Private Health Insurance For Over 50yr Olds

As you reach your 50s, your health needs may begin to change. You might still feel energetic, but conditions like joint issues, heart disease or vision problems can become more likely – and your private health cover should reflect that. 

The right private health insurance for over 50 can help manage rising medical costs, offer faster treatment options, and give peace of mind when it matters most.

What are the benefits of private health insurance for over 50s? 

While medicare covers some healthcare costs, it doesn’t cover everything. 

Waiting lists in the public system can stretch into months or years for non-urgent surgeries, and you can’t always choose your doctor or hospital.

That’s where the best health insurance for people over 50 comes in. Private health insurance typically offers:

• Shorter wait times for elective procedures

• Your choice of hospital and specialist

• More flexibility if you need surgery or rehab

• Ambulance cover (depending on your state)

It may also help in emergencies and can be useful for ongoing conditions that need specialist care

❗Learn more about why it’s never too late to get health insurance..

How do I choose the right policy in my 50s and beyond?

Health insurance isn’t one-size-fits-all. The best policy for you depends on your lifestyle, life stage, and medical history.

Understanding the various tiers of hospital cover for over 50s is the first step in choosing a policy that best covers common healthcare needs in your 50s and beyond. 

Extras cover may also worth considering, especially for services that become more important after 50, like dental, optical, physiotherapy, and hearing aids.

Hospital policy tier comparison for over 50s

*These are general guidelines only. Actual inclusions and exclusions vary between policies. Always check the product disclosure statement. 

How can I reduce my health insurance premiums without losing value?

Over fifty insurance doesn’t have to break the bank. There are ways to lower costs without giving up important cover:

• Increase your hospital excess. Choosing a higher excess reduces your monthly premium.

• Pay by direct debit. Some funds offer a discount for direct debit payment.

• Claim your annual extras. Use your dental, optical and allied health benefits before they reset.

Regularly compare health insurance policies. Ensure you’re getting the best value over 50 insurance. 

What if I’m getting health insurance for the first time after 50? 

If you’re taking out hospital cover for the first time after age 50, you’ll likely face Lifetime Health Cover (LHC) loading. This is a 2% loading on your premium for every year you’re over 30, up to 70%.

However, LHC loading only lasts for 10 years of continuous cover. After that, you’ll return to standard premiums.

You may also qualify for the government private health insurance rebate, which typically increases with age.

Greg’s Story Greg turned 55 and finally decided to get private hospital cover. Because he hadn’t held cover before, his insurer applied a 50% LHC loading. While the premium was higher, it paid off quickly. Just one year later, he needed cataract surgery. He used his cover to access a specialist within weeks and avoided a six-month public hospital wait. The loading seemed steep at first, but the speed and choice made it worth every dollar.

❗Learn more about Lifetime Health Cover loading. 

Will pre-existing conditions increase my premium? 

Under Australian law, health funds can’t charge you more due to age, health status or past claims. This is called community rating.

However, a 12-month waiting period may apply for hospital treatment for pre-existing conditions unless you're switching from an equivalent policy.

🎯PRO TIP! A pre-existing condition is generally defined as any illness or symptoms you experienced in the six months before you took out or upgraded your policy. Source: Commonwealth Ombudsman

Want to find affordable health insurance over 50? Compare Club’s experts have saved over 239,000 Australians an average of $295* by helping them compare health cover in the last 10 years.

Frequently Asked Questions

Are there specific health funds for over 50s?

Some funds offer tailored plans for over 50 that may focus on services like joint replacements, cataracts, and chronic disease management.

What types of extras cover are most important for people over 50?

As you age, extras cover may become more relevant for services like dental care, optical services (glasses and contact lenses), physiotherapy, podiatry, and hearing aids. Physiotherapy can also be essential for managing joint pain or mobility issues.

How does health insurance work for chronic conditions?

Chronic Disease Management Programs (CDMPs) may be included in some health insurance policies and are particularly valuable for over 50s. These programs typically provide support and services for managing long-term conditions like diabetes, heart disease, and arthritis. 

Can I reduce my health insurance premiums? You can typically choose to pay a higher hospital excess or reduce your extras cover to decrease your health insurance premiums. Or you can compare health insurers to find a better value health insurance policy for you#. 

What are waiting periods, and do they apply to me if I switch health funds?

Waiting periods are the time you must wait after joining a health fund before you can claim certain benefits. If you switch insurers but maintain equivalent cover, you generally won’t have to re-serve waiting periods for services you were already covered for. 

Can I get health insurance that covers pre-existing conditions?

Yes, but there’s typically a 12-month waiting period before you can claim for treatment of pre-existing conditions after you join or upgrade your cover. This is defined as any condition for which signs or symptoms were present in the six months before you joined the fund. After the waiting period, your insurance will usually cover these conditions.

[SOURCES]

Commonwealth Ombudsman

Australian Taxation Office PrivateHealth.gov.auPrivate Healthcare Australia

HCF

NIB

*$295 based on 239,107 sold over the past 10 years (From 2015 to 2024).

Disclaimer: 

Compare Club Australia Pty Ltd ABN 29 634 600 007 of 222 Pitt Street Sydney (Ph: 1300 904 624) owns and operates compareclub.com.au and its associated websites. The information contained in this email is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. We compare selected products from a panel of trusted insurers. We do not compare all products in the market. 

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Chris Stanley is the sales & operations manager of health insurance at Compare Club. With extensive experience and expertise, Chris is a trusted leader known for his deep understanding of health insurance markets, policies, and coverage options. As the sales & operations manager of health insurance, Chris leads a team of dedicated professionals committed to helping individuals and families make informed decisions about their health insurance needs.

Meet our health insurance expert,  Chris Stanley

Chris's top health insurance tips:

• 1

  Australia’s public health system is world-class, but wait times for public hospitals can be long, inconvenient - and leave you living in constant pain while you wait.

• 2

  An appropriate private health insurance policy can speed up your surgery, relieving your pain sooner.

• 3

  Family health cover means your children are covered under the same policy as you.

• 4

  Many health insurance policies come with a 12-month waiting period for pregnancy-related cover, so it’s a good idea to get a family policy organized well before starting your family. This means your child will be covered from birth until at least their early twenties (depending on which health fund you select).