When’s the best time for over 50’s review their health insurance policy?
If you already have health insurance and it’s been awhile since you updated it, now’s the best time to review your policy. If you decide to switch to health insurance with a lower level of cover, you may need to re-serve waiting periods for some treatments.
However, if you choose to make the switch to a cover with equivalent benefits, you won’t need to re-serve the waiting periods, even if you have a pre-existing condition. That means you can switch to a policy that offers a better deal than your existing one knowing you won’t miss out on important medical care when you need it the most.
If you’ve had the same policy for a number of years, it’s always worth reviewing the benefits and premiums. You might be surprised at just how much you can save by transferring your cover to a specific seniors policy.
Situations always change and unfortunately as we age, medical issues can creep up without any warning. The policy you took out five years ago may not provide you with the level of cover you need right now and in the future.
Why not review your health insurance policy today with Members Own? As a provider with one of the biggest number of funds to compare, choose and buy from online in Australia, you’re almost guaranteed to find a great policy for you.
What are the tax benefits for Seniors’ private health insurance?
Government tax rebates are available to all Australians with private health insurance, provided their income is below the threshold. When you reach 65, the tax rebate increases. This allows the Government to contribute more towards your health insurance while you pay less.
Your age also affects your tax rebate and applies most specifically towards those seniors on a low income. Regardless of your age, if you earn a high income which exceeds the threshold, you’re exempt from the rebates.
A higher tax rebate means you’re able to afford a higher level of health insurance than before. This can help ease the financial burden of expensive medical costs, lengthy waiting lists and provide you with more benefits.