Health Insurance for Over 50s in New Zealand

Why Health Insurance Matters More After 50

After age 50, health insurance becomes increasingly valuable. You're more likely to need surgery or specialist care, while public hospital wait times for common age-related procedures can be 6-18 months. Private health insurance provides faster access when you need it most.

Health Insurance Costs for Over 50s

Average Monthly Premiums by Age

• Ages 50-54: $130-$220/month
• Ages 55-59: $160-$270/month
• Ages 60-64: $200-$320/month
• Ages 65-69: $250-$380/month
• Ages 70+: $300-$450/month

Important: Premiums increase 8-12% annually after age 50, making it crucial to lock in coverage early if possible.

Types of Plans for Seniors

Standard Health Insurance (Medical Underwriting)

Best for: Healthy 50-60 year olds without pre-existing conditions

• Full medical assessment required
• Best premiums if you're healthy
• May exclude pre-existing conditions
• Comprehensive coverage available

Guaranteed Acceptance Plans

Best for: Seniors with pre-existing conditions or over 65

• No medical exams required
• Accept everyone regardless of health
• Higher premiums (25-40% more)
• Often have waiting periods (12-24 months)
• Coverage for new conditions immediate

Over 65s Specialist Plans

Offered by: Cigna, AIA

• Designed specifically for seniors
• Simplified underwriting
• Coverage for age-related conditions
• Higher premiums but better suited to senior needs

Best Health Insurers for Over 50s

Southern Cross Health Insurance

Why seniors choose them:

• Trusted brand with 65+ year history
• Largest provider network
• Comprehensive coverage for age-related conditions
• UltraCare plan for seniors

Average cost (age 60): $250-$350/month

Cigna Health Insurance

Why seniors choose them:

• Specialized over-50s and over-65s plans
• Guaranteed acceptance options
• Good coverage for chronic condition management
• International emergency coverage

Average cost (age 60): $230-$320/month

nib Health Insurance

Why seniors choose them:

• 15-25% cheaper than Southern Cross
• Wellness rewards for active seniors
• Good value for healthy over-50s
• Comprehensive coverage options

Average cost (age 60): $200-$280/month

What's Covered for Over 50s?

Common Procedures Fully Covered:

• Hip/knee replacements: $20,000-$35,000 value
• Cataract surgery: $4,000-$6,000 per eye
• Cardiac procedures: Angioplasty, bypass ($30,000-$60,000)
• Cancer treatment: Chemo, radiation, surgery
• Hernia repairs: $8,000-$12,000
• Colonoscopy: $2,000-$3,000

What's Often Excluded or Limited:

• Pre-existing conditions (12-36 month waiting period)
• Cosmetic procedures
• Experimental treatments
• Mental health (limited coverage)
• Dental (requires extras coverage)

Pre-Existing Conditions: What You Need to Know

Definition

Any condition you've had symptoms of or been treated for in the past 5 years. This includes conditions you may not have been formally diagnosed with.

Typical Waiting Periods:

• Standard policies: 12 months for minor conditions
• Chronic conditions: 24-36 months (diabetes, heart disease, etc.)
• Guaranteed acceptance: 12-24 months for all pre-existing
• New conditions: No waiting period

Permanent Exclusions

Some serious conditions may be permanently excluded. Common permanent exclusions:

• Previous cancer (some policies)
• Severe heart disease
• Chronic kidney disease
• Multiple sclerosis

Tips for Over 50s Buying Health Insurance

1. Buy Before Major Health Issues Arise

Get coverage in your early 50s while you're still relatively healthy. Waiting until 60+ with health issues limits your options and increases costs.

2. Consider High Excess to Reduce Premiums

Choosing a $1,000-$2,500 excess can reduce premiums by 25-30%. If you have savings, this reduces monthly costs while maintaining protection for major events.

3. Review Coverage Annually

As you age, reassess whether you can still afford coverage. Dropping coverage at 65+ means you likely can't get it back due to health issues.

4. Prioritize Hospital + Specialist Coverage

At 50+, hospital and specialist coverage is essential. Extras (dental, optical) are nice but less critical than surgical coverage.

5. Declare Everything Honestly

Failing to disclose conditions voids your policy. When in doubt, declare it. Better to have a known exclusion than void coverage when you need it.

Alternatives if Traditional Insurance is Unaffordable

Basic Hospital-Only Coverage

At $100-$180/month, basic coverage protects against catastrophic surgery costs even if you can't afford comprehensive plans.

High Excess Policies

$2,500 excess policies cost 25-35% less. You pay more upfront but maintain coverage.

Savings Account

If insurance is truly unaffordable, save the "premium" amount monthly for future medical costs. $200/month = $24,000 in 10 years.

Frequently Asked Questions

Can I get health insurance at age 65+?

Yes, but options are limited. Guaranteed acceptance plans are available from Cigna and some others, though premiums are high ($300-$450/month). If you're healthy, medical underwriting policies may be cheaper.

What happens to my premiums as I age?

Premiums increase 8-12% annually after age 50. By age 70, you may pay 2-3x what you paid at age 50. Budget for these increases.

Should I keep health insurance after 70?

If you can afford it, yes. Hip/knee replacements, cataract surgery, and cardiac care are common after 70. Private access is faster than 12+ month public waits.

Can I switch insurers after 60?

Yes, but you'll face medical underwriting and waiting periods for new pre-existing conditions. Switching is often not worthwhile unless you're healthy.