Do you wish you had more control over the healthcare you receive? It can be challenging to find the right health insurance. Moreover, when you start paying for your own private health insurance, it gets even more complicated. When you’re young, you can switch back and forth to find what’s best, see what options help you get the proper diagnosis, and can pick the health insurance that offers you access to hospitals with the most advanced technology.
However, if you’re close to retirement, it’s a more significant decision that depends on a lot of variables. What’s the best option when your joints give you trouble? Will private health insurance help your back pain? What if an old sports injury starts flaring up? It’s crucial to get proper treatment options when you’re a senior. Since you don’t have any room for errors, you need to assess whether private insurance is right. Here’s what to think about before you jump on board.
Look into what your private insurance plan covers.
Private health insurance doesn’t always cover every medical condition. And, you won’t have access to all the best treatment options. The best way to make sure the plan has what you need is to create a checklist. See whether private insurance gives you the treatment and care you require.
Find out what specialists (such as a physical therapist and orthopedic specialist) are on your plan. Will you be able to get organ transplants? What about orthopedic treatments? Ask an insurance company to run through your list with you before you make your decision.
Consider all pre-existing conditions.
When you’re considering private healthcare, don’t forget about pre-existing conditions. You may not get enough coverage for some chronic illnesses. Additionally, your premium payments can increase with a pre-existing medical condition. Some conditions get coverage with private health insurance as well as Medicare. For seniors, things like joint pain or an orthopedic condition are quite common. Even if you don’t have chronic illness, check what orthopedic surgeon or physical therapist you can visit. Try to find out what insurance is best for you, depending on your condition.
Another common condition for seniors is hearing loss. If your hearing health is suffering, you may need to visit a reputable hearing center. You may also need to get an excellent hearing aid. In this instance, private health insurance often gives you more options. Get a hearing test before you pick your insurance. Find out which private hospitals offer things like advanced noise-processing technology. Check where you will get a hearing aid with external controls and a superior fit. You can even visit hearing health centers and ask them what private health insurance they accept. Remember to assess your health as a soon-to-be retiree before you pick your healthcare.
Find out about taxes and charges.
Did you know that some private hospital cover can help you avoid the Medicare levy surcharge? If you didn’t already know, a Medicare levy is a tax that most Australians pay. It funds some part of the public health care system. The surcharge is the amount you pay if your taxable income is above a certain amount.
Private health insurance can help high-income earners avoid surcharge. However, this may not be an essential part of your decision if you’re close to retirement. If you’re a senior, the good news is that you may qualify for a reduction on the medical levy. It’s a good idea to find out how the Medicare levy might affect your choice at iSelect. Also, remember to compare different types of private insurance before you pick one. It will help you find what the best option is for you.
Consider your returns.
Do you get more money back on your health services if you pick private health insurance? There are several advantages to private health insurance for those nearing retirement. You can choose your doctor and select a hospital that makes you feel most comfortable. As you age, quick treatment is vital. With public health insurance, you may have to wait in line for appointments and treatment. Private insurance can help you get immediate help for treatments like elective surgery.
However, you should also check what returns you get on your treatments. Some private health insurance can give you money back on doctor’s visits. For those close to retirement who need more proactive healthcare, this can be a boon. The best way to see if this is right for you is to consult a financial planner before selecting anything. Remember to check your private health insurance policy often to see if it’s still working for you as you age.