What is Elderly Health Insurance?
Elderly health insurance is a policy taken out by an individual (65 years of age or over) to cover or pay for their incurred medical and surgical expenses. Insurers tend to look at individuals differently when they reach this milestone, but that does not mean that you cannot get the best value and most effective cover possible. At MediCompare, we are proud to help people from all walks of life to compare health insurance and find the best policy to suit their needs.
Why Take Out Elderly Health Insurance With MediCompare
Whatever you call it, ‘later life, old age or middle adulthood,’ medical professionals traditionally regard 65 as the age at which somebody is termed ‘elderly.’ But with people living longer and healthier lives, age is surely just a number?
Elderly healthcare is something that costs the NHS a lot of money, resulting in higher waiting times and ever-increasing restrictions. For those reasons, more and more people are purchasing elderly private health care plans for themselves or children are buying them for their mothers and/or fathers.
- Age UK says the number of older people with care needs is expected to rise by more than 60 per cent in the next 20 years. Almost 1-in-5 people in the UK will live to 100!
- UK citizens who retired abroad may return to the UK due to Brexit, increasing the elderly numbers and possibly putting further burden on the NHS services.
One minister recently suggested that as our social care and health care are in crisis, families must be more responsible for looking after their parents.
Families and individuals want quicker diagnosis and higher quality care. They also want speedier recovery and peace of mind. With that in mind, finding the right kind of health insurance is key. Contact us for more information.
What kind of Private Medical Insurance will I need for myself or for my elderly parents?
With so many policy options, choosing the correct one can be overwhelming. That’s where MediCompare can help. We work with to you figure out what kind of coverage you or your elderly parents need. Then we check policies and offerings from leading UK insurers and present you with a quote for the best coverage. It is a free service with no obligation to buy. We won’t share your details without your permission.
Comprehensive Medical Insurance is one of the more popular types of coverage.
How does it work? Well, you pay your insurer a monthly premium. Then when medical issues arise, ones needing private health care, some or all of those costs are covered. The extent of coverage and its cost depend on the policy you choose.
Options you might want in your policy coverage:
- Ability to choose from a range of consultants or specialists that will be there for your treatment and recuperation. Ones that are convenient to where you live.
- Flexibility to choose the grade of hospital, from private wards in NHS hospitals to exclusive private hospitals even one that is close to home or near relatives and friends.
- Clean, quiet private hospital room (usually en-suite) with good-quality, nutritious food.
- Anaesthetist fees, diagnostic tests and outpatient fees.
- Inpatient tests
- Surgery as an inpatient or day patient
- Outpatient tests, consultations, treatment, and therapy
Keep in mind that most private medical insurers DO NOT usually cover chronic conditions.
This a condition that was diagnosed and treated within 5 the years previous to the start of your new policy. In these instances, insurers often use something called ‘moratorium underwriting’ where they simply exclude the pre-existing condition from coverage in your new policy. However, if during the first two years of the new policy’s coverage you do not need further treatment or consultations for the pre-existing condition, the exclusion is removed from your policy.
For example, if you have had knee replacement then take out your new policy and have good mobility, no pain and don’t need it checked for two years, then you will be covered for knee-related problems after two years.
Other cover you might consider
Extended Cancer Cover
Many health plans offer good cancer cover but some also offer an Extended Cancer Cover option with extra benefits for extra peace of mind. These may include:
- Special cancer drug treatments with be no time limits.
- Option to take part in ethically approved trials (either drug or surgical) that are experimental or unproven.
- Receive special drug treatment that maintains remission or prevents cancer recurrence.
Health Cash Benefits Cover
This cover gives cash back each year to go for paying other healthcare expenses for either the policyholder, spouse or partner. Some offer up to £900. Here’s an example of what could be on offer:
|You can claim up to:||For these services:|
Sometime the Health Cash Benefit schemes can also include physiotherapy, osteopathy, chiropractic, homoeopathy and acupuncture, specialist and investigations. In addition, cash for hospital admissions may be offered.
Protection for your No Claims Discount
Many policies offer a no claims discount. It helps lower your monthly premium. Paying a little extra for No Claim Discount Protection will allow you to keep your lower premium but lets you make one eligible claim.
Example: Chart-format insurers often use to show policy costs and options:
Choose Lower Rates
When researching policies, there may be options (i.e. choices of hospitals, specialists, and treatments) that you don’t feel are necessary. You can choose to opt out of some of these option so you pay a lower monthly premium. Keep in mind that sometimes the difference is small spread over a year. Just make sure you are not short-changing your long term health to save money.
Pay a Larger Excess
The insurer’s excess fee which is the portion you pay on any health care procedure, hospital stay, etc. When selecting your policy, you may choose to pay a larger excess and thus lower your premiums.