September 20, 2018

Health Insurance for Seniors Over 65

Health insurance is essential, no matter how old you are. In this article, let’s take a look at the features and things that you need to know when it comes to health insurance for seniors over 65:

A good seniors health insurance policy covers all common conditions that affect seniors and are not covered by the insurance policy of a young individual.

What is seniors health insurance?

As the name implies, this is designed to cover common ageing conditions of mature singles and mature couples who are over 50 years of age and those who are at the retirement age of 65 and up. Seniors health insurance can put you at ease knowing that you are being taken care of, and that your life savings won’t be greatly affected should there be medical bills.

  • Australia has a great public healthcare system where appointments to a GP can be bulk-billed.
  • Seniors can get discounted prescription medications on the PBS list.
  • They have additional benefits, if seniors have The Commonwealth Seniors Health Card.
  • If a senior is a high income earner, and does not have hospital cover, the Medicare Levy Surcharge of 1.5% will apply as an extra tax on his income.
  • To maximise the senior’s health insurance, you must choose the cover that suits your lifestyle now.
  • If you are a professional and at the peak of your career, there’s an insurance policy for you. There’s also a policy for you, if you’re someone nearing retirement or someone who’s living with family members.

What does senior’s health insurance cover?

Seniors health insurance policy can include hospital cover, hospital and extras cover, or extras only depending on your choice. A good seniors health insurance policy covers all common conditions that affect seniors and are not covered by the insurance policy of a young individual.

Hospital cover includes benefits like intensive care fees, blood tests, cardiothoracic surgery, non-cosmetic eye surgery, and organ transplant. Extras cover may include benefits like optical, dental check-up, hearing aids, chiropractic, blood pressure monitors, and occupational therapy. These are some of what may be included in the policy, and these may vary for every insurer.

You don’t have to re-serve any waiting periods that you have served under your old policy. However, if you are upgrading your cover in a new policy, you will have to serve waiting periods for the new coverage.

Do you have other ideas on health insurance for seniors as well as cheap health insurance? Share your insights in the comments section.

About the author  ⁄ Marxa Dillan

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