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Senior Health Insurance

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What is Senior Health Insurance?

  • Senior Health Insurance covers those in or approaching retirement, giving them private medical care paid for by an insurer
  • Choose where and when you receive treatment allowing you to bypass NHS waiting lists
  • Benefit from hospitals and facilities with superior amenities than would be available if you relied on the NHS, such as private ensuite rooms
  • Common conditions that older people suffer from, such as requiring a joint replacement or needing cancer treatment, can all be taken care of by Private Health Insurance

What Does Senior Health Insurance Cover?

  • Inpatient cover
    All Health Insurance covers inpatient treatment – that which requires a hospital bed overnight, such as surgery – as standard. It’s part of ‘core’ Health Insurance coverage.
  • Day-patient cover
    Day-patient treatment – where you need a hospital bed but not overnight, such as minor procedures – is also usually covered as standard.
  • Outpatient cover
    Outpatient cover – which requires no hospital bed, such as for diagnostic tests and scans – is a separate cover you will need to pay extra for. You can either opt to have it covered in full or up to a monetary limit each year.
  • Cancer cover
    Regardless of whether or not you have outpatient cover, most Health Insurance policies cover cancer treatment as standard, meaning you’ll receive cover for chemo / radiotherapy and cancer surgery. This includes drugs and procedures that may not yet be available on the NHS.
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Do I Need Senior Health Insurance?

According to AgeUK, 41% of the 18.7 million adults admitted to hospital in 2017 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.

Older people also stay in hospital longer – for an average of 9.1 days per admission compared to the average across all age groups of 5 days.

While a Health Insurance policy won’t necessarily meet all of your healthcare needs in retirement, such as admissions for chronic and / or pre-existing conditions, it can go a long way to helping in areas such as skipping queues for treatments like joint replacement surgeries.

This can significantly improve your quality of life if you’re suffering from a painful condition that there’s a long NHS waiting list for.

As we get older, we become more likely to suffer from various health conditions, many of which are treatable under the umbrella of a Private Health Insurance policy.

This can make Senior Health Insurance a wise investment for your retirement.

Nadeem Farid
Head of Employee Benefits at Drewberry

Can I Get Health Insurance for the Over-60s?

Yes, Health Insurance for the over-60s is available. However, it can be trickier the older you are. To ensure you are able to get the most suitable cover it is best to speak to an expert, please don’t hesitate to pop us a call on 02084327333.

How Much Does Retiree Health Insurance Cost?

The price of your Health Insurance policy will be based on a range of factors:

  • Level of outpatient cover
    You can opt for full outpatient cover, where everything is paid in full; limited outpatient cover, where there’s a limit on outpatient care; or no outpatient cover, where you only have cover if you need inpatient treatment.
  • Optional add-ons
    Optional add-ons such as routine dental and optical cover or mental health cover will increase the price of your premiums. For cheaper cover, consider whether you really need such added extras.
  • Your postcode
    This determines the local private facilities you’re eligible for treatment in, so if you live in an area with more expensive hospitals then your cover will reflect this.
  • Your age
    The older we are, the more likely we become to make a claim on Health Insurance and therefore the higher the premium.
  • Smoker status
    Smokers are much more susceptible to illnesses such as cancer and cardiac problems than non-smokers and thus smokers pay higher premiums.
  • Your medical history and current state of health
    If you have a serious medical condition or a history of one, then you may pay more for cover.

Some factors that influence the cost of your policy are things that you are unable to control, like your age or your medical history.

Cutting the Cost of Senior Medical Insurance

There are a few ways in which you can adjust the cost of your policy to keep it affordable even as you get older.

Excess

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. Just like with car insurance, 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 NHS wait.

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.

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.

Hospital list

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.

A reduced hospital list limits the facilities 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 facility.

Example Costs of Senior Health Insurance

To calculate the monthly cost of Health Insurance for a person aged 55, 60 and 65, we’ve assumed:

  • All the individuals are in good health
  • They’re non-smokers
  • They’re looking for a mid-range policy with a mid-range hospital list
  • They’re willing to pay a £250 excess
  • They don’t want any additional extras on their policy
  • They’re based in the same postcode as our Brighton office.

Age 55

Age 60

Age 65

£122.42 per month

£151.04 per month

£187.37 per month

Premiums correct as of January 21st, 2019

Compare Best 5 UK Health Insurance Providers

aviva

Aviva

Aviva is the largest insurer in the UK. Aviva’s PMI offering is their Healthier Solutions product, which you can tailor to your own budget.

  • Underwriting
    Full Medical Underwriting / Moratorium / Continued Personal Medical Exclusions
  • Excess
    £100 / £200 / £500 / £1,000 / £3,000 / £5,000 per year
  • Core Cover
    Inpatient and day-patient / cancer cover
  • Outpatient Cover
    £0 / Reduced (limited to £500 or £1,000) / Full outpatient cover
  • Maximum Age
    Unlimited
axa ppp

AXA PPP Healthcare

Based in Tunbridge Wells, AXA PPP Healthcare has helped people to access healthcare services since 1940.

  • Underwriting
    Full Medical Underwriting / Moratorium
  • Excess
    £100 / £250 / £500 / £1,000* / £2,500* / £5,000*
  • Core Cover
    Inpatient and day-patient / radio/chemotherapy** / Optional mental health cover
  • Outpatient Cover
    Standard or Full
  • Maximum Age
    75 for moratorium underwriting
Bupa

Bupa

Established over 60 years ago, Bupa is a UK household name. Bupa Health Insurance has two tiers of over: Comprehensive (full inpatient and outpatient care) and Treatment & Care (inpatient-only). Both options include mental health cover as standard.

  • Underwriting
    Full Medical Underwriting / Moratorium
  • Excess
    £0-£500
  • Core Cover
    Inpatient and day-patient / radio/chemotherapy / Mental health cover
  • Outpatient Cover
    Paid in full or with optional limits of £500 / £750 / £1,000
  • Maximum Age
    Unlimited
the exeter

The Exeter

Founded in 1927, Exeter Family Friendly is a mutual Friendly Society with over 60,000 members. The Exeter’s Health Insurance policy is known as The Exeter Health+, which includes mental health cover as standard.

  • Underwriting
    Full Medical Underwriting / Fixed moratorium / Rolling moratorium / Continued personal medical exclusions
  • Excess
    £0 / £100 / £250 / £500 / £1000 / £3,000 / £5,000
  • Core Cover
    Inpatient and day-patient / cancer cover
  • Outpatient Cover
    Paid in full or with optional limits of £500 / £1,000
  • Maximum Age
    80
vitality

Vitality

Vitality (formerly PruHealth) launched in October 2004 as a joint venture between Prudential and South African health insurance provider Discovery. Vitality has an innovative approach to health insurance in their Vitality plan, rewarding you with points and reduced premiums for healthy living.

  • Underwriting
    Full Medical Underwriting / Moratorium / Continued personal medical exclusions
  • Excess
    £0 / £100 / £250 / £500 / £1,000 once a year or once per claim
  • Core Cover
    Inpatient and day-patient / cancer cover
  • Outpatient Cover
    Paid in full or with optional limits of £500 / £750 / £1,000 / £1,250 / £1,500
  • Maximum Age
    80
*Not available with standard outpatient option / **For those who've had cancer before taking out the plan or who removed the cover for cheaper PMI, AXA's NHS Cancer Support will see the patient treated for cancer on the NHS but with any drugs not routinely available on the NHS paid for by AXA

Get Fee-Free Health Insurance Advice

If you’re looking for Health Insurance for seniors, don’t hesitate to get in touch.

It can be a bit of a minefield trying to find the best cover, especially if you have pre-existing conditions or are looking to switch from another provider.

Why Speak to Us…

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2274 and growing independent client reviews rating us at 4.92 / 5.
  • Get the protection of regulated advice
    You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
  • Claims support when you need it the most
    You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
Drew Nelson Health & Wellbeing Expert at Drewberry

If it is all getting a little confusing and you want to talk through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.

Pop us a call on 02084327333 or email help@drewberry.co.uk.

Drew Nelson
Health & Wellbeing Expert at Drewberry

Extremely satisfied with the help and advice from Drew, since the beginning him understood what I was looking for and have the patience to help me out with all my questions and doubts. Didn’t tried to be push or annoying calling me all the time like so many did before. At the end we find the perfect medical policy for me and my daughter that covers everything that we need. I more than recommend them and if in the future I need something else for sure I will contact them again. Giving only 5 stars because I can’t give 6!!!!

Natasha Caversan Mucci
07/06/2019
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