Health Insurance over 40

Health insurance can be tricky to navigate. As you get older your needs from your health insurance provider will change. Here’s some information for how you can cover yourself when such changes occur.

When you no longer have dependants
If you have children, generally once they turn 25 they are taken off your private health insurance. As such your cover will become cheaper and you can remove extras such as pregnancy and orthodontics from your plan if you wish.

Reaching retirement
If you retire you may have to shift health insurance policies in order to better suit your changing needs. You may have to add extras such as joint replacement or optical treatment. If you stay with the same healthcare provider waiting periods won’t apply. The government recognises that your needs change as you get older, so once you reach 65 there are extra benefits you may be eligible for.

Commonwealth Seniors Healthcare Card
Once you reach pension age you become eligible for the Commonwealth Seniors Healthcare Card. If you meet the income test requirements, you may receive treatment and medication at a reduced price.

Seniors rebate
In addition to the Medicare rebate received by low income earners, the refund you receive from the rebate increases if you are over 65 and earn less than $140,000 per year for singles and $280,000 per year for couples.

Home care
If your needs exceed those that can be provided at home, there are both government and private options available to assist. The Commonwealth Home Support Program and Home Care Packages help with daily tasks within the home for people over 65 who meet income requirement tests. Private home care agencies are also available to those under 65 and with higher income, although these are not government subsidised.

General Advice Warning:
This information does not take into account your objectives, financial situation or needs. Therefore you should firstly consider the appropriateness of this information and refer to the Terms and Conditions and Product Disclosure Statement (PDS) before acquiring a product. These documents are available by contacting us on 1300 654 166.