Keep calm and carry on – this slogan, meant to keep up the British public’s morale during time of war, has become a mantra many people still live by. As a result of following this way of life, some people bottle up their thoughts and feelings – often to their own detriment. In fact, up to 25% of people in the UK will experience a mental health issue at some point in their life, according to Mind.
This does not constitute advice and advice should be sought in all instances before acting on it.
Doctors and dentists are particularly susceptible to stress and mental illness due in large part to the pressurised nature of their careers.
Seeking out help and talking about your issues will go a long way in helping to deal with them when the time comes, but there are also financial ramifications that should be addressed now to ensure your focus is on healing if you ever experience problems.
Financial protection
Many people struggling with mental health issues tend to “power through it” and continue to work for fear of losing out on income. They avoid seeking help from a GP who can refer them to a therapist or counsellor even if not getting help could worsen the situation.
If there comes a time when you do need to sign off work, the last thing you need to be worrying about is paying the bills. But it’s a very real concern and running into other financial troubles may only add to your worries.
One way to ensure financial security during times of hardship would be Income protection insurance that provides a safety net for times when you can’t work due to injury or illness.
We have put together a comprehensive guide for you to learn more, but our financial advisors are a great asset if you need help deciding the best policy for you.
Duties as a practice owner
It’s important to remember your responsibilities as a practice owner if one of your employees needs to take time off for mental health reasons.
Your company should have established policies on sick leave and returning to work and it should be clear they apply to both physical and mental health. Handling an employee’s absence is extremely important – the relationship needs to remain intact during leave so they feel supported and welcomed back to work when they are able to return.
Even though being a doctor or a dentist is an exciting and rewarding career, the stress can also be challenging to your mental health – so challenging that you may need to time time off work. But you can prepare today for this possibility by taking out income protection insurance to cover your expenses while you’re off sick. If you’re a practice owner, you’ll also need to be prepared in the event one of your employees needs to take time off.
If you need assistance planning for time off work for yourself or your employees, be sure to speak to the expert financial advisors at Dental & Medical Financial Services to set up a comprehensive plan that covers both eventualities.
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