Required by law: health insurance
Since 2007 and 2009, people of retirement age are also legally required to have health insurance (private or statutory). This explains the health insurance center on its website. Private policyholders with high contributions cannot normally go back to compulsory insurance, but they can still reduce their contributions, as Julia Alice Böhne, from the Association of Insureds (BdV), explains to “ntv”. It is important to ensure that you always have comprehensive insurance coverage.
Legally Required for Car Owners: Motor Vehicle Liability Insurance
Motor vehicle owners of all ages are required to take out motor vehicle liability insurance in accordance with paragraph 1 of the Law on Compulsory Insurance for Motor Vehicle Owners (Compulsory Insurance Law). However, from the age of almost 70, older people often have to pay significantly higher premiums for motor vehicle liability and comprehensive insurance than younger drivers: the German Insurance Association recommends that its members increase premiums, as studies show that older people are more likely to be involved in accidents than younger drivers. Anyone who is financially constrained due to a low pension and doesn’t use the vehicle much could consider a sale that could be worthwhile. Alternatively, it is possible for spouses to let the insurance run on the younger of the two partners and thus save on contributions.
By the way: The increase in the cost of car insurance for people over 70 years of age is allowed by article 20 of the General Law on Equal Opportunities, as explained by the online broker Verivox on its website.
Important: personal liability insurance
In any case, people of retirement age should also have private liability insurance, since the insurance cover usually covers high costs that they can hardly afford out of their own pocket. But: For people who have been on the same insurance for a long time and pay high premiums, a comparison with other offers may be worthwhile. Because the new tariffs are often cheaper than the old policies, according to Simone Weidner of the Stiftung Warentest of the “Süddeutsche Zeitung”. Some insurance companies also offer disability protection as an extra policy. In particular, but not only, people with dementia should get more information about this in any case.
Health insurance for foreign travel
If you travel a lot, you should take out travel health insurance, as normal health insurance only covers a limited amount of costs abroad. However, people aged 60 to 70 should check whether they prefer to cancel a comfortable long-term or annual insurance and take out short-term insurance for the next trip exclusively for the actual travel period. As in car insurance, premiums also increase with age: this is illustrated, for example, in the TravelSecure/Würzburger cost calculation form, where prices increase according to the age of the customer.
Possible other insurance
There are a number of other types of insurance that can be taken out, but they are not required. These include household insurance, complementary hospitalization insurance and accident insurance. Attention: According to Stiftung Warentest, many accident insurance companies increase premium payments for insured persons over 75 years of age. The age at the time of contracting the insurance is decisive, so it may be worth taking out accident insurance a little earlier so that you have to pay less even when you are older. Another possibility is accident insurance for the elderly (also: assistance rates), which offer broader protection – in any case, people of retirement age should find out more about it and compare the prices and services of different types of insurance.
Advisable: complementary long-term care insurance
At any given time in their lives, more and more people need care, and mandatory long-term care insurance often only covers a very small proportion of the costs of this care. It is therefore advisable to take out supplementary long-term care insurance, which is why it is important to ensure that the insurance cover is in force as soon as you are classified as care grade 1. According to the information portal “Pflegeversicherungs-Experten ”, you can choose between different versions of supplementary care insurance: there is care expense insurance, care pension insurance and what is known as daily care subsidy insurance.
Cancel: disability insurance
It’s actually pretty self-explanatory: Anyone who has completely retired from working life no longer needs disability insurance. Contributions can be saved here with a clear conscience, and the remaining money can perhaps be invested in supplemental long-term care insurance.
Olga Rogler / Editor finanzen.net
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