Is private medical insurance affordable for over 50's?
Growing older is a natural part of life and as we age the risk of health issues arising, increases. Many people over the age of 50 choose to put private medical insurance in place, to ensure they receive punctual and high-quality care.
With private medical insurance you will usually find yourself in one of these three categories.
1) new to health insurance
Some clients can be deterred by thinking health insurance isn’t affordable for over 50’s. However there are options you can choose to make health insurance more affordable.
A common mistake people make is waiting to take medical insurance out until after a condition arises. It can be unlikely that you will be able to obtain cover for a condition that you have received advice or treatment for in the past.
Insurers commonly agree to cover pre-existing conditions, after a two-year time period, if you have gone symptom, advice and treatment free with a policy in place.
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I'm retiring and leaving a company health insurance policy
If you are approaching retirement and have received private medical insurance as a benefit through work, you may be considering your options to continuing cover. It is strongly advised to shop around at this point.
This is because individuals leaving a group plan are usually paying over the odds for their individual policy. By moving from a group plan to an individual one, the insurer can find it harder to quantify the risk. Consequently, they increase the premium to cover the potential risk of paying out.
Is there a point in life where my health insurance will stop increasing due to age?
A common misconception is that medical insurance will get more expensive just because you keep having birthdays. Whilst this is in large true, there are some insurers that stop increasing your policy due to age once you reach 80.
Why is it best to get advice?
If you are over 50 and considering medical insurance for the first time you should seek advice about which product is right for you. You should consider the long term cost of medical insurance and take advice on what happens should the price increase.
If you already have a policy place that you are comparing against you should seek advice before moving. With many plans, if you do not review them annually you can find that “new customers” might be getting better rates than you.