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.
Head of Employee Benefits at Drewberry
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 02074425880.
The price of your Health Insurance policy will be based on a range of factors:
Some factors that influence the cost of your policy are things that you are unable to control, like your age or your medical history.
There are a few ways in which you can adjust the cost of your policy to keep it affordable even as you get older.
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.
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.
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.
To calculate the monthly cost of Health Insurance for a person aged 55, 60 and 65, we’ve assumed:
£122.42 per month
£151.04 per month
£187.37 per month
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.
Based in Tunbridge Wells, AXA PPP Healthcare has helped people to access healthcare services since 1940.
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.
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.
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.
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.
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 02074425880 or email firstname.lastname@example.org.
Health & Wellbeing Expert at Drewberry
Martyn Coates from Drewberry provided an excellent service with prompt handling of any question that we asked him. I would highly recommend Drewberry for anyone wanting Insurance.