As premiums rise over time, a premium you can afford at 40 may turn out to be unaffordable at 65. As new treatments become available involving new drugs and technology, costs of cover will rise. Insurance companies increase premiums annually in line with Medical Inflation.

Premiums are mostly bracketed in tiers of 4-5 years before increases. It may be noted that premiums for those above 65 years old generally increase faster to 70 years old and beyond, rather than say from 25 years old to 30 years old.

Premiums are clearly affected whether or not you take out a Standard Hospital Plan or a Comprehensive Plan. You may frequently enjoy a discounted price by agreeing to a voluntary excess or by paying annually rather than monthly. No claims discounts may also be offered and clearly claims do make for more expensive premiums in the long run.

Advisors at Medibroker Limited, an Independent PMI/PHI brokerage, generally advise clients over 60 not to take up new Comprehensive Plans but take out a Standard Plan only with an excess. The costs simply grow so fast after that age that it becomes almost non viable to take out a new Plan that offers Outpatient care over the age of 70. Cash Plans are now available to support such Standard PMI Plans and can give a substantial support to elder citizens for routine Outpatient cover, dental and optical costs. A Comprehensive Plan is far more appropriate, for example, for a married couple of 35 years old, both working, with three small children, aged 5, 7, and 10 years old.