At the beginning, I must confess that this is a very heavy topic. When speaking about children, we are subconsciously avoiding topics such as illnesses, immobility, critical injuries and other medical conditions. However, these situations unfortunately create various problems for many families. In many cases, one of the parents must give up employment in order to be able to take care of a disabled child. Another parent must look for a second job so the family is able to pay for all necessary liabilities. That is the reality of the Slovak social system.
We can offer, in the frame of the life insurance market, so called invalidity insurance. We differentiate 2 terms: a child’s dependency on the parental care and a youth invalidity. Both of these types of insurance could offer cover of 144 000€ and only for 10€ per month!
Let’s explain together how the social system in Slovakia works in the frame of the topic of child’s invalidity.
It could happen, that a child gets ill or gets injured and unfortunately could be disabled. The state automatically offers support for parents of children under 3 years of age. Should the case be that a child has a long-term medical condition, this support can be prolonged until 6 years of age.
If a disabled child, aged 6 to 18 years, must be taken care of by another person or a parent, could receive a support sum for care. This support sum is 369,36€ for taking care of one disabled person (child) and 492,34€ for two, if the law states otherwise.
A youth Invalidity je defined by the law Article § 70 2 ZSP. A youth invalidity pension is applicable if a person, who becomes disabled during period of time when this person is a dependent child, however this person must be a resident of Slovak republic. Nonetheless, the support sum is paid out only after a dependent child reaches 18 years of age. The support sum is also applicable for a person, who becomes disabled during a PhD program and has not yet reached 26 years of age. Again, under the condition of a permanent residency in Slovakia. In both cases, the condition of years of employment is considered fulfilled.
The highest support sum, that a so-called youth invalidity pension by more than a 70% incapability of working, could in 2023 reach is 628,10 €. A youth disabled person and a PhD student with a more than 40% but not more than 70% incapability of working, can receive support sum of 376,90 €.
Let’s see an example.
A child, while performing a recreational sporting activity, gets injured. It is later on dependent on a parental care. A parent’s income was 1132,67€ . A state support sum in form of care-giver support is 369,36€. An income loss in the family budget is 763,31€. However, the monthly expenses rise as a child is disabled. If the family would have had a type of insurance that we mention above (a child’s dependency on the parental care), they could cover their expenses for 15 years, as the pay-out sum would be up to maximum of 144 000€. Another pay-out of maximum 144 000€ would come after reaching 18 years of age. I would like to believe that the insurance companies would definitely help a family in an unfortunate situation. The insurance pay out will be distributed after the Social Insurance Agency’s (SIA) approval according to conditions defined by the SIA, particularly from a dependency level 4 and up, or a youth invalidity acceptance. This type of insurance can be contracted for 10€ monthly.
Life is very unpredictable and it is recommended to think about some of the non-expensive insurance additions and thus securing child’s future.
In case of more information, do not hesitate to contact us.
Regards,
You ProFinExperts team! Translated by Barbora Zemko Zuzaniaková
