Monday, October 8, 2018

Insurance Guide for a Person Aged 50 Years – What Should You Include and Exclude?



Do you think your retirement is approaching? If answered yes, it’s high time you should review your health insurance policy to make sure you stay covered during your golden years. It is not that health insurance is something that that you need during your retired life as it is important during several stages of life. 

Health insurance fills the health insurance gaps which are often not covered by Medicare. Nevertheless, health insurance actually gets more and more important when people get older as after 50 years of age, there are several chronic illnesses which start developing and which also need immediate medical help.

While there are several health insurance companies like iSelect which are there to offer you the best health insurance policies in the market, it is still imperative that you compare and contrast the rates before choosing the final one. Here are few things to consider.

What should you ask yourself on health insurance since you’ve crossed 50?

Here are few questions on health insurance that you should ask yourself whenever you cross 50 years of age.


Is it necessary to alter the type of policy?


In case you own a private health policy already, you may have a family or couple policy which gives higher priorities to few treatments which were more vital for you previously. Nevertheless, if you’re still considering moving towards health insurance during your 50s, you will again require setting new priorities all over again.


Do I require any other kind of medical services?


Previously you had insurance for teeth issues but now it seems more important to have coverage on hip replacement, cataract removal, cardiac surgery and other things. You should ensure giving a close look to your health policy.


How should I make sure I get full coverage?


You might be eligible for Commonwealth Seniors Health Care Card after crossing 65, this can help slash off the costs of prescription medicines and services. This insurance will make sure you stay protected in later years.


What are the services to watch out for in a policy?


Hospital coverage: When we say hospital coverage, we mean all the basics like shared or private room, public or private hospital, fees for intensive care unit, ambulance expense coverage pathology, x-rays and pharmaceuticals as well. It shouldn’t include those treatments which you will most likely never need like reproductive or obstetrics services or non-cosmetic eye surgery or transplanting of organs. 




Extra coverage: This extra coverage includes ancillary services which you will need, like for example dental, optical, physiotherapy, podiatry and other services. Similarly, here too, they shouldn’t include any services which you will never need like vaccinations during travel or gym membership fees. The benefit limits should remain individual.

Therefore, once you reach 50 years of age, you have to make sure you take the best insurance decisions so that you don’t have to suffer later on due to lack of funds during an emergency leading to medical debt.



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