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Compare the Best Senior Health Insurance 2024

As you get older, it becomes increasingly important to have health insurance. You want to be able to take care of yourself as you age, and having good health insurance is one of the best ways to do that. Make sure you are covered for all eventualities — from routine checkups to major surgery. Compare the best senior health insurance policies in the market and find one that fits your needs.
Fact Checked

Updated: 22 May 2024

Policies vary greatly, so make sure you are fully informed before making a decision. This article outlines the details when it comes to private health insurance for seniors, the costs involved, and the rebates you can receive.

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What is senior health insurance?

Health insurance is a great way to protect yourself from high medical costs. Senior health insurance provides coverage for the needs of singles or couples who are over the age of 65. The definition of “senior” may vary between different providers — with some offering policies to people in their 50s, whereas others require an age requirement of at least 65 years old before they can enrol into this type of service plan. If you’re over 65 years old and not yet retired, it may be time for senior health insurance.

The best type of private health insurance policy will depend on your current needs and any future ones that might arise with age. Remember to consider emergencies during retirement such as an accident at work causing injury that requires extensive treatment in hospital settings outside normal clinic hours (or even just part-time).

Pros and cons of seniors health insurance cover

If you’re a senior citizen, chances are that your requirements for healthcare services are greater. In this case, you’ll generally want the best coverage to suit your specific needs and ensure no hefty costs put you back in your later years. 

Below is a list of both advantages and disadvantages of purchasing health insurance for seniors. It’s always important to review the details of health insurance before you commit to ensure you’re getting the best value.

Advantages
  • You receive shorter waiting times.
  • You have the option to choose your own medical provider.
  • You can decide on your appointment times
  • If you still earn an income, you won’t have to pay the Medicare Levy Surcharge.
  • All policy levels cover emergency ambulances.
  • You receive a higher rebate after the age of 65.
Couples Life Cover
  • Policies are not cheap and start at around $85 a month.
  • If this is your first time purchasing a health insurance policy, you will have to pay the lifetime health cover loading fee, which is an additional 70% charge on top of your monthly premium.

How much does senior health insurance cost?

Private health insurance can be expensive and it’s important to choose the right policy for your needs. The cost of health coverage will depend on what type you choose, how much cover is needed at each level, if you want to purchase Hospital cover, Extras cover, or both. Always review the services covered in your policy level as you may find you’re paying for unnecessary services, such as family planning.

The cost of health insurance will be much cheaper for seniors over 65 since they receive higher rebates from their government than younger people do when purchasing policies on the open market. On average, a single adult who resides in NSW, a Basic Hospital and Extras policy can cost anything between $110,50 and $140,00 per month. Whereas a Gold Hospital and Top Extras policy can cost between $240,00 to $500,00 per month.

Compare the cost of cover

The cost of private health insurance depends on what level and type you purchase. A Bronze Hospital policy with Basic Extras will generally be cheaper than Gold coverage, which offers more comprehensive benefits but at higher prices per year (Gold policies typically require annual payments).

Insurer
Average Monthly Premium
CBHS 100x100 1
$377.17
medibank 100x100 1
$530.00
bupa 100x100 2
$507.65

Source: privatehealth.gov.au (April