Health Insurance Over 50
As we age, our health needs change, too. While little children are often at the doctor’s office for ear infections and strep, young adults are rarely in need of medical care. As we get older though, health problems can develop, and as some people age, their health can begin to deteriorate. Taking care of our bodies through proper nutrition and exercise is the best strategy to ward off health issues, and the next tool in your arsenal is good health care.
Medicare for Seniors
Medicare takes care of the basic health needs of any Australian citizen over the age of fifty, just as it cares for citizens of any age. However, with Medicare, options are limited. Since the medical needs of seniors may be greater than those of others in the population, private health insurance is an option those age fifty and above may want to learn more about.
Image by SCA Svenska Cellulosa Aktiebolaget
Seniors may require more operations, more prescription medications and more ancillary services. With Medicare, you will be restricted as to which hospitals you can use for an operations and which doctor you can see for examinations. You may also only be covered up to a certain limit for medications and other services. Some services are not covered at all.
Commonwealth Seniors Health Card
If you don’t have a pension, you can apply for the Commonwealth Seniors Health Card before you pay for private health insurance. This card is designed for individuals over age 50 who do not qualify for a pension and have certain maximum income levels. This card helps with prescription medications and some medical services.
Private Health Insurance for Seniors
For those with a pension that are looking for something extra, a private health insurance comparison can help you understand the differences between private health funds and what they can each offer you. While every fund sets out to offer you better options for care, each fund has its own premiums and service coverage options. If you require extra medical services due to advanced age, or if you are simply anticipating the possibility, taking a private health care policy may help to offset the extra charges you may encounter.
Private insurance covers several services in greater need by the senior community that are not covered by Medicare, including:
- Home Nursing
- Contact Lenses and glasses
- Ambulance
- Physiotherapy
- Occupational therapy
- Podiatry
Private Health Insurance Rebate
One important development is government reimbursement for private health insurance. The government encourages people to take out private health insurance and therefore offers a Private Health Insurance Rebate to people who choose to do so. For any private health fund, the government will reimburse you for 30% of the cost of the health plan.
For seniors, that percentage increases – those ages 65-69 get reimbursed 35%, and those ages 70 and older get reimbursed by 40%. This higher government reimbursement rate for seniors should help offset premiums and make it more affordable for seniors, who may not be bringing in any other income other than a pension, to take out private health insurance policies. Those who do bring in more income can still take advantage of the reimbursement rate for their private health insurance.
Pre-Existing Conditions
If you have a pre-existing condition, you may have to wait a period of up to 12 months before the private coverage kicks in. Compare private health insurance funds to evaluate their waiting periods. No health fund, however, can refuse anyone based on age or pre-existing conditions.
This article is opinion only and should not be taken as financial advice.
Filed Under: Health Insurance
