Income Protection for Healthcare Practitioners
We have experience assisting clients from a wide range of occupations within the healthcare sector.
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Working in the healthcare sector means you more than most, are acutely aware that illness, injury, or even a disability can disrupt a person’s life without notice.
Although you likely live a busy life, finding the time to put a suitable Income Protection policy in place should be a priority.
Should illness, injury, or disability prevent you from working, it is important you have peace of mind knowing you will be covered.
What is Income Protection?
An Income Protection Insurance policy is designed to cover a percentage of your income should you be unable to work due to illness, injury, or disability.
You can cover a maximum of 75% of your salary. However, in many circumstances it may not be necessary to the maximum and a lower percentage may be sufficient.
Why do healthcare practitioners need Income Protection?
As an individual working within the healthcare sector, there is a substantial chance you may become unwell at some point. Working in such a fast-paced environment also increases the chances of being unable to work for a period of time.
Should you have anyone that is dependent on you financially, Income Protection becomes more important. It will allow you to still be able to provide financially for yourself and your family should you be unable to work due to illness or injury.
Trying to keep up bills, mortgage payments or basic living expenses may become difficult without a salary. Having Income Protection in place will help alleviate some of the financial stress that comes with being unable to do your job.
What occupations within the healthcare sector are eligible for Income Protection?
We assist clients across a wide range of occupations within the healthcare sector. These include:
- Dentists
- Doctors
- Dietitians
- Occupational therapsits
- Pharmacists
- Physiotherapists
- Veterinarians
- Surgeons
- Dentists
- Doctors
- Dietitians
- Occupational therapists
- Pharmacists
- Physiotherapists
- Veterinarians
- Surgeons
- Dentists
- Doctors
- Dietitians
- Occupational therapists
- Pharmacists
- Physiotherapists
- Veterinarians
- Surgeons
There are also several other occupations within the healthcare sector that can avail of Income Protection. If your occupation is not listed above, feel free to contact our team to discuss your options.
Did you know?
Income Protection policies are eligible for tax-relief
The above is based on an individual in the 40% income tax bracket.
Healthcare Practitioners - Case Study
Although those working in the healthcare sector are in a fast paced and often stressful environment, most jobs within the sector are seen as low risk by insurers.
This means you can take advantage of lower cost premiums. On top of this, premiums are also eligible for tax relief at your marginal rate meaning you can often secure a large percentage of your income for a modest monthly premium.
Below we compare the difference in monthly premium between a doctor and a dentist.
Age | Occupation | Class | Monthly Premium | Monthly Premium (after tax relief) |
40 | Doctor | 1 | €110.91 | €66.55 |
40 | Dentist | 2 | €153.66 | €92.30 |
**The above is for an individual earning €80,000 per annum covering 75% of their salary.
The deferred period is 26 weeks and the retirement age is 65.**
One of the major benefits of Income Protection insurance is the tax relief available on premiums. As an employee, you will be eligible for tax relief at your marginal tax rate.
As a self-employed individual, you can pay the premiums through the company and treat them as a business expense meaning they can be offset against corporation tax.
How is Income Protection calculated for a healthcare practitioner?
Premiums may vary depending on your specific occupation. Occupations are separated into classes depending on their level of risk. Class 1 being the lowest risk with Class 4 being the highest.
Class 1 | Class 2 | Class 3 | Class 4 |
Doctor | Dentist | Locksmith | Plumber |
Do I need Income Protection while working in the healthcare sector?
Yes. How much Income Protection you require will depend on your individual circumstances. Even if you qualify for the full State Illness Benefit it is a modest €208 per week.
Surviving solely on this will make paying a mortgage, rent, childcare of basic living expenses a struggle.
Should you be a self-employed healthcare practitioner, you will likely not be entitled to any State benefits.
| State Illness Benefit | State Illness Benefit |
| Self Employed (Healthcare Practitioner) | ❌ |
| Employee | ✔️ |
This means you will be exposed financially should you become unable to work due to sickness or injury.
Key Points
- Your occupation classification will directly impact the cost of your premium. As a healthcare practitioner, you will likely fall under Class 2. However, it is worth discussing with our team before making a decision.
- Those in the medical profession may face periods where they are unable to work for long periods t due to a multitude of reasons. Income Protection will allow you to protect against a loss of earnings during these periods.
- Income Protection will allow you to protect up to a maximum of 75% of your salary.
- Speaking to a qualified advisor is always the recommended starting point when considering Income Protection.
What does Income Protection Cover?
Income Protection covers you from anything that prevents you from doing your job. Once your deferred period has passed, benefits will begin to be paid.
These benefits will continue to be paid until you either:
- Reach the retirement age agreed in your policy, or
- Can return to work
Whichever of the above comes first.
This is where Income Protection has a major advantage over other insurance options such as Specified Illness Cover.
What does Income Protection not Cover?
Income Protection is designed to cover you when unable to work due to an illness or injury.
Therefore, there are certain situations that are not covered. These include:
- Redundancy
- Maternity leave
- Working in a foreign county
How emero can help you get Income Protection Insurance
Calculate the cover required
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Choosing Income Protection as a healthcare practitioner
The first step in the process of getting Income Protection is speaking to an advisor. It is an area that will have many variables to be considered to ensure you get the right cover.
There are certain definitions and nuances to be considered. There is also the deferred period and percentage of salary to be assessed. It is important to get the right cover for your personal circumstance. Whether you are an employee or self-employed will also mean different aspects should be considered.
Assessing what class, you fall under and discussing your day-to-day duties will help you and our team ensure that you get the correct cover.
Healthcare Practicioners Income Protection Insurance FAQ's
Yes. Particularly if you are self-employed or working as a contractor. Should something happen that stops you from working, you will likely not be entitled to the State Illness Benefit.
Unfortunately, any financial commitments you have such as rent, mortgage, or childcare will not stop should you be unable to work. Due to working in a fast-paced environment, your chances of falling ill may be higher than normal.
This will depend on your personal circumstance. In some cases, you may be financially able to cope for a longer period of time. If an employee, you may also be entitled to sick pay for a period of time.
Deferred periods should be judged on an individual basis. Speak with your advisor before deciding to ensure you choose the option best suited to your specific situation.
Your occupation will be the biggest factor when considering the cost of your premiums. However, as a healthcare professional, you will likely fall into the lower risk classes.
This means you will be eligible to insure a percentage of your income at a reduced premium. Other factors that will affect your premium are:
- Your age
- Family medical history
- Length of the deferred period
- Smoking status
- Lifestyle
If you are unsure of how much your premium might be, it may be worth contacting our team.
Income Protection Insurance will continue to pay out until either:
- You can return to work or
- You reach the retirement age outlined in your policy.
It is worth noting that benefits will not begin to be paid until your deferred period has passed. Please speak with your advisor and choose the appropriate deferred period.
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