Omega Financial Management provides a tailored income protection policy for the Irish Pharmacy Union
INCOME PROTECTION FOR PHARMACISTS
Income Protection cover provides you with a replacement income in the event that you become unable to work due to accident or illness. This is particularly relevant for Pharmacists who are for most part employees and have no sick pay entitlements apart from maybe a week’s salary payment. Your benefit will last for as long as you are unwell, right through to retirement age. You can choose to cover yourself from Day 1 or a deferred period of time.
Omega's unique Day 1 policy options (through DG Mutual) provide cover from the very first day of illness, meaning that not only are the larger issues covered, you will also be able to claim a benefit for any minor illness or injury from day one, no waiting period.*
What Type Of Cover Do I Need?
Pharmacists have a very particular need for Income protection. Being on your feet for long period of time each day can be very demanding physically not to mention the stresses and strains that go along with providing a vital service to patients and the general public.
Self Employed Pharmacists
Owner occupier Pharmacists may be faced with a situation whereby if they are sick or ill they must hire a locum to take their place or they can’t open their Pharmacy. Another difficulty they have is that self-employed people can’t get state illness benefit, but if they have a long-term condition that prevents them from working, they may become eligible for the State’s invalidity pension.
To help them during a time like this Day 1 Income Protection will pay them from the first day of illness. The insurer will pay them directly so that it doesn’t get soaked up with other practice costs and they can maintain their lifestyle. The Day 1 plan will pay them until they can return to work or until their 65th birthday if necessary.
You may be fortunate enough to be entitled to sick pay from your employer for a period of days or weeks from initially being unable to work. Some employers offer sick pay along the lines of 2 weeks in a rolling 2 year period or one week per year, or possible longer. Generally speaking the Pharmacy groups don’t pay illness pay much longer than that.
If this is the case then we can tailor your income protection so that it begins to pay you when your employer stops paying you. In this way you can be confident that your income will stay up to date and your lifestyle can be maintained.
NO DEFERRAL PERIOD - COVER FROM THE FIRST DAY
ALL ACCIDENTS & ILLNESSES COVERED (except pre-existing)
TAX RELIEF ON PREMIUMS AT THE MARGINAL RATE
100% CLAIMS PAID SINCE INCEPTION
*in relation to the current pandemic, COVID-19 and some respiratory illnesses cannot be covered for new members (since 1st April 2020)
1 IN 7 MEDICAL PROFESSIONALS CLAIMED ON THEIR INCOME PROTECTION POLICY IN 2018
Just over 1 in 7 Medical Professionals, including Pharmacists, claimed on their income protection policy in 2018 compared to 1 in 8 the previous year, marking a significant increase.
Across the professions, the rate of claims for accidents and injuries rose to 10% with numerous fractures to fingers and ankles reported. This of course renders most medical professionals unable to attend work until a full recovery has taken place.
Unfortunately there was a noted increase in cancer-related claims, accounting for 5% of the total claims paid.
Dr Vladka Vilimkova
Dr Vladka was diagnosed with cancer in late 2012 and has undergone four extensive surgeries since. Unfortunately the treatments have resulted in a significant loss of arm/shoulder mobility, rendering her unable to work for the foreseeable future. Vladka’s Income Protection policy has provided her with a weekly income since her first diagnosis and will continue to do so as long as she is unable to work.
Dr Emma O'Hara
When I applied for income protection in 2013, I was in perfect health. Then suddenly I found myself laid up with broken bones from a serious car accident. I had barely paid my first premium, but Omega honoured their word. I never had to worry about payment, and the claim form was simple and quick. It was one major headache I didn’t have to deal with. I would recommend every professional to seek income protection, because you never know what lies ahead.
I like to keep fit and healthy and it is rare that I am unable to work due to illness. However in recent months I have claimed on two occasions for 2 days of lost income as a self employed business owner. The claims process was swift, DG kept me informed and the claim was paid within 7-10 days. Overall I have found the support provided by DG and Omega Financial to be excellent and would recommend highly.
As a general dental practitioner who owns a mixed private/GMS practice I thought it was essential to have Day One income protection against a rainy day. Practices have so many hidden costs that a considerable down time would put real strain on the every day running of the practice so I felt Day One protection was essential. Covid-19 was one of those down times. Overnight the practice shut its doors and all sources of income were lost.