According to the website of the Austrian ministry for the interior the regulation for the entry in EU-countries is as follows:
In order to apply for a Schengen visa you indeed need medical insurance with a coverage of 30.000€. BUT these regulations only apply to holders of certain passports.
According to your profile, your location is Virginia. I assume you hold a US-Passport. This qualifies you for visa-free travel (like the visa waiver program for EU-citizens visiting the US).

Source in German:
https://www.help.gv.at/Portal.Node/h...te.120901.html
Cititzens who require visa: http://www.bmi.gv.at/cms/BMI_Fremden..._29_4_2014.pdf (Gewöhnlicher Reisepass = common passport, Vereinigte Staaten von Amerika = USA)