How to Lower Health Insurance Costs for Seniors over 65

Why Does the Cost of Private Health Insurance Increase as You Get Older?

With growing age, the likelihood of experiencing health conditions such as diabetes, arthritis, decline in heart health, brittle bones, and hearing loss increases. Falls and fractures also come across as significant risks, leading to the requirement for hospital treatment. Additionally, as we age, we’re more likely to make claims on our health insurance policies as well. 

The increased chances of falling ill, developing medical conditions and suffering from injuries lead to the higher cost of premiums, making it difficult to find affordable health insurance for those over 65. 

Fortunately, there are lots of insurance policies that can provide the coverage you require. These policies are customised for older people, covering only important policy elements, and may even be less costly than expected. Investing in the right private medical insurance plan can help you get prompt care as and when required. 

If you plan to buy private health insurance for senior citizens in the UK but find it difficult to choose the right one, let us assist you

How to Make Your Health Insurance Policy Affordable?

1- Compare Policy Plans

When you purchase a new policy or plan to renew a current one, comparing different types of policies is crucial. Even if the current policy plan seems apt, you can get better policy packages covering a wider range of medical treatments. An exception is that pre-existing conditions covered in the current policy are not included in new policies until the moratorium period ends.

Moratorium underwriting refers to the period when pre-existing conditions are excluded and has a time frame of typically two years. The insurer reinstates the cover if you remain free from symptoms during that period. It must also be noted that buying a new policy with a different insurer can lead to a new moratorium period and make you wait longer to cover a pre-existing condition.

2- Discuss Terms with Your Insurer

If you want to reduce the costs of your premiums without any bargaining, speaking directly with private medical insurance providers can help. One way to approach this is to first perform a private health insurance comparison in the UK and find a similar plan at cheaper prices. Informing your insurer of an alternative option sets a benchmark between both parties and, often, lowers some amount of the premium.

3- Get in Touch with a Broker

If you’re not comfortable bargaining or discussing terms with your insurers, then associating with a private health insurance broker in the UK is also a good option. Let the broker know your requirements, and they’ll help you choose from the options available. This approach can assist you in choosing a policy that offers good value for your money.

4- Increasing the Excess

Excess refers to the amount you pay towards a claim. Increasing the excess can help you reduce your premium and make the policy more affordable. But, it means that you will have to pay more if you claim the amount. So, if you plan to increase the excess, keep in mind that you should make it affordable. Otherwise, you will not be able to get a claim if the excess is not paid.

5- Get a No-Claims Bonus

A no-claims bonus refers to the discount insurers provide at policy renewal as long as a claim is not made. But having a no-claims bonus should not stop you from claiming for a treatment. Rather, it is advised to compare the cost of treatment with the excess to decide if you should claim or pay for the treatment yourself.

6- Have a Limited Hospital Network

Private medical health insurance providers in the UK have a wide range of hospitals in their network. An extensive choice of hospitals can lead to more expenses and eventually increase your premiums. Opt for a limited range of hospitals that are close to home to reduce your premium.

7- Include NHS in the Policy

There is a six-week waiting period option in the policy, which can lower the premium. It states that if you can receive treatment from the NHS within six weeks, then you’ll receive treatment from them. If treatment cannot be done, you can access treatment from private hospitals.

8- Add your Family Members to the Policy

You can add your partner or children to your health insurance policy. This way, you can lower the overall premium paid. The premiums for a joint policy are less costly than individual policies.

Is It Worth Getting Private Medical Health Insurance?

The answer to whether private health insurance is right for you depends on the circumstances, regardless of your age. So, when you look for health insurance for senior citizens in the UK, first consider the type of policy you want and then the extra options available. Clarity about the type of policy required can help invest in the right one without getting distracted by options that increase premiums.

How to Choose the Right Private Health Insurance Policy for Senior Citizens?

To choose the right insurance policy, compare policies offered by different health insurance policy providers. Be clear about your requirements and note down limits or conditions that can impact your eligibility for any treatment. Here’s a list of three things you must consider to make the right decision:

• Consider what the policy covers: Always check if the policy you are considering gives the cover required.
• The health conditions: Some individuals experience genetic issues as well.  So, as you get older, you might want to get them covered in the policy.
• The cost of policy: For some individuals, price is as important as getting the right cover. Always check the extra fees you’d have to pay when making a claim, then decide on getting the right policy at the right price.

If you prefer to consult an expert health insurance broker, then contact us. We’ll assist you with the options available, including the ways to lower your premiums.

What will all be covered in the policy?

A health insurance plan can be customised to cover only what you require. There are several elements that you can either add or remove from your insurance plan, including:

• Inpatient care
• Outpatient cover
• Therapies
• Cancer cover (including advanced drugs for cancer)
• Dental and optical care
• Choice of hospitals
• Mental Health
• Private GP

How much cover will you get as a 65-year-old?

Although private medical health insurance depends on various variables, you can select the coverage level. Assuming that you’re a healthy individual, we present some rough estimates for the types of health insurance plan covers that we offer, including:

1- Basic Health Insurance Plan

This plan includes inpatient care for individuals who must stay in the hospital overnight (depending on the situation).

2- Mid-Range Plan

A mid-range plan comprises inpatient and outpatient treatments costing up to £1000.

3- Comprehensive Coverage Plan

This plan includes both inpatient and outpatient treatments.

Choose Premier PMI for Your Health Insurance Needs

With age come different health problems, and insurance serves as a way to cover the expenses associated with them. Health insurance serves as a shield against unexpected medical expenses. So, if you plan to get coverage for yourself or your family members, our team of dedicated insurance brokers is here to guide you. Get unbiased advice, extensive support, and assistance when dealing with insurance providers with Premier PMI. Connect with us via email at contact@premirere.co.uk or call us at 01280360122 to get a personalised health insurance cost.

Stuart Hendy, Senior PMI Advisor &Editor

Stuart Hendy is a highly experienced health insurance broker with extensive knowledge of private medical insurance and private treatment. His expertise is frequently sought by industry professionals and his insights have been featured in leading financial publications. Stuart is committed to providing his clients with the best possible healthcare solutions and empowering them to make informed decisions.

• LinkedIn

FAQ