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Safeguarding Your Pocket Against Soaring Medical Expenses

Narrowing Disparities in Earned Revenue

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5 min read
Struggling with Senior Home Expenses: Seniors Often Find Pocket Depleting Costs Overwhelming.
Struggling with Senior Home Expenses: Seniors Often Find Pocket Depleting Costs Overwhelming.

Safeguarding Your Pocket Against Soaring Medical Expenses

Averaging over 3,000 euros a month, the out-of-pocket costs for nursing home care are skyrocketing. But lucky for us, there are affordable and practical solutions to the care crisis thanks to supplementary care insurance. Assekurata's recent market analysis, commissioned by the PKV association, scrutinizes the market's offerings for these insurances.

Complete Care Coverage from as Low as 32 Euros per Month

Currently, the monthly care costs for stationary accommodation amount to 1,764 euros (nationwide average per PKV care data bank). A monthly care allowance of 1,800 euros, enough for full coverage, can be secured from age 25 for just 32 euros per month, from age 35 for 47 euros, and from age 45 for a still modest 71 euros. The study highlights that the earlier you sign up for supplementary care insurance, the less costly it will be over time.

The Consumer Advice Center in North Rhine-Westphalia suggests that those under 50 may not need supplementary care insurance just yet. Instead, it's prudent to assess your financial situation in your golden years. Consider factors like your statutory pension, private pension, assets, and whether relatives could help cover costs. If you're considering taking out supplementary care insurance, here are some tips:

Understanding Common Insurance Models:

  1. Care Allowance Insurance: This is the most popular choice. Providing a daily allowance, irrespective of care organization, it pays the full daily allowance only from care level 5. Experts recommend avoidance of tariffs without outpatient care coverage, as most people require home care.
  2. Knowledge: New Relief Budget Arrives in July 2025 for Extra Room for Carers

Three More Tips:

  • Select insurers offering premium waivers in care dependency cases, not just rare level 5 circumstances.
  • Opt for contracts requiring only a statutory health insurance confirmation of care dependency and avoiding regular medical examinations by the insurer.
  • Compare prices, as differences can be significant.
  • Subsidized Care Allowance Tariffs: These come with state subsidies of five euros per month. The advantage? Everyone can join, regardless of age and health status. The disadvantages, however, are low benefits and premiums that reduce payout. Consumer advocates also caution against combining this with other insurances.
  • Care Cost Insurance: Covers only proven care costs, typically services from the catalog of statutory long-term care insurance. Consequently, costs for accommodation and meals in a home are usually uncovered, and often no payment is made for care level 1.
  • Nursing Care Insurance: Regardless of costs, you receive a nursing care pension, which can be topped up through surplus participation. The amount paid depends on the care level. When compared to other nursing care supplementary insurance policies, the premium here is often two to three times as high.

The Union and SPD coalition agreement draft outlines significant nursing care reforms to tackle impending care challenges. An interstate working group is tasked with exploring self-responsibility incentives in care provision among other things.

As for financing care, the Federal Court of Justice ruled that those earning 133,000 euros per annum must pay for their parents' care. Florian Reuther, the director of the PKV association, urges politicians to boost personal, capital-based care provision to protect taxpayers and contributors from an overload of costs. The private health sector stands ready to collaborate on the intergenerational care provision work of the reform commission.

  • Insurance
  • Long-term care insurance
  • Costs for care
  • Tax office
  • Federal Social Court
  • Assets
  • Parents
  • Children
  • Family
  • Care system
  • Judgments
  • Legal questions
  • Federal Court of Justice

Extra Knowledge:

In Germany, supplementary care insurances, often referred to as Zusatzversicherungen, come in handy when dealing with rising healthcare costs. These private insurances supplement the existing public health insurance system, covering expenses like dental care, travel, or specialized treatments that are partially or fully overlooked by public insurance.

These policies are purchased from private providers and are known for their flexibility, allowing individuals to choose the coverage types to meet their specific needs. Whether it's enhanced dental care, extensive travel coverage, or alternative therapies, supplementary care insurances offer options to enhance health coverage beyond what is offered by the public health insurance system.

[1] source: ntv.de[2] source: GKV-Spitzenverband (German statutory health insurance association)

  1. Navigating escalating healthcare costs requires supplementary care insurance for comprehensive protection.
  2. The average monthly cost for nursing home care is over 3,000 euros, yet affordable solutions are available with this insurance.
  3. Assekurata's recent study highlights the various offerings of supplementary care insurances in the market.
  4. A monthly care allowance of 1,800 euros can be secured for as low as 32 euros per month from age 25.
  5. The earlier you sign up for supplementary care insurance, the less expensive it will be over time, according to the Consumer Advice Center in North Rhine-Westphalia.
  6. Those under 50 may not need supplementary care insurance yet, as assessing one's financial situation in golden years is advised.
  7. Care Allowance Insurance is the most popular choice and provides a daily allowance for care, irrespective of care organization.
  8. Experts recommend avoiding tariffs without outpatient care coverage in Care Allowance Insurance.
  9. A new relief budget arrives in July 2025 for carers, offering additional funds.
  10. Select insurers offering premium waivers in care dependency cases, not just rare level 5 situations.
  11. Opt for contracts requiring only a statutory health insurance confirmation of care dependency and avoiding regular medical examinations by the insurer.
  12. Compare prices for supplementary care insurances, as differences can be significant.
  13. Subsidized Care Allowance Tariffs offer low benefits and premiums that reduce payout, but have state subsidies of five euros per month.
  14. Care Cost Insurance covers only proven care costs, typically services from the catalog of statutory long-term care insurance.
  15. Nursing Care Insurance offers a nursing care pension regardless of costs, but often requires higher premiums compared to other nursing care supplementary insurance policies.
  16. Germany's Union and SPD coalition agreement outlines significant nursing care reforms to tackle upcoming care challenges.
  17. An interstate working group is tasked with exploring self-responsibility incentives in care provision.
  18. Florian Reuther, the director of the PKV association, urges politicians to boost personal, capital-based care provision.
  19. The private health sector stands ready to collaborate on intergenerational care provision with the reform commission.
  20. The Federal Court of Justice ruled that those earning 133,000 euros per annum must pay for their parents' care.
  21. Personal, capital-based care provision is proposed to protect taxpayers and contributors from an overload of costs.
  22. Supplementary care insurances, or Zusatzversicherungen, are private policies that complement the existing public health insurance system.
  23. These insurances can cover expenses like dental care, travel, and specialized treatments overlooked by public insurance.
  24. Supplementary care insurances are purchased from private providers and offer flexibility, allowing individuals to select the coverage types to suit their needs.
  25. Enhanced dental care, extensive travel coverage, and alternative therapies are just a few of the options offered by supplementary care insurances.
  26. The PKV association is a prominent player in the discussion on care reforms and intergenerational care provision.
  27. Home-based services tend to be more cost-effective in comparison to care facilities, which can help manage healthcare expenses.
  28. Insuring against medical-conditions like chronic diseases, cancer, respiratory conditions, digestive-health issues, eye-health problems, hearing impairments, mental-health issues, and even autoimmune-disorders can help mitigate healthcare costs.
  29. Fitness-and-exercise, health-and-wellness activities, and therapies-and-treatments for skin-care, sexual-health, and nutrition can promote overall health and wellness, reducing healthcare expenditures.
  30. Aging-related health concerns like cance, cardiovascular-health, neurological-disorders, mens-health, womens-health, and eye-health can be addressed with appropriate care and screening.
  31. Education-and-self-development through a wide range of courses in areas like personal-growth, business, personal-finance, banking-and-insurance, gadgets, data-and-cloud-computing, technology, artificial-intelligence, relationships, and parenting can equip individuals with the knowledge and skills to manage their financial resources and make informed healthcare decisions.

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