6 Biggest Public Insurance Misconceptions and Their Truth Uncovered with India Initiative
German Public Health Insurance: Introduction
When it comes to protecting the most important things in our lives, insurance can be a confusing subject. According to the German Association of Insurance Companies, there are almost 448 million public insurance policies active right now in Germany alone!
Whether you're looking at home, health, or life insurance, here are 6 points you need to consider about your policy and how best to navigate them toward the perfect balance.
6 Biggest Insurance Mistakes According to IIN
1. We are over-insured: Like any other country, Germany has both genuine insurance policies and people who are over-insured. In many insurance policies, some contracts don't always fulfil their obligations to the insured individuals. A number of essential protection types are left out (such as disability and liability, for instance).
2. Abroad Coverage Provided: When travelling away from your home in Germany, purchasing travel health insurance is an excellent idea. People's employers or the government's health insurance might not cover abroad travel or return transport, so one should look into that before signing a contract to make sure that everything is covered.
3. Disability insurance doesn't make sense: If you're one of those lucky people who have less than a 1% chance of getting injured at work or getting sick, then disability coverage is probably a waste of money. The 99% who do not have that chance might be well advised to get disability insurance in order to protect themselves financially. Disability insurance is almost as reliable as employment contracts. Every fourth person in their working life is at risk of becoming temporarily incapacitated.
4. Life insurance is worth its hype: Correct. In addition to standard life insurance policies, unit-linked policies are also available. With these variants, investors benefit from fluctuations in the stock market and can use the development of life insurance savings to make their retirement more comfortable.
5. Supplementary Hospital Add-on is not required: In addition to providing a wide range of benefits, supplementary inpatient insurance allows you to choose the clinic and specialist that suits you best. You can also receive comfortable double or single rooms as part of your hospital stay with additional inpatient insurance.
6. I do not need sustained public life insurance plans: There is a decline in the profitability of public life insurance. Due to this situation, insured persons should seek out professionals who can help them save money and provide them with financial advice to create a sustainable retirement plan that will keep their loved ones financially stable after retirement.
Conclusion: We hope that having learned these six biggest public insurance misconceptions and their truths, you now have a better understanding of how German public health insurance works and what steps you need to take.