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Seniors’ health insurance over 70 is a recent development for many. Many insurers did not offer policies because of the risk of illness, injury, and disease of the age group.
With that all changing, many over 70 consider health insurance for themselves and partners for protection against acute conditions. This article explains all you need to know about health insurance for those over 70.
Many insurers don’t offer policies past the age of 65. However, the industry has developed, and some specialized providers will provide private health insurance for over 70s.
Historically, private medical care plans were not available for senior citizens. However, the healthcare sector has seen changes that have allowed these services to be feasible.
There are some differences to policies for over 70s than for younger persons, in any case. That’s mainly in part to the increased risk of illness, injury, and disease at an advanced age.
Monthly premiums for policies will also be significantly more expensive than previous plans, should you have had private medical insurance before. The cost would leave many over the 70s wondering whether the price is worth the health insurance.
We compare plans from the leading health insurance providers
There’s no necessity for anyone to get private health insurance at any age. The NHS is always available to render its healthcare services. That would weigh upon whether health insurance is worth the investment.
Many over 70 tend to take advantage of newly found access to private health insurance, given the specific benefits for personal medical care. Some of the critical factors that drive purchasing a plan include more comfortable hospital stays, skipping ahead of NHS waiting times, and leveraging other services the NHS doesn’t usually provide.
If you feel that you’d be more content with the option of private medical treatment should you fall ill or have an injury, health insurance for over 70s is worth the investment. We’ll elaborate on the benefits further in this article. However, you’re probably pondering what has coverage in an over 70s health insurance policy.
The coverage found in over 70s health plans would not be as extensive as those in younger categories. Generally, over 70s health insurance will cover inpatient, outpatient, and daycare for acute conditions only. Those are illnesses and injuries that are unexpected against your medical history and are treatable.
Insurers will allow over 70s to customize their plan depending on their coverage requirements. Most of the below will have some form of availability for coverage in policies:
The rule of thumb is that the more you want to cover, the higher the price of monthly premiums. We’ll look at the costs of policies further on in the article. But first, we’ll highlight what does not have coverage in an over 70s health insurance plan.
A few things would not have automatic coverage in an over 70s health insurance policy. Those are:
Note that over 70s health insurance usually only has full medical underwriting in the policies. That means that you will likely have to provide a complete medical history before being accepted into a plan.
Insurers can vary on what coverage they include in their policies, especially as over 70s health insurances is specialized. But it’s usually broken into three tiers of coverage, varying in price.
The different categories of over 70s health insurance are:
Basic level over 70s health insurance will only cover day care and inpatient treatment. That means you’ll only have coverage for your hospital visits that require overnight stays and day visits for appointments. This type of cover would be the least expensive, costing around £65 a month.
The mid-range plan will cover inpatient treatment and outpatient care with a cap of around £1100 on the latter. This policy would see all your overnight hospital stays covered, with outpatient diagnostics and consultations covered up to the amount aforementioned. Policyholders can expect to pay £110 a month.
Comprehensive medical insurance will cover the full suite of inpatient treatment and complete outpatient care in the terms agreed with your insurer. The whole nature of this policy means you will pay the highest premium of around £140 a month.
Health insurance cover for over 70 arguably is the priciest set of policies. However, there are ways to drive down the price of your premiums if you include specific terms in your plan. Those include:
With possibilities to get a more affordable plan, you may still weigh up if the benefits outweigh the expense of health insurance for over 70s.
There are a wealth of benefits in over 70s private medical insurance despite the higher premiums you’ll need to pay. Advantages are:
Find below a summary of this guide for over 70s health insurance:
Contact your broker or insurer if you still have any questions, queries, or concerns about health insurance for over 70s. They will have all the guidelines relating to their particular over 70s policies.