Is health insurance still worth it in your 50s?

Average customer rating: 4.3/5

A guide to health insurance in your 50s

Updated 19 March, 2024
Written by Joshua Malin
Reviewed by Steven Spicer

Expert tips for health insurance over 50

Our health insurance expert, Steven Spicer, has some tips on how to find a health insurance policy that works for you as an older Australian.

Steven Spicer
Executive General Manager – Health, Life & Energy

Take out cover early to avoid the LHC

It may be worthwhile taking out hospital cover sooner rather than later if you don’t already have it. This is because you may be impacted by LHC loading, which accrues at 2% for each year after age 30 that you don’t hold hospital cover. This takes effect from 1 July following your 31st birthday. But there are ways to prevent your LHC loading from accruing and some special circumstances that apply, so it’s best to speak to one of our health insurance experts to understand how LHC loading may impact you.

Extras limits can vary greatly

Over time your healthcare needs may change. The great thing about private health insurance is you can upgrade, switch or change your policy at any time to suit your needs, so it’s a good idea to regularly review your health insurance options to make sure you have the right cover at the right time. Just keep in mind that waiting periods will often apply to any upgrades.

Consider your waiting periods before taking out cover

Most services will incur a waiting period, so make sure you understand what you can and can’t claim and allow time to serve your waiting periods before accessing particular services.

Health insurance over 50

Is it worth getting private health insurance?

Extras cover

What health issues should you look out for?

Health insurance and treatment costs

How much does health insurance cost for over 50s?

How much can medical treatment cost?

Meet our health insurance expert, Steven Spicer

Steven Spicer
Executive General Manager – Health, Life & Energy

As the Executive General Manager of Health, Life and Energy, Steven Spicer is a strong believer in the benefits of private cover and knows just how valuable the peace of mind that comes with cover can be. He is passionate about demystifying the health insurance industry and advocates for the benefits of comparison when it comes to saving money on your premiums.

1 Quarterly Private Health Insurance Statics: December 2022. Australian Prudential Regulatory Authority, Australian Government. (Released March 2023).