What does supplemental WIA insurance cover?
Unfortunately, incapacity for work cannot always be prevented. If one or more of your employees becomes incapacitated for work, their income will be significantly reduced. They will then receive WIA benefits, but this often means a considerable step backwards. As an employer, you can take out supplementary WIA insurance to prevent your employees from getting into financial difficulties. This will prevent a significant loss of income in the event of long-term occupational disability of your employee. A great fringe benefit!
How does WIA work?
WIA stands for Work and Income (Ability to Work) Act. If an employee becomes incapacitated for work, the employer is obliged to continue paying the employee's wages for the first two years. As soon as an employee becomes disabled for more than two years, the obligation to continue payment of wages ends and the employee becomes subject to the WIA. He then receives a statutory WIA benefit from the UWV. The WIA consists of two types of benefit: the WGA (WorkForces Partially Disabled Persons) and the IVA (Income Provision 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 an IVA benefit if he is fully and permanently incapacitated for work. In that case, the employee is unable to work or can hardly work and there is a very small chance that he will recover. It concerns a percentage of more than 80% incapacity for work.
Various supplementary WIA insurance policies
There are several supplemental WIA insurance options available:
WGA gap insurance
WGA stands for Work Suitable for Partially Disabled Workers. If an employee is more than 35% incapacitated for work, he will have to deal with the WGA. The WGA gap is the loss of income that can occur when an employee is disabled for a long time. After two years, when the employer's compulsory continued payment of wages stops, the employee will receive a WGA related benefit. After a minimum of 3 months and a maximum of 24 months, this benefit will change to a WGA benefit (wage supplementation/continuation). There is a WGA gap if the employee receives the WGA continuation benefit and his total income falls below 70% of the annual wage insured for him. A WHA gap 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 supplements the employee's income up to 70% times the disability percentage times the former salary.
WIA Excedent insurance
A WIA Excess 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 fixed end age or up to the actual state pension age. The WIA wage limit is determined 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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