Daily sickness benefit
Daily sickness benefit insurance Mallorca
Securing your income on sick leave
In case of temporary incapacity for work due to illness or accident, this insurance will ensure that your financial situation does not get worse. You will receive compensation, in order that you can cover your loss of earnings and your running costs, if you are unable to work for a shorter or longer period of time.
Daily sickness benefit insurance for self-employed and salaried employees
For the self-employed, daily sickness benefit insurance in Spain is particularly important. However, employees also often complain of a lower income if they are on longer sick leave. Especially if they receive a fixed salary as well as variable remuneration such as commissions for their work. These are not paid if they aren’t able to work. Employees can take out this insurance as a supplement, although with smaller amounts for the compensation payments but also with cheaper contributions.
Only employed persons between the ages of 16 and 65 can be beneficiaries of daily sickness benefit insurance.
The situation of a self-employed person on sick leave in Spain
What does Spanish statutory social security (Seguridad Social) cover?
Most self-employed people in Spain only pay the minimum social security contribution. Accordingly, the contribution base, which is the assessment base, is much lower than the actual income. Social security then pays 75% of this base, and almost 30% must be deducted for the social security contribution. Since these contributions must continue to be paid even in the event of incapacity for work.
Cover existential risks!
The vast majority of self-employed people have less than four hundred euros per month as net benefit for sick leave. Of course, this is far from sufficient if you have to pay the running costs such as rent or mortgage, bills and living expenses. Above all, this can become a serious or even existential problem with longer sick leave. It is therefore highly recommended that you additionally close a private daily sickness benefit insurance, which covers your real income in case of an accident or illness.
This is the basic coverage. In addition, optional benefits can also be insured, such as for example:
- Daily hospital benefit: additional compensation for hospital stay
- Medical benefits in the event of accidents
- Absolute and permanent incapacity to work: payment of compensation corresponding to a maximum of 4 annual rates of the insured daily allowance.
- Surgical interventions: a certain amount of capital in the case of an operation
Insurance “baremado”- with fixed payout rates
In the classic daily sickness benefit insurance compensation is paid per day of sick leave. In comparison to this there is also the possibility of an insurance that pays a fixed amount depending on the diagnosis, no matter how long you are actually on sick leave.
This has the advantage that you get the payment immediately and the processing is much less complicated. And if you are able to work again earlier than planned, the amount you receive will not change. With this type of insurance, the premiums are usually cheaper than with the classic variant. The disadvantage, however, is that if you stay on sick leave longer than planned, this will not be taken into account.
Fill out the following enquiry form today – and let Mallorca Assekuranz advise you free of charge and without obligation!