Health Insurance Over 60: What Should You Review as Your Healthcare Needs Change?

Your healthcare priorities can change throughout your life, but your health insurance policy doesn't automatically change with them.

If you've had health insurance for many years, it can be easy to continue renewing the same policy without looking closely at what it now provides.

As you get older, reviewing your health insurance can help you establish whether your existing policy continues to provide the access, benefits and value that are important to you.

Does Health Insurance Automatically Cost More Because You're Older?

One common misconception is that your health insurance premium automatically increases simply because you get older.

Ireland operates a community-rated health insurance system. This generally means that people buying the same policy pay the same premium regardless of their age, gender, health status or medical history.

There are some exceptions to community rating, including Lifetime Community Rating loadings for certain people who first purchase health insurance from age 35 onwards or return after a qualifying break in cover.

But if you've maintained health insurance, simply turning 60, 65 or 70 does not in itself mean your insurer can charge you a higher standard premium for the same policy because of your age.

Has Your Policy Kept Up with Your Needs?

You may have chosen your current policy many years ago.

At the time, your priorities might have been very different.

That's why it's worth reviewing your cover periodically rather than assuming a policy you've had for years remains the best option.

Start by looking at the benefits that would matter most to you if you needed healthcare.

Review Your Hospital Cover

One of the first areas to examine is hospital cover.

Check which public and private hospitals are covered under your plan and the level of cover available in each.

Consider whether there are particular hospitals you would want the option of accessing and whether your current plan provides the level of cover you expect there.

It's also important to understand whether your policy covers private or semi-private accommodation and whether excesses or shortfalls could apply.

Look Beyond Inpatient Cover

Hospital treatment is only one element of health insurance.

Depending on your plan, you may also have benefits for outpatient and day-to-day healthcare.

These can include benefits towards services such as GP visits and physiotherapy, although the exact services, refund levels, excesses and limits depend on the policy.

Look at what you actually use and compare that with the benefits you're paying for.

A policy can have an extensive list of benefits, but the real question is whether those benefits are valuable for your circumstances.

Check Your Excesses and Shortfalls

When reviewing your health insurance, don't look only at what's covered.

Look at what you might have to pay yourself.

An inpatient excess is an amount that you may need to pay towards a private hospital claim.

A shortfall occurs when your policy doesn't cover the full amount charged and you have to pay the remaining amount yourself.

Understanding these potential costs can give you a much clearer picture of the true value of your policy.

Don't Assume Your Existing Plan Is Your Only Option

Having been on the same health insurance plan for a long time doesn't mean you have to stay on it indefinitely.

In general, you can switch health insurance policy or insurer at your renewal date.

The Irish health insurance market is community rated, and insurers cannot refuse to sell you health insurance simply because of your age, health status or medical history.

However, moving to a policy with higher benefits can result in upgrade waiting periods applying to those additional benefits.

This is one reason why reviewing your cover before you need additional benefits can be important.

More Cover Isn't Always Better Cover

Reviewing your policy doesn't necessarily mean upgrading to the most expensive plan available.

The objective should be to find cover that is appropriate for your needs and budget.

You could discover that you're paying for benefits you don't particularly value. Alternatively, you may find that an area that's increasingly important to you has limited cover.

The important thing is to understand the trade-offs.

Don't Automatically Renew Without Reviewing

Health insurance can be one of those expenses that simply rolls over every year.

But your circumstances can change, insurers can introduce new policies and the cost and benefits of plans can change.

Before your next renewal, ask yourself:

• Which hospitals does my policy cover?
• What level of private hospital access do I have?
• What excesses and shortfalls could I face?
• Which outpatient benefits do I actually use?
• Are there benefits I'm paying for that I don't need?
• Have my healthcare priorities changed since I originally selected this policy?
• Are there other plans that may suit me better?

A regular review can help ensure you're making an informed decision rather than simply staying with a policy because it's the one you've always had.

Health Insurance Ireland can help you review your existing policy, understand your benefits and compare your options. Get in touch with us before your next renewal to find out whether your current cover is still right for you.

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Email: info@healthinsuranceireland.ie