Doctors Need Specialized Disability Package – They Must Choose One Carefully
With Covid-19 spreading its tentacles across populations, doctors in particular are keen to protect themselves against any eventuality that could make them go out of practice either short or long term.
Buying disability insurance may appear a straightforward task. But you must understand various aspects of the insurance policy before you zero-in on one. Speaking with an insurance agent helps.
As a first step you can talk to agents that sell health or auto insurance. They may be able to sell healthcare professionals disability insurance or refer to a disability insurance broker.
Here are a few key considerations that you must factor in when you shop for disability insurance.
- The definition. Some policies pay benefits if you are unable to perform your duties as a doctor. Whereas other policies define disability in terms of your occupation as a doctor for a period of 2-3 years and then continue to pay if you are unable to perform any occupation. Own occupation policies are better, but can be more expensive.
- Benefit period. This refers to the amount of time you will receive benefits. It is a good idea to buy a policy that pays benefits till you are 65 years age, at which points Social Security disability will take over.
- Waiting period. Every disability policy has a waiting period (also called elimination period). This defines the number of days you must be disabled before receiving benefits. Shorter the waiting period, higher will be the premium.
- Financial stability of the disability insurance services. Check the ratings of the provider. Your disability insurance broker should be able to provide this information.
To start with, consider what is your most valuable asset as a doctor. Is it your home, retirement accounts or your passive income sources? There is no doubt that it is your ability to practice as a doctor.
What would happen if you become disabled for any reason and no longer able to practice? You need healthcare professionals insurance that will cover a decent portion of your income.
Understanding Disability insurance can be a tough nut to crack.
You must know how disability insurance can be purchased. You have the following 2 options.
- Individual plan
- Group plans
Individual policies are usually purchased through an agent, while the group policy is provided by the employer or purchased individually through a sponsoring medical association.
It goes without saying that choosing the right disability insurance company must be the first step.
Disability insurance fits into the scheme of things perfectly. The provider has created a niche for itself as among the top-notch disability insurance services.
It offers Group long-term and short-term disability insurance as well as High Limits Disability Products for high earning doctors, dentists and other medical professionals.
The services are spread all across the United States. In case you need disability insurance Utah, you can get in touch with one of their sales representatives by entering your zip code on the website.
Doctors have a high chance of becoming disabled compared to other professionals due to the unique nature of their job. The high business risk built up by investing years into a successful practice must be covered appropriately.