Now I am closing in on retirement I am reviewing my current situation and have come to consider Private Medical Insurance and wanted to know whether there were plans specifically designed for older individuals?
- Andrew Jenkinson
There are a vast range of Health Insurance products on the market today, some are specific senior private medical plans and some are open to all.
Most insurers will now allow individuals to join their schemes as a new member right up to the age of 75 and you can continue cover from there for as long as necessary.
Given Private Health Insurance premiums rise with age, some of the insurers which offer senior or elderly specific health plans can often strip out elements of the cover and include large excesses on the plan to make the premiums affordable.
Thus it is important to have a good read of the terms and conditions to ensure you are comparing apples with apples when weighing up the options from a range of insurers.
I would suggest comparing a few standard products which are open to all ages with those that are specific to a certain age group. Depending on your requirements from the cover a standard health insurance plan which is open to all could well end up more appropriate.
As with any policy, senior health plans tend to be made up of a core level of inpatient cover, a set level of outpatient cover and additional benefits. Generally speaking most plans will cover inpatient treatment in full and offer varying degrees of outpatient cover.