Health Insurance for the 60+

Statistically speaking the older we become the more likely we are to suffer ill health so it becomes even more important to feel that we are covered if we do fall ill. Private medical insurance gives peace of mind. Also, at this time in life we are often better off and feel we can afford to look after ourselves a little more.

Can I take insurance out at any age?
Private health insurance companies vary in their policy requirements. On average, polices will not take on a new client who is over the age of 75 however there are variations to this, for example Bupa will provide cover if you are 79, under their Client Choice policy. AIG have an upper age limit of 70 and BCWA will only insure you if you are under 64. If you are already have a health insurance policy however you will usually be able to continue with it.

Will I need a medical?
Generally you will not need a medical examination. However there may be different conditions of application depending on your age. There are moratorium or fully underwritten health insurance policies. For example most companies set an age limit after which you will be require to take out a fully underwritten health insurance policy. For Freedom Healthcare Ltd, for example, the age limit for this is 66. So, if you are 66 years old or over you will need to fill in a detailed medical questionnaire. Before this age you can take out what is known as a moratorium policy which does not require you to do this.

Costs
Unfortunately health insurance premiums do rise as we get older. This is purely because the risk of ill health increases with age and medical insurance companies have to protect themselves against this risk.

Percentage increase costs between age groups
40-50 year olds: 30%
50-60 year olds: 44%
60-70 year olds: 55%
70-80 year olds: 56%

Here is a cost comparison for a range of policies for a 63 year old man. All these are for the most basic of cover offered for each company and represent the monthly premium cost:

AIG Health Care £90
CS Healthcare £42
Freedom Healthnet Ltd £71
Health On Line Personal Choice £80
Norwich Union Health Solutions £123
Universal Provident £103

As you can see there is a great variation in the costs of policies available so it is worth looking around for the best health insurance policy for you. Equally policy will offer different levels of cover so it is important to check details carefully. It is also worth noting that basic cover may not include some features which may be important to you. Add-on products will give cover, for psychiatry or complimentary treatments which may not be included in the basic policy.