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What Is Physician Disability Insurance?
Physician Disability Insurance
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If you're an anesthesiologist, cardiologist, dentist, emergency room physician, radiologist, surgeon, or any other type of physician then think about what physician disability insurance can do for you. This special form of disability insurance is available to doctors and dentists who can't afford to miss work—but who are human like everyone else, and could possibly become disabled.
If you were to get sick or injured, and had no choice but to take off three months of work, how would your finances suffer? You may have a group insurance policy in place but will it cover you for injuries not work related? Will you be taxed on this extra income? (Yes) Rates can be changed at any time, and the policy can be discontinued with no notice, since you're not even the one making the payments. These are some of the reasons why an individual policy can offer more than an employee sponsored plan.
Two Definitions In Physician Disability Insurance
There are two definitions of a “disability” when you are talking about physician disability insurance. First, there is the kind of disability that prevents you from performing your duties as a physician. This kind of coverage is specific to your job, and in this event, will provide income even if you are capable of doing other types of jobs not related to your field. This is certainly the more preferred plan, as nobody even while injured wants to do nothing and earn next to nothing.
The other definition is a disability that prevents you from doing anything—meaning that the insurance company won't let you seek out extra work, not related to your field. Obviously this puts the professional in a difficult place. He or she may be physically capable of consulting or working other medical jobs on a subcontracting basis, but according to this definition this would cancel out his regular income. Even if disability income pays for 60% of your total monthly gross, that might not be enough to live by. So physicians are always careful to seek out a plan with the preferred definition of a disability.
Choosing The Right Insurance Company
Choosing the right kind of physician disability insurance is a matter of careful research and balance. For example, in analyzing the company. To some extent, you're not really interesting in company names. What is available in Florida, if you live in Colorado, is not really a concern to you. Nor are you interested in a disability plan that has various exclusions that would personally affect you. So when you search for physician disability insurance you are searching by the right plan, and this is what insurance vendors will help you find—information from a variety of insurance carriers.
However, the name is important to the extend that you are dealing with a professional and financially secure insurance company. You don't want to do business with a shady insurance provider, nor one that is going to be driven out of business in a year's time. Try and do some research on the company that you are interested in. Visit their website and do an Internet search to see if there are any negative comments floating around. If you're a physician then purchasing a physician disability insurance policy is simply a matter of smart planning.
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