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Our medical needs change as we grow older and our families fly the nest. Instead of looking for pregnancy benefits or cover that includes kids, we become more focussed on other things, like insurance for pre-existing conditions, cardiology or joint replacements.
However, finding the best health insurance for seniors takes a little bit of research because there aren't any policies which have been specifically designed for over-65s. Instead, you have to compare policies and see which ones offer the benefits you need, for a price you can afford.
That's where we come in.
We're here to help you compare health insurance and pick the best policy for you. To do that, there are a few things you should take into account before looking for health insurance:
The comparison tool below lets you see hundreds of policies side by side, making it easier to choose one that's right for you. Select what's most important to you – we suggest "Better Cover" – then fill in your details and choose whether you want hospital cover, extras cover or both.
Once you've clicked "Search Policies", you can refine your search by selecting the benefits that are most important to you, such as heart surgery, joint replacement or pre-existing conditions.
Before going any further, it’s important to know whether you’re getting cover for the first time or looking to change health funds. Which situation best describes you?
If you’re switching health funds, you’ll want to consider the following:
If you’re getting cover for the first time, you’ll want to consider the following:
If you’ve already got cover and you’re looking to switch funds, you’ll need to ask yourself why you’re switching. Are you trying to save money or have your needs changed?
The good news is you won’t have to re-serve any waiting periods for items that your previous policy covered. However, if the policy you’re switching to has higher benefit limits or cover for treatments not covered by your original policy, you will have to serve those waiting periods.
We’re lucky to live in a country where everyone has access to hospital cover with little to no out-of-pocket costs thanks to Medicare. Before taking out a health insurance policy, you should weigh up the pros and cons of having private cover, as you might be better off just sticking with the public system. Some items to consider when weighing up public vs private hospital as a senior include the following:
Medicare | Private hospital | |
---|---|---|
Premiums |
|
|
Doctor and hospital |
|
|
Accommodation |
|
|
Waiting times |
|
|
Hospital and medical costs |
|
|
Specialised services |
|
|
Emergencies |
|
|
While Medicare definitely has its pros in regard to hospital cover, it has more cons than pros when it comes to extras cover. Extras cover is there to cover you for treatments that fall outside of the auspices of hospital cover such as optical, dental and physio.
Source: Australian Institute of Health and Welfare (AIHW) Private health insurance use in Australian hospitals 2006–07 to 2016–17
Once you turn 65, the Australian government officially considers you a senior and you may be eligible for a Commonwealth Seniors Health Card (CSHC). This is a concession card for older Australians that allows you to access cheaper pharmaceuticals and government-funded medical services. The eligibility requirements and benefits you can claim with this card are outlined below:
Eligibility criteria | Benefits |
---|---|
To qualify for the CSHC, you must meet the following criteria:
| CSHC holders can access the following:
|
It’s not as easy as finding a health fund and clicking on the seniors health insurance button, because none of them has a policy called “seniors health insurance” or “health insurance for seniors”.
Health insurance falls into two categories: hospital or extras.
Health insurance type | Main features | What else is covered |
---|---|---|
Hospital cover |
| Read more |
Extras cover |
| Read more |
Deciding whether you want a hospital, an extras or a combined policy will come down to your personal circumstances. However, hospital has the big-ticket items that are relevant to seniors. These include cover for the following:
Notice anything missing from this list that would normally be covered by a top hospital policy? Yep, you guessed it: pregnancy. When an insurer or comparison site refers to a seniors policy, what they’re really saying is: “Here is our top hospital policy minus cover for pregnancy, obstetrics, IVF, etc".
Since 2019, hospital insurance has been broken into four tiers: Basic, Bronze, Silver and Gold. As a general rule, if you’re a senior, you’re going to want to look for a top hospital policy as it provides you with the greatest access to the widest range of procedures and treatments.
Some benefits you might find include:
While you won’t find a “seniors” policy on the market, there are a number of key features you should look for when buying health insurance in later life. First things first, you’re generally going to want top cover. Next, you’re going to want to look for policies that provide a high level of cover for relevant treatments such as heart surgery, major eye surgery and joint replacement.
If you’re looking to have cover for out-of-hospital treatments, you’re going to want to look for an extras policy that provides a good level of cover for dental (both general and major), along with optical, physio, health aids (such as hearing aids and blood glucose monitors) and ambulance.
Health insurance is community rated, which means no matter whether you’re 18 or 88, you’re going to pay the same amount for the same level of cover. How much your health insurance will cost will come down to the following:
On average, a single hospital + extras policy can cost from $67.15 per month to $277.41 per month for a female living in NSW.
Yes and if you’re over the age of 65, your private health insurance rebate increases, provided you're not classified as a high-income earner ($140,001 or more for singles and $280,001 and over for families, single parents and couples).
You can claim the rebate either as a premium reduction through your health fund or as a tax offset when you lodge your tax return with the Australian Taxation Office (ATO).
If you’re getting health insurance for the first time as a senior, you’re going to be impacted by the Lifetime Health Cover (LHC), which is a loading of 2% on top of your premiums for every year over the age of 31 you didn’t have private health insurance. This can make buying health insurance as an adult prohibitively expensive for seniors.
Let’s assume you’re 70 years old and have never held cover. The maximum loading of 70% will apply to your policy for the first 10 years you hold it. If the normal annual premium for your seniors health insurance policy was $1,800, you’d need to pay an extra $1,260 per year, not counting any rebates you might be eligible for. While an additional $100 or so each month is nothing to sneeze at, getting insured can still be worth it if you make the most of your policy.
There are a few exceptions where seniors won’t have to pay the LHC, the most relevant exemption is whether you were born on or before 1 July 1934. If you were, then you don’t need to worry about the LHC.
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Wanted private health insurance with Basic Hospital and some extras like optical, dental and joint replacements etc.
Hi Husne,
Thank you for getting in touch with Finder.
Upon checking, you’re currently at the right page. Kindly choose the answer that suits you and please enter your postcode then click on the orange Search policy button to start comparing your options. Once you have decided which to go with, please click on the green go to site button of your chosen quote to be redirected to the provider’s official page. If you need further assistance on getting private health insurance, you may call our team on 1300 594 882 from Monday to Thursday, 8am – 7:30pm and Friday, 8:30am – 5pm.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Can you clarify the difference between ‘earn’ (gross income?) and taxable income re :
Premiums
Free (other than the levy)
Costs $75/month+ extra if you earn over $90,000
Hi Kathleen,
Thanks for getting in touch! Your premiums will be free if your gross (or taxable income) is over $90,000. Hope this clarifies!
Best,
Nikki
Hi Bill,
Thanks for your inquiry.
Yes, cardiovascular disease is considered to be a pre-existing condition so the waiting period applied is 12 months. If you like to compare the insurance prices and cover, please use our panel above and click on the orange ‘Search policies’ button. Please discuss directly with the insurer about your options and waiting period once you’ve chosen a brand.
Cheers,
May
My mother in law is 98 years old, she has had private health insurance for over 20 years i believe, maybe much more. Last year she fell and broke a hip, was taken by ambulance to a public hospital. We requested a private room but were told there were none available. We could have moved her to a private hospital, but were advised with age pain etc it would not be advisable to do so. Is there a cover for these types of situations where there seems to be very little if any successful claims that can be made, other than palliative care at sometime in the future?
Hi Terry,
Thanks for reaching out to us at finder!
Depending on which policy your mother-in-law has, she might benefit from the wide range of general treatments included in hospital and extras covers such as physiotherapy, osteopathy, chiropractic services or other natural or alternative therapy.
Kindly note that the extent to which particular services are covered will depend largely on the insurer and policy. If you’re unsure of the inclusion and limits, it’s a good idea to contact her insurer directly.
I hope this information helps.
Best regards,
Liezl
am aged 86 and am insured with Australian Unity for hospital cover
Is this a good choice or should I be looking at another health fund.
I keep in good health
Hi Rosemary,
Thank you for your question.
finder.com.au is a comparison and information service and we are not permitted to provide our users with personalised financial advice or product recommendations.
If you would like to compare policies from health insurance brands in our panel, please enter your details into thequote form on the top of the page.
Cheers,
Zubair
BOTH MY WIFE AND SELF ARE 82 YEARS AND HAVE ALWAYS SINCE WORKING DAY STARTED HAVE BEEN INSURED,CURRENT WITH MEDIBANK PRIVATE AND HAVE TOP HOSPITAL COVER.
WHY DO WE BOTH HAVE TO PAY $500 EXCESS TO GO INTO HOSPITAL AS WE BOTH DID 2016 FOR SLEEP TESTING ,WE HAVE NO OTHER INCOME EXCEPT GOVT: PENSION .NOW INSURANCE GOING UP AGAIN AND AT THIS MOMENT LOOKS LIKE WE HAVE TO STOP INSURANCE AND LET GOVT:TAKE THE BILL FOR HOSPITAL CARE ,I FIND IT HARD TO PAY MEDIBANK AS IT IS ,WE HAVE TO GO WITH OUT WHICH IS BLOODY AWFUL ALL THESE YEARS PAYING BENEFITS AND WE GET EXCESS WHY
BARRY.
Hi Barry,
Sorry to hear you’re having issues with the price rise. Unfortunately, increasing health costs due to the ageing population, improved medical testing and other factors have forced health funds to increase their premiums.
If you would like to compare your options in hopes of finding a more affordable option, you can do so by entering your details into the comparison tool at the top of the page.
All the best,
Richard
I am not a member of a health fund but would like to get cover for my 74 year old husband and myself at 69 years old is it possible to get it.
Hi Denise,
Thanks for getting in touch. While you will be able to get cover, as you’ve not held a policy before you may be subject to the lifetime health cover loading.
To speak with an adviser about your cover options, please click the enquire now button in the table above. Once you’ve completed the contact form, an adviser will be in touch.
All the best,
Richard
I would like to enquire about seniors hospital cover with no extras
Hi Wendy,
Thanks for getting in touch. You can enquire either directly or with help from an adviser, by using the table at the top of this article.
All the best,
Richard
I have no health insurance I just want to have a first idea of how much it would cost approximately.
I am 66 years old and am still working full time
Hi Jean,
Thanks for your question. finder.com.au is a comparison service and we are unable to provide our users with personalised financial advice. Since you’ve not had health insurance before, you may have to pay the Lifetime Health Cover loading. If you would like to speak with an adviser about your options and to get a quote, please complete the contact form at the top of this article.
All the best,
Richard
I am currently a member of a health fund but since I am a senior I am attempting to compare it with senior’s funds in an attempt to find one offering what I need and hopefully, at less cost.
Is there a table I can use to compare specific funds?
Thank you
Is there a table I can use to compare the health fund that I’m already with . I am a senior looking for a fund at a lower cost
Thank you
Hi Robyn,
Thanks for your question. We don’t currently have the facilities in place to compare health policies online. If you would like to speak with an adviser who will be able to give you a price comparison, please complete the contact form at the top of the page and they will give you a call.
All the best,
Richard
Hi Chandler,
Thanks for your question. finder.com.au doesn’t currently have the facilities in place to provide you with a personalised quote. However, if you complete the contact form at the top of the page, an advisor will be give you a call to discuss your options with you.
I hope this was helpful,
Richard