Health Cover Comparison - 55 vs 65
Your health needs change depending on the lifestage you are in as well as your genetics and lifestyle. It is advised that you re-evaluate your insurance policy every 2-4 years to ensure you are maximising benefits and minimising the health costs of you and your family.
As you get older, the medical services you’d need could become more pricey. The need for in-patient treatments or more specialised clinical procedures. Planning for the later stage of your life early is important. Age 55 and 65 are important benchmarks at which you should reassess your needs to ensure you have the right coverage.
How could my health care needs evolve in my mature years?
Around the age of 55, most of your kids are likely now independent and on their own health insurance policies. Moving back to couples or individual insurance may be sensible. Services such as reproductive services are no longer necessary which may be offloaded from your policy. These actions can help reduce your premiums.
However, there may be services you’d want to add to your covers such as joint replacements, eye surgery, etc. 55 or over may be a good time to invest in preventative measures to reduce the speed and impact of your declining health later in life. Physiotherapy and chirotherapy, for instance, can help you strengthen your body. Weight or dietary management could reduce the risk of heart attack. These treatments are often included in good extras covers.
When you’re reaching the Age Pension (66 or older) or retirement age, you may want to expand your hospital covers to ensure you will be able to access life-saving treatments which could require frequent doctor visits or hospitalisation. Some hospital covers also include home nursing in case you require around the clock care. You may also need more medications, some of which may not be covered by the Pharmaceutical Benefits Scheme (PBS). Thus, finding extras covers that support non-PBS medication might be a good idea.
For these more mature seniors, getting coverage on wider eventualities early would be wise so that necessary medical assistance is readily available when the time comes and they are not impeded by the waiting periods.
You can periodically check all health insurance plans in the market to ensure you have the best coverage using our comparison engine. Be sure to also check out all the rebates and government-sponsored benefits you could qualify for to reduce your health care costs.