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Paramedics & Salary Protection

Who pays your income when you're not able to work?

Paramedic advice first financial

 Paramedics are finding it hard to find out what types of "Salary Protection" are available to them if they are not able to work.

The concern they have, is what happens after the 3 months full and 3 months half pay ends. Who pays them then?

Here is a little advice around this issue.

 

 

 
Your Employer

If you are not able to work, you should have 3 months full pay followed by 3 months half pay. This is on a rolling bases and there are terms and conditions, so it is worth checking this out. 
After this period is where the problems start. So, what happens 

State Benefit

As an employed person you are entitled to the state benefits, which currently are
Illness benefit €193.00 weekly, personal rate (over age 25)
Invalidity Pension €198.50 weekly, personal rate.
You should able to claim the Illness benefit initially and should you not be able to return to work ever you may be moved on to the Invalidity Pension 
These figures are correct as of 26th Nov 2017 and are due to increase by €5 per week from March 2018.

What else?

So what else is available?
Unfortunately if you want or need more income than the state benefit provides, then it is up to you to sort something out and put in place some cover.
Paramedic is classed as a high-risk occupation, as such getting cover can be difficult. But there are some options

Salary Protection if a member of NARSA or PNA

Salary Protection is offered through your Union scheme in conjunction with Conrmarket.
Salary Protection kicks in when your employer stops paying you and in conjunction with the state benefits provides you with up to 75% of income. 
This is only available to you if you are a member of the Unions. 

Not a Union Member

If you are not a union member Salary Protection is not available to you independently. 

Options that are available

Bill Cover

Covers your mortgage repayments plus €300 monthly towards household bills.
This benefit will pay out a specified monthly benefit if a claim is accepted.  You can claim for any continuous period of being unable to work lasting longer than your chosen deferred period (8, 13, 26 or 52 weeks). You must be working at the time of the illness or injury for a bill cover claim to be valid.
If in claim, the payment will end:

  • At the end of the bill cover claim payment term, which you chose, it can be 2 years, 5 years or the full term of your mortgage.
  • At the end of the benefit term as set out in the schedule;
  • If you die
  • If you return to work
  • If the life company’s chief medical officer decides you are fit to return to work,

Accident Cash Cover

If you are out of work for more than two weeks because of an accident, accident cash cover pays a weekly amount of between €120 & €400 depending on your chosen level of cover. It will be paid from the start of the third week for up to one year, or until you return to work. The benefit is tax free. Cover can be obtained for up to 40% of earnings before deductions. Allowable entry ages are 18-54. Minimum of €25,000

The addition of life cover is required with this benefit.

 Life Cover and Specified Illness Cover

Life Cover and Specified Illness Cover is also available

So, there are options available. But advice is needed. 

Happy to offer advice or answer any questions.

Give us a call. We are happy to answer any questions you may have. We can also assess your existing policies to see how they match your needs. 

Call us today 074 910 3938 Email us

 

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