German Health Minister Hates Private Health Insurance? | Health Insurance Financecouch

Our German Health Minister (Dr. Karl Lauterbach) apparently hates the private health insurance - even though he is insured in the private health insurance himself. 🫠
In this episode of Financecouch, Axel is going through an article from the German public broadcast (funded by TV tax) that is telling us to stay in the public health insurance in order to keep the pyramid scheme running for just a couple more years.
Axel also shows how you can protect yourself against rising health insurance premiums & how government employees in Germany are insured (in public or private health insurance?).
Read the full article on our website:
perfinex.de/german-health-min...
-
Videos Axel mentioned:
German Public Pension: What You Will Get When Retiring In Germany | PerFinEx Pension
• German Public Pension:...
Health Insurance in 2022 vs 2023: Did Public or Private Increase More? | German Health Insurance
• Health Insurance in 20...
-
00:00 German Health Minister Apparently Hates Private Health Insurance
01:09 Private Health Insurance Premium Exploding When Getting Older
02:34 How Good Is Private Health Insurance For 55€?
03:20 Price Increases Of 1-Star, 3-Star, 4-Star & 5-Star Insurances
04:48 How To Manage Increasing Insurance Premiums
06:19 German Health Minister Warns About Absolutely Everything
07:11 How Is The German Health Minister Insured (Public Or Private)?
07:50 Is German Public Health Insurance A Pyramid Scheme?
-
PerFinEx GmbH - Personal Finance for Expats
The #1 English-Speaking & Independent Financial Planner in Germany
perfinex.de/
-
Set Yourself up for Financial Success!
Text Us on WhatsApp: [phone]
Secure a Free Meeting with Us: perfinex.de/meeting/
-
Follow Us on Social Media & Join the Community!
Facebook: / perfinexgermany
Instagram: / perfinexgermany
LinkedIn: / perfinexgermany
TikTok: / perfinex
-
* This is an affiliate link from which we will earn an affiliate commission or referral bonus (depending on the company). By clicking the link, you support our project at no additional costs for you. We thank you very much for your support. As of the date of posting this video, the content is accurate. Some offers may be no longer available.
-
The content of this TH-cam channel is provided for informational, educational, and entertainment purposes only and is not intended to constitute accounting, financial, legal, and/or tax advice. None of the information presented is intended to form the basis for any personal financial decision. Consult a professional financial advisor or conduct your own due diligence. PerFinEx GmbH makes no representation, warranty, or guarantee about the accuracy of the information contained in this TH-cam channel or in links to other TH-cam channels or websites. Publication or reproduction of any content of this TH-cam channel is strictly prohibited and punishable by law. By viewing, you acknowledge to have read this agreement, understand it, and agree to be bound by it. If you disagree in any way, you are not permitted to view our content. Neither PerFinEx GmbH nor anyone acting on their behalf will be liable under any circumstances. The exclusive place of jurisdiction is irrevocably Munich. Further mandatory & legal information is available at perfinex.de/impressum
© PerFinEx GmbH. PerFinEx is a protected trademark in the register of German DPMA. All rights reserved. Any liability excluded.

[@PerFinEx]

Do it like our health minister and switch to the private health insurance: perfinex.de/meeting/

[@michaeltolkachov4749]

Brilliant! Keep it up man!

[@Skydreamstudios]

Hey there. I'm moving to germany very soon. I come from inside the EU and am gonna be working there with a salary over the needed for private health insurance. How does the process work? Its so different from my native country where we handled all that and that had nothing to do with our taxes. Do we tell and work with our company? Do we apply somewhere and it gets handled by an entity in the background?
And other than price and increase, what is the difference between the stars of insurances?
Thank you so much for the video! A blessing for foreigners moving in.

[@sallups]

Thanks for the video! Question: I am currently privately insured and living in Germany. I plan to work abroad for the next 5-7 years and return back. Will I be eligible to enter into public health insurance upon my return?

[@PerFinEx]

This answer might shock you: It depends. 😂

[@TheMagn1fico]

Hey, thanks for the video. I'm not advocating any type of insurance but I doubt/disagree a couple of points in your video:
1. I think your projections for personal finances of the protagonist are misleading. You mention 7% average stock market return in your calcualtion. First, what stock market are you referring to? Second, if you are a sane investor you don't invest 100% of your portfolio in stocks, hence the overall return will be lower.
2. You would be more convincing if you provided comparison of cost of private vs public health insurance over the lifetime, and also the associated risks. For example, if you lose your job, your contributions to the public insurance reduce, while it is no so for private insurance.
3. You seem to reccomend switching to private insurance. You don't explain why, apart from some statistics for politicians. More rationale would be useful here.

[@PerFinEx]

1. Axel's calculation is with an investment of 445€/month (the difference between a good quality private health insurance for 500€/month vs. 55€/month from the article). Never does he mention one should invest 100% in the stock market (which would be insane, we agree with you here). Axel suggests to invest the difference only, that the person in the video is "saving" anyway. If you google "average stock market return" you will find a lot of sources calculating a return of ±7%/year (e.g. Warren Buffett certifiedgoldexchange.com/average-stock-market-return-my-7-assumptions/ or www.nerdwallet.com/article/investing/average-stock-market-return, etc).
2. Public health insurance increased by 3,8%/year, while private health insurance increased by just 2,3%/year (www.krankenkassen.wiki/cms/sites/default/files/PKV-Verband_Beitragsentwicklung-der-GKV-und-PKV_2010-2020_600px.jpg
). And keep in mind that the 2,3% include ALL private health insurances (from 1-star to 5-star coverage).
2.1. Job loss & health insurance is a topic on its own because it depends on many different factors (Why did you lose your job? For how long?). In most cases, Job Center will force unemployed people back to public health insurance anyway, so we see no risk here.
3. We do NOT recommend to switch to private health insurance! We want to educate people about both systems based on data and the truth, rather than myths and assumptions that are usually thrown around when it comes to (private) health insurance (e.g. your assumption about health insurance and job loss in 2.). As we want to keep our videos short and simple, we cannot explain everything in every video. You can find more rationale you are looking for in our "Health Insurance in Germany" playlist here: th-cam.com/play/PL3zwCiDn98dOPVrNXmJ3G7YQLYTyabG3w.html