What does supplemental WIA insurance cover?
Unfortunately, disability cannot always be prevented. If one or more of your employees becomes disabled, their income goes down considerably. They will receive WIA benefits, but often this means a significant step backwards. As an employer, you can take out supplementary WIA insurance to prevent your employees from running into financial problems. This prevents a substantial loss of income when your employee becomes disabled for a long period of time. A nice fringe benefit!
How does WIA work?
WIA stands for Work and Income according to Labour Capacity Act. If an employee becomes disabled, the employer is obliged to continue paying the employee's wages for the first two years. Once the employee has been unfit for work for more than two years, the obligation to continue to pay wages ends and the employee falls under the WIA. He will then receive a statutory WIA benefit from the UWV. The WIA consists of two types of benefits: the WGA (Resumption of work by partially disabled persons) and the IVA (Income Provision for Fully Disabled Persons). The employee receives a WGA benefit if he has been ill for 2 years or more and is between 35% and 80% incapacitated for work. He receives IVA benefit if he is completely and permanently disabled. In that case, the employee can hardly work, if at all, and there is a very small chance that he will recover. The percentage of disability is more than 80%.
Various additional WIA insurance policies
Several additional WIA insurance policies are available:
WGA gap insurance
WGA stands for Work Resumption of Partially Disabled Workers. If an employee is more than 35% incapacitated for work, he will face the WGA. The WGA gap is the loss of income that can occur when an employee is on long-term disability. After two years, when the employer's mandatory wage payment stops, the employee receives WGA wage-related benefits. After a minimum of 3 months and a maximum of 24 months, this benefit turns into a WGA benefit (wage supplementation/succession). There is a WGA gap if the employee receives the WGA continuation benefit, whereby his total income falls below 70% of his insured annual wage. If a WHA gap occurs, it means that your employee's income drops significantly, by up to 30% of their former income. To protect your employee against this, as an employer you can take out WGA gap insurance.
With WGA gap insurance, your employee receives a supplement to the statutory WGA continuation benefit if there is a WGA gap. In that case, the insurer will supplement the employee's income up to 70% times the disability percentage times the former salary.
WIA Excedent insurance
WIA Excedent insurance is for employees with a salary above the WIA wage limit or €100,00. Your employees are then insured for 70%, 75% or 80% of their salary above the WIA wage limit or €100,00. The compensation period can run up to a maximum fixed final age or up to the actual state pension age. The WIA wage limit is redefined each year.
Taking out additional WIA insurance? Request a quote on Alpina.nl
At Alpina.nl , you can request a no-obligation quote for WIA insurance. Based on a number of details about your organization, we can give you an accurate quote. Do you have any questions about taking out WIA insurance? Then be sure to contact us! Our insurance specialists will be happy to help you.
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