A guide to health insurance for seniors

Can I get health insurance as a senior?

Yes, you can. Quite often, there are no maximum age restrictions to apply for health insurance. Some insurers do limit the maximum age for applying to 65 or 80, for example, but you should still have plenty of options available to you.

If you buy a policy before a certain age restriction, an insurance provider should continue to cover you beyond the cut-off. To maintain your cover, you'll need to carry on paying your premiums, but these may increase over time as you get older.

In addition to standard health insurance policies, you should also be able to find cover targeted specifically towards anyone over a certain age. Many insurers offer health insurance for seniors; these may be more appealing for some with tailored features according to your age.

How much does health insurance for older people cost?

There is no one-size-fits-all policy with a fixed cost when it comes to health insurance.

There are a number of important factors that are considered by insurers when you're offered a quote. You may also need to provide your full medical history if you opt for a policy with full medical underwriting as opposed to moratorium underwriting.

The key difference between these types of underwriting is that insurers will factor in your medical history and potentially contact your doctor with full medical underwriting. With moratorium underwriting, health insurance providers may only enquire about your medical history if you make a claim.

The key details that can influence the cost of health insurance include:

• Age

• Lifestyle (such as smoking and drinking habits)

• If you have any pre-existing medical conditions

• The level of health insurance cover you choose

Typically, a 50-year-old is likely to pay less for health insurance compared to a 70-year-old with a similar medical profile. This is due to the risk attached to age in developing and suffering from health issues.

However, you can find specialist age-specific health insurance policies. These can help reduce the premiums you pay but may exclude specific features offered by standard cover.

How can I reduce the cost of my health insurance?

You shouldn't automatically assume the first health insurance quote you receive is what you can expect to pay for a policy.

In fact, there are various ways you can save money and reduce what you pay for health insurance. Some of these include:

• Increase your voluntary excess: This can help bring down the cost of your monthly or annual premium. But you must be able to afford this if you need to claim.

• Opt for a six-week policy or a restricted hospital list: Adjusting your policy to strip away unnecessary features can bring down the cost of a health insurance policy.

• Choosing a policy with co-payment: This refers to your financial contribution towards treatment in the event of a claim. Generally, the greater your contribution, the cheaper your premium might be.

• Maintaining a healthy lifestyle: It sounds fairly straightforward, but giving up smoking, for example, can help reduce your risk of developing a health condition. In turn, it might lower your health insurance premiums.

• Shop around and compare quotes: It's always a good idea to compare health insurance quotes. Doing so can help you find the right policy for you at a competitive price.

What does health insurance for seniors cover?

Each health insurance provider is likely to have a set of benefits and exclusions. However, there are common similarities between health insurance policies regardless of your provider.

For example, outpatient appointments, inpatient and day patient care, and post-treatment tests are all generally included with a health insurance policy. You should receive these benefits even if you opt for medical insurance for over 65s, for instance.

Typical exclusions may relate to any treatment for pregnancy or childbirth, pre-existing conditions and cosmetic surgery. If you're concerned about cover for something that isn't listed by an insurer, you should contact them for clarification.

You're also likely to be presented with a range of optional extras to enhance your cover. Sometimes these are included in your health insurance policy as bonus features; otherwise they're available at an additional cost. These can include dental and optical care or physiotherapy.

As benefits vary between providers, it's crucially important to compare policies to find cover that meets your requirements. You may need to read through each policy, but it'll help reassure you that you'll have everything you need in a health insurance policy.

What are pre-existing and chronic conditions?

Health insurance providers tend to exclude pre-existing conditions from health insurance. These are typically defined as a disease, injury or illness that you've experienced symptoms of or have been given any medication, treatment or diagnostic tests for.

You'll generally be covered for acute medical conditions. These are injuries or illnesses that require treatment but are considered short-term and can quickly be recovered from.

However, many insurers do not offer cover for chronic conditions, such as diabetes, asthma and arthritis, for example. Chronic conditions are considered to be longer-term illnesses, injuries and diseases and may require ongoing treatment.

What are the different types of health insurance?

Most insurers tend to offer a tiered system of health insurance policies. As you'd expect, the broader policies tend to cost more compared to the standard offering.

For over-50s, it's no different, you'll have the option of deciding the level of cover you want to buy. Some health insurance providers offer basic and premium policies; others split the difference with 3 levels of cover.

This is what you can typically expect from the different levels of health insurance:

Comprehensive cover

It tends to be the most expensive health insurance policy with the most benefits, but it's also generally the most popular. You'll have all the features included with standard and basic health insurance, plus additional benefits.

This can include additional features such as complete pre-treatment diagnosis and both inpatient and outpatient treatments.

Standard cover

Standard health insurance policies offer a mid-range option with all the benefits of basic cover without the additional features of a comprehensive policy.

In essence, you may receive limited outpatient care and won't have complimentary features such as optical and dental care, for example.

Basic cover

It's the most affordable level of cover that can cater for core medical needs without the additional features that standard and comprehensive policies can offer.

This means you may not have access to diagnosis appointments, consultation appointments, and mental health support, for example.

By assessing each level of health insurance cover, you can build up an accurate idea of the policy that aligns with your needs. You can also weigh up whether additional benefits are worth paying extra for or not.

Let's say you're looking for health insurance that'll cover the basics and can provide financial protection against the costs of hospital stays and surgical procedures, for example. In this instance, you may decide that a basic level of cover is best for you.

But, if you want an extensive range of benefits that can cover most medical needs, big and small, you may want to consider a comprehensive policy. Whatever you do decide, it's important you consider what you need and the cost involved. That way you can be sure you're getting everything you need for the price you're comfortable with.