How Much Does Over 50s Health Insurance Cost?
Your Health Insurance policy is going to be priced based on a range of factors:
- Level of outpatient cover
- Optional add-ons
- Your address
- Your age
- Smoker status
- Your medical history and current state of health.
Some factors that influence the cost of your policy are things that you are unable to control, like your age or your medical history. However, there are a few ways in which you can adjust the cost of your policy to keep it affordable even as you get older.
Example Cost of Private Health Insurance
To come up with the below premium prices for adults aged 50+, we’ve assumed:
- The individual is in good health
- They’re non-smokers
- They’re looking for a comprehensive policy
- They’re willing to pay a £250 excess
- They’ll be underwritten on a moratorium basis
- They don’t want any additional extras on their policy
- They’re based in the same postcode as our Brighton office.
Can I Reduce the Cost of my Health Insurance Policy?
Ultimately, you can reduce the cost of your policy by limiting your insurance so that it covers only the necessities.
Stripping your policy of non-core cover options, like outpatient benefits or routine dental/optical cover, are the first things you can do to bring down the cost of your policy.
One of the best options to reduce the cost of cover when you apply for your policy is the excess.
An excess is an amount that you agree to contribute per year or per claim. The more you agree to pay upfront, the lower your premiums will be.
6 week NHS wait
Another option to make a policy more cost effective is to add a 6 Week Deferment.
With this option, you would only be able to make a claim if the wait time for your treatment on the NHS is longer than 6 weeks for inpatient care.
When you add this option, the cost of your policy can be brought down considerably and you stand a better chance of protecting your no-claims bonus if your policy has one.
Keeping your no-claims discount intact could mean a far gentler increase in your premiums the following year.
Some insurers give you a range of options to choose from in terms of the facilities and hospitals where you can receive your treatments.
To lower the cost of your policy you can choose a reduced hospital list. This limits the hospitals you can visit to a certain area or means that you receive your treatment in a private ward in an NHS hospital rather than visiting an entirely private hospital.
Is Health Insurance for Over 50s Worth It?
For many of us, our later years are punctuated by periods of ill health, which is why post-retirement may be the time when a Health Insurance policy is most relevant to your needs.
According to AgeUK, out of the 18.7 million adults admitted to hospital in 2017, 7.6 million (41%) were aged 65 and over.
The number of older people requiring inpatient care has also risen considerably over the past few years, with 16.2 million older individuals admitted to hospital between 2015 and 2016. They are also staying an average of 9.1 days per admission while the average across all age groups is 5 days.
While a Health Insurance policy won’t necessarily meet all of your healthcare needs in retirement, such as admissions for chronic, pre-existing conditions or emergency conditions, it can go a long way to helping in areas such as skipping queues for treatments such as joint replacement surgeries.
Taking out Health Insurance in Retirement
- Step 1: Decide what you want from your policy and how much you want to spend
Look carefully at the options available and decide the level of cover you’ll need. It is important to think realistically about how much you are willing to spend on an insurance policy.
- Step 2: Look at insurers and the policy options they have available
Most insurers offer highly flexible over 50s Health Insurance policies that you can adjust to your needs, so you should look at the options they provide for your policy.
- Step 3: Compare Health Insurance quotes and decide which insurer gives you the best value policy
After you have developed an idea of what you want from your policy, it is time to start comparing quotes. You can do this by going to each insurer individually, or you can ask Drewberry for help. Our advisers are able to collect quotes for you and summarise their findings in an easy-to-read report.
- Step 4: Apply for your policy and provide your insurer with the necessary documentation
Once you have decided on your provider and policy, you can complete your application. Depending on the type of underwriting you choose, you may be asked to fill out a medical questionnaire as part of your application.
- Step 5: Finalise your application and begin paying your premiums to maintain your policy
Your insurance provider will give you all of the details of your policy after they have accepted your application. This will tell you how and when you will need to pay your premiums as well as give you an explanation of the process involved in making a claim.
- Step 6: Review your policy on a regular basis and compare it with other policies on the market
Health Insurance after retirement shouldn’t be left alone and forgotten about. To ensure that you are getting the best deal for your insurance policy, you will need to review it on a regular basis to see how your cover compares.