Navigating the world of insurance might feel like a tedious task, with endless phone calls and hold times that seem to last a lifetime. Well, things are changing, thanks to Cheyen Caron and the team at Generali Insurance in Nyon. They aim to redefine this experience, putting customers at the forefront and emphasizing a personal touch.
Cheyen, a Canadian national, born in Switzerland spent a lot of his childhood back and forth between the two countries. Finally settling down in Switzerland 12 years ago, he began his training with Generali in 2021. He has been working as an advisor in the Nyon/Geneva agency since February 2023. He understands the challenges of moving here and wants to create a supportive environment for his clients during this transitional time.
Switzerland and insurance go hand-in-hand like chocolate, the Alps, watches or cheese… (you get my point). Understanding the intricacies of the Swiss insurance landscape is essential for a secure future here.
Understanding Basic Health Insurance
When you first move to Switzerland, one of the important tasks to check off your list before you can get anything else done, (picture chicken and egg, or Catch-22 type situation!) is take out basic health insurance.
Switzerland boasts one of the best healthcare systems in the world but it’s not for free and ensuring you have the right insurance coverage is essential. Understanding the basics is vital.
What Basic Insurance Covers
- Treatment with doctors or specialists
- Hospital stays in your canton of residence
- Emergency treatment worldwide
- Medicines, laboratory tests, and medical aids
In case of accidents, basic insurance covers the costs if included in your policy. Workplace accidents are covered by your employer for those working over eight hours per week.
How much does Basic Insurance Cost
The premium amount will depend on your chosen deductable and copayment. You can select annual deductibles ranging from CHF 300 to CHF 2,500. Higher deductibles mean lower monthly premiums.
What is the Deductible?
Your chosen yearly amount that you pay before insurance covers medical costs. For instance, with a CHF 500 deductible, the insurer covers the difference once costs exceed CHF 500.
What is a Copayment?
This is a fixed percentage (usually around 10%) you pay for covered services, after reaching your deductable.
When to get your Basic Health Insurance
Basic health insurance must be taken out for every individual member of the family. You have a window of 3 months to take out this insurance. So it’s best to get cracking as soon as you arrive. Once you are signed up, you will have to pay retroactively for those first 3 months. No Free Insurance here!
Navigating the Different Insurances with Generali
That’s not all, along with the basic health insurance there are many other different types and choosing them can be overwhelming. That’s where Generali step in. They can guide you and provide you with their range of insurance solutions they offer.
- Basic Health Insurance
- Supplementary Insurance
- Life and Investment Insurance
- Home Insurance
- Vehicle Insurance
- Liability and Legal Insurance
- Commercial Insurance
Changing Insurers
If you’ve been a resident in Switzerland for a while but find yourself not satisfied with your current insurance, it’s important to note that the opportunity to switch insurance providers only happens in November.So don’t leave it until the last minute – it’s best to do your research early so you’re ready for the Transfer Window!
Typically, you can switch health insurers at the year’s end. To start this process, you need to submit a written cancellation of your basic insurance. Ensure your letter reaches your current health insurer by November 30th. Your current insurer will inform you of your premium for the following year by the end of October, giving you ample time to cancel if the terms are not to your agreement.
The Power of the 3rd Pillar
Now let’s talk retirement plans. At its simplest, the 3rd pillar is your voluntary savings plan, your key to supplementing the 1st and 2nd pillars, providing additional financial support and security for your retirement. The 1st and 2nd pillars of the Swiss pension system serve as the foundation for your retirement, with the 1st pillar covering state-provided benefits, and the 2nd pillar comprising occupational pension funds provided by employers.
You have two options: the restricted private pension plan (3a) and the unrestricted pension plan (3b). These plans empower you to put away extra funds for your retirement years and offer financial flexibility and security.
Key Features of 3a (Restricted Plan)
- You can contribute up to a set maximum each year.
- Offers tax-deductible contributions.
- Strict conditions for withdrawal.
For 2023, employees could contribute up to CHF 7,056, while self-employed individuals without a 2nd pillar can pay 20% of their income, capped at CHF 35,280.
Key Features of 3b (Unrestricted Plan)
- Unlimited annual contributions.
- Taxed annually for flexibility.
- Take out your savings whenever you need without additional tax.
There are no annual limits exist for the 3b unrestricted pillar.
The Benefits of a 3rd Pillar
- Supplement your retirement income.
- Deductible Contributions – reduce your taxable income.
- Flexibility to access your savings for life’s big moments.
When Can You Withdraw?
Typically upon retirement or no earlier than five years before reaching retirement age (64 for women, 65 for men). Early withdrawal is possible for specific reasons, such as home purchase or leaving Switzerland.
Tailoring Your 3rd Pillar Plan
Choosing between the restricted 3a for tax benefits and regulated withdrawals or the unrestricted 3b for flexibility in contributions and withdrawals really depends on your lifestyle and financial goals.
Why Generali?
Need more information? If you feel overwhelmed by pension and health insurance options and need some guidance, then Generali provides comprehensive advice tailored to your needs. With a range of insurance options covering vehicles, health, life, and more, they ensure you only pay for what you truly need.
What They can Offer:
- Comprehensive advice on all types of insurance.
- Tailored coverage with no unnecessary insurance.
- Multilingual service in English and French.
What’s the Process?
Let Cheyen guide you through the process. He encourages meeting in person to make sure that he can find the right solution for you.
