Understanding the system in Germany
Financial and insurance consulting for expats
Pänz Vorsorge is a portal and service designed for parents and their children. We offer independent consultation and information regarding all financial aspects financial aspects such as coverage and provisions for your family and asset accumulation. However, we would also like to cover more aspects such as inheritance law, advance health care directive, etc.
We have also had the opportunity to live abroad so we are aware of the issues of living in a foreign country and we are aware of the problems you and your family face in Germany. Many problems occur soon after arrival where you have to make a lot of long-term decisions.
Many people say that Germans are “over insured“. Maybe it is true, maybe it isn‘t. However, it is essential that you are aware of some important facts.
The Pänz Vorsorge-Team would be delighted to answer your questions regarding these or other issues:
Krankenversicherung – Health Insurance
If you reach a higher income (in 2015: 56,250€ p.a.) you may choose the private health insurance instead of the statutory health insurance. These systems differ a great deal. For instance, as a privately-insured patient, you are able to benefit from higher medical care. It is said that you have to wait much longer for an appointment when you when you are part of the statuory health insurance team. These are only one of many aspects which you should consider.
Altersvorsorge – Retirement Planning
As you might know, Germany is getting older. The average birth rate is approximately 1.4 children per woman. This problem is leading to a huge problem: Our state pension when we reach pension age will be insufficient to maintain our lifestyle.
The state and the private insurance market offers a lot of products with which you can get perks or tax breaks. Which is the best option when you are planning to return to your country in the long-term? An analysis shows your situation and will give you an idea of how much you need to invest and in which products are best suited to you.
Arbeitskräftabsicherung – Income Protection
Statistics state that around 25% of all employees will lose their ability to work due to an illness or an accident in their lifetime. The financial consequences are enormous as you might not receive any or enough money from the state in those cases. The market offers a high variety of products which allows to maintain your lifestyle in case of a long-term illness.
Kindervorsorge – Childcare
The most valuable things in your life are your children. You can not protect them from illness or accidents. However, you can make sure that they get the best treatment. You can choose between Unfallversicherung (accident insurance), Invaliditätsversicherung (disabilty insurance) or disability insurance for pupils. If you are forced to be a member in the public health system you can improve the service at your doctor enormously through additional health insurances.
Finanzanlagen – Financial Investment
Do you have got some savings left and you do not want to lose money because of a low interest rate and inflation? You are not afraid of a higher risk. But you do not know whether you would like to invest in the stock market or into investment funds? Then let us know and we will set up an analysis of your needs. Interesting: The arrangement of a savings scheme can can give your children access to a huge amount of money for their future plans. If you use a savings scheme with an insurance company, the addition of an option for a disability insurance is a highly interesting point.
Investitionen in Immobilien – Real Estate Investment
Do you think Germany is an interesting place to invest in? You are looking for a house or a flat as a part of your pension care for you and your family? Contact us if you need advice regarding such matters.
Sachversicherung – Property Insurance
The most important thing you need to have is the private Haftplichtversicherung (liability insurance) which protects you and your family of high demands against high claims due to third-party damage to a third party. A Hausratversicherung (house and content insurance) is needed to protect your household in case of fire or burglary. A Wohngebäudeversicherung (homeowners insurance) is needed to cover cost of rebuilding your house.
Feel free to ask us any questions regarding all matters mentioned above via our contact form.