Healthcare costs are a significant cost for many seniors. As you age, your income typically decreases while healthcare expenses go up as your body ages. Senior health insurance can help you offset some of these costs.

All over the world, senior citizens are experiencing medical inflation in the form of rising medical costs - and Hong Kong is no exception.While Hong Kong is well known for its quality of healthcare and robust and inexpensive public healthcare system, there are many reasons why senior citizens would prefer to use the private healthcare system in Hong Kong.

Generally speaking, the private hospitals and healthcare providers in Hong Kong have shorter wait times and offer more comfortable and personal service when compared to public hospitals who have a mandate to serve as many people as possible.Many people also claim that chronic ailments like arthritis are better handled in the private system.

But for all it’s benefits, the private healthcare system in Hong Kong is one of the most expensive in the world.As a result, many senior citizens look to senior health insurance plans to offset costs.

Health insurance for seniors comes with several benefits common to “regular” health insurance policies. Including coverage for ambulance rides, inpatient and outpatient treatments, surgeries, prescription drugs, dental coverage, and much more depending on your chosen options.Underwriting and terms and conditions of these senior health insurance policies are tailored to meet the specific needs of the target demographic (ie. there will be no obstetrics or pregnancy coverage).

Senior Citizen Health Insurance

In this article, we’ll be busting several myths around senior citizen health insurance and provide some clarity on the topic.

Myth #1: There is no health insurance for senior citizens

You might have heard someone say something like this before - that senior citizens (those over 65 years of age) cannot get health insurance. This is not true.While it is certainly more difficult and expensive to get health insurance as a senior, it is not impossible.

With rising life expectancies, health insurance companies are seeing a need for senior health insurance programs and have responded to market demand by loosening underwriting on their health insurance plans or creating specialized senior health insurance programs.

Each insurer has their own criteria on what they consider to be “senior”.Some insurers consider you a senior if you are over 60, others raise the age limit to 65 or even 70 years of age.

Health insurance for seniors (including those 70 years of age and over) can not only get health insurance, they can usually also secure an affordable rate as long as they know what to look for - especially if you work with a knowledgeable agent.At Trusted Union, we work with many health insurance companies that offer competitively priced health insurance for senior citizens.

Myth #2: A medical exam is always necessary for senior health insurance

This myth is partially true.If you’re a senior, you should expect to undergo a medical exam when applying for health insurance but it’s not always a requirement. While appetites and guidelines are always changing,there are some insurers out there that do not have a medical exam requirement.

That said, you can expect your benefits to be limited and the rates to be much higher.So if you’re fairly certain you are reasonably healthy, you should accept a medical exam.It’s free and even if you’re not getting health insurance, it’s still something you should be doing regularly for your own personal wellbeing anyways.

Myth #3: There is no coverage for pre-existing conditions

This is another myth we hear often when it comes to health insurance policies.And this is one that is particularly relevant to seniors as many live with one or two pre-existing conditions.

It is true that many health insurers are reluctant to provide coverage for pre-existing conditions so many people don’t even bother to enroll assuming that they would be denied anyways.This is not true.

Many health insurance policies will still offer cover as long as the disease or condition has receded with no changes in the last 2 years and it is not a, chronic, critical or terminal condition.

Myth #4: Senior health insurance will be very expensive

This myth is partially true. Senior citizen health insurance plans will be slightly more expensive than other basic health plans but this should not discourage you.

Compared to paying for expensive and unexpected private healthcare out of pocket,health insurance premiums compare favourably. And depending on what options you choose and which insurer you go with, there are policies that meet your needs while remaining affordable.

Myth #5: You don’t need health insurance if you’re healthy and fit

First of all, congratulations on maintaining a high level of health and fitness.At an advanced age, it’s certainly no easy feat. But as your body continues to age, medical issues are bound to arise no matter how careful you are with maintenance.

When health issues do come up, things can rapidly cascade downwards and costs will inevitably rise upwards.

In fact, the best time to get senior citizen health insurance is when you are healthy as you’ll be able to secure the best coverage at the best rates.

Need Senior Health Insurance?

If you want to learn more about the senior health insurance programs available or have more myths you would like busted, get in touch with a licensed Trusted Union senior health insurance professional for a no-strings-attached consultation around your needs, budget, and covers available on the market right now.