health conditions that affect seniors. Some of these benefits won’t be covered under a standard policy for a younger individual.

When’s the best time for over 50’s to review their health insurance policy?

If you already have health insurance and it’s been awhile since you updated it, now’s the best time to review your policy. If you decide to switch to health insurance with a lower level of cover, you may need to re-serve waiting periods for some treatments.

However, if you choose to make the switch to a cover with equivalent benefits, you won’t need to re-serve the waiting periods, even if you have a pre-existing condition. That means you can switch to a policy that offers a better deal than your existing one knowing you won’t miss out on important medical care when you need it the most.

If you’ve had the same policy for a number of years, it’s always worth reviewing the benefits and premiums. You might be surprised at just how much you can save by transferring your cover to a specific seniors policy.

Situations always change and unfortunately as we age, medical issues can creep up without any warning. The policy you took out five years ago may not provide you with the level of cover you need right now and in the future.

Why not review your health insurance policy today with Members Own? As a provider with one of the biggest number of funds to compare, choose and buy from online in Australia, you’re almost guaranteed to find a great policy for you.

Compare online and find great health insurance

Members Own comparison service makes it easy to compare between 100s of health insurance options from most of the Members Own funds. You can browse for cover that suits your needs and budget, create a shortlist of policies you want to compare side-by-side, and save your search.

It’s quick and easy to join online and you get the same great price as buying direct.