THE compounding cost of health insurance can put a damper on finances - especially for seniors with limited finances who face the risk of more frequent visits to their GP.
However, Abigail Koch from comparison website comparethemarket.com.au says there are still a number of ways to save on your new or existing insurance policy and ease the pressure of paying for your health.
Her three easy tips to help seniors save on their health cover:
Take advantage of government rebates and concessions
If you are eligible for Medicare and your income falls below a specified threshold, you can claim the government's private health insurance rebate.
As you get older, the amount you receive from the rebate increases. This rebate can be used to reduce your premiums through your health provider or as a tax reduction.
Additionally, once you turn 65, you may qualify for a Commonwealth Seniors Health Card, a concession card to subsidise the cost of medical treatments and services.
Take advantage of these rebates and concessions to save on medical procedures and health insurance.
Shift your health priorities
The older we are, the more our health and lifestyle priorities begin to change. So, our health policy should adapt to change with us.
Services such as pregnancy, for example, won't be applicable to your circumstances. You can drop this service from your policy and add treatments that you need to be covered for, which could include joint replacement (hips, knees, etc), prostheses and cardiac surgery. Furthermore, pregnancy is usually bundled into top level cover, so it's important if this service is no longer required to shop around for a policy where it is excluded and save on costs.
There are a range of extras you can include within your policy that may become more useful as you age. These can include remedial massage, physio and optical. Review your policy regularly and understand what you should and shouldn't be paying for. You could save a substantial amount by tailoring your policy to suit your needs by dropping unnecessary health procedures.
Adjust your policy to fit your lifestyle
Take a look at your current health policy: does it reflect your marital status or living situation? For example, if you're still covered by a family health policy but you're paying extra to have your children on the policy and your situation has changed, it might be time to consider switching to a couple or singles policy, which may be more affordable.
It's important to adapt your health cover as your living situation or marital status changes. This can save you a lot of money down the track.