An aging population means that men in their 50s will face rising health care costs as the government strives to fill the gaps in the struggling public health sector. As health care costs increase, more men in their 50s will be seeking private health insurance to help cover them.
Choosing Life Insurance in Your 50s
When you are over 50, the most crucial consideration will be the type of coverage you can achieve at the lowest cost. Here are three key factors to help you decide on a plan that best fits your circumstance.
1. Look at Your Current State of Health
Consider your pre-existing conditions and think about how they may affect your need for health care as you get older. Men in their 50s can start suffering from knee problems, which get worse over time and may eventually create mobility issues. Replacement surgery may be required in the future.
What about your family history? Has there been diabetes, depression, heart disease, cancer, osteoporosis, or vision impairments in any of your family members in the past? Many of these conditions have their origins in genetics and can manifest as you reach 50 years old and beyond.
Men in their 50s can be prone to depression and suicide. Consider having treatment for these illnesses covered in your health insurance policy.
2. Consider if the Policy is Per Person or Per Policy
Whether your health insurance is per person or policy can have a significant impact on the price you will pay on your premium each month, and the amount you can claim.
For example, a policy which has a limit of $2,000 in extras (optical, and chiropractic, for instance) could cover all family members for that amount. However, if the policy covers the extra benefits up to $2,000 for both you and a spouse, then everyone listed on the policy can claim up to the $2,000 limit.
3. Do I Need Extras Cover?
Ancillary health insurance is insurance, which covers a range of services beyond primary medical care. A standard policy may not cover physiotherapy, ambulance, dental services, and optical services, but they can be included in the extras. As men get older, it becomes more likely they will need these services and may not be able to handle the full expense on their own.
Having access to physiotherapy and optical services is vital for older men because arthritis and ocular impairment become more common as we age.
Dental care also becomes a more regular occurrence for men in their 50s – whether it’s for themselves or their kids – but it’s a service that is usually only available as an extra.
Weighing Up the Costs
Health insurance in Australia can be expensive, so it’s essential to weigh up your options. You don’t want to be paying for extras cover you don’t need and will never use. However, you also want to make sure you are covered for those services you know you will require as you get older.