FAQ - Frequently Asked Questions
Our section for frequently asked questions.
Part 1: Private health insurance
- How do I find out whether or not I am covered through the public health system?
It is simple. If you have a regular job in which you earn more than € 400 per month, you qualify for the public health system. Make sure that you sign a contract with your employer. If you are self-employed or in case you do not have a job when moving to Austria you will have to either take out private insurance or find a solution with on of the public health insurers. We recommend to call us. We will provide you with all the necessary information.
- I have public health insurance in Austria. Do I really need additional private health insurance in Austria?
It is not compulsory, but the public health system suffers from high inefficiencies and is no longer able to provide top-notch health care. The times when Austria was considered to have one of the best health care systems in Europe are over.
- I am planning on moving to Austria, but I do not have a job yet. Will I have insurance through the public health system?
No. You will have to earn more than € 400 per month to have coverage through the public health system. If you do not have a job when moving to Austria you will have to either take out private insurance or find a solution with on of the public health insurers. We recommend to call us. We will provide you with all the necessary information.
- How do I get a simple quote for a private health insurance?
Private health insurance is a complex task. We will do our best to send quotes, but we think that expert consultation is necessary to find the right private health insurance for you.
- I have different offers from various companies, which one is best?
We recommend to not take out insurance from a company which is situated outside of Austria. Typically these companies work worldwide and will therefore not be able to deal with the special needs of the Austrian insurance market. Premiums will be higher and / or benefits will be lower. Insurance Austria is a local company and products offered by us are tailor-made for the Austrian market.
Part 2: Investment & Private Pension Plans
- Do I need a private pension plan in Austria?
Yes. The pension provided by the state is not sufficient by any means.
- Am I entitled to receive a public pension?
If you have a regular job that earns you more than € 400 you will have to pay contributions to the public pension system. After these payments, you will be entitled for a (small) pension.
- How much do I have to save?
We can calculate the amount you would have to save to make up for losses after retiring. At the end of the day, it is totally up to you. The more you save, the higher your private pension will be.
- What does insurance have to do with investing and pension plans?
One word: taxes. The Austrian government implemented a new tax on most forms of capital gains in January 2011. However insurances are exempt from this tax. Therefore investors are advised to use an "insurance coat" for their investments to save 25%-27,5% taxes.