Personally I wouldn't be worried about your PSA of 5 at your age unless you are having symptoms - I wouldn't be surprised if that is about the average PSA for all men in that age group - they say 90% of men nearing 80 have prostate cancer to some degree .
I'm 67 and my PSA was 11 when it was last checked in February . Unfortunately my insurance group under a company called Kaiser just told me that they would schedule a transrectal " blind " biopsy - but that would be all they would approve of . After much research I noticed that basically all other medical establishments recommended a 3T MRI first as now most doctors are opting to avoid a blind biopsy for many reasons .
Since I'm stuck with only one health plan I'm choosing to just wait until there is a time that I have actual symptoms before taking action - 10 years ago one could pay cash and get an MRI or an out of plan second opinion .... now there are no facilities or doctors in the country that will see you if you don't have the correct coverage . My only other option may be to go to another country somewhere , if you have any suggestions let me know .