For many people, private medical insurance (PMI) is something they first encounter through their employer. It’s a great benefit while you’re working, but what happens when you retire or change jobs? Too often, individuals assume they can simply continue where they left off — only to find that, at the very point in life when they most value quick access to healthcare, the terms have changed.
If you are in your late 50s or early 60s and still want PMI into retirement, it’s important to plan ahead. Relying solely on an employer-provided policy can create challenges later on:
Exclusions may be added with age. As health conditions arise, insurers may limit what’s covered.
Underwriting terms can become less favourable. What was once straightforward may involve restrictions, moratoriums, or higher premiums.
The right to cover is not guaranteed. You may want PMI in later life, but depending on when you apply, it may not be available on the terms you expect.
Taking control of your own individual or family policy before retirement means you’re not left exposed. You retain continuity, can manage your benefits, and avoid the uncertainty of waiting until later in life when options may be fewer.
Health cover is something you want to have working for you in your older years — not something you’re scrambling to secure after the fact. By acting sooner, you give yourself the best chance of ensuring the protection you and your family may need.
I am a Director of Padcote Healthcare Ltd who are an Appointed Representative of the WPA Healthcare Practice PLC. The Healthcare Practice is a wholly owned subsidiary of WPA, authorised and regulated…
