You may or may not have to pay taxes on the benefits you collects from a disability claim. It depends on how your physician disability insurance premiums are paid. This 3-minute video explains this in more detail, and shares if your premiums are deductible.
Most of the uninsured doctors I talk with really want to get disability insurance, but they struggle to find a few minutes to fill out the application. Sure, they understand the importance of getting a good policy before something happens to their health in order to protect their families financially. Still, they get busy and put off completing the application again and again thinking they will have time to do it later.
But one thing that really seems to motivate doctors to take the time to get their insurance is their birthday!
Last week my family and I were on vacation in Key Largo and it was the first time we spent any real amount of time fishing. Now, I am not talking all day, but in the evenings we would go out to the pier the condo had, bait up some hooks with shrimp, and then drop a line in. We would typically sit out there 2-3 hours just visiting with each other and the other owners in the complex.
After the first night and several suggestions from the other people watching our less-than-stellar success at fishing (our lines kept breaking), we were told we needed to buy nylon coated metal lead wires. My son, Braeden, was so excited the next night because we were catching tons of fish (caught and released). He did not care if he caught a 1 lb grunt fish, snapper, baby barracudas, or 2 foot black tip sharks – all were fun and exciting.
Each night this was our routine and each night a few of the same owners came down to watch the sunset (which was amazing!). As we all visited, there was one gentleman that I talked to more than the rest. He shared an interesting story.
Can you believe it? It seems like just yesterday we were watching the ball drop on New Year’s Eve and now Independence Day has already come and gone.
Being that we are half way through 2016, have you had your disability insurance policy reviewed recently?
A rheumatologist told me this week that his AMA disability policy is a good plan because it covers a large group of physicians and the AMA used all that buying power to get the doctors a very good deal. Though he was content with the AMA plan, he asked me to take his policy certificate back to my office to review it.
We are excited to announce that Johns Hopkins gets a new Unisex female and male discount of 30% through our firm.
Our firm works with all of the major carriers that offer own-specialty disability insurance for physicians. Our long-term relationships with each of these carriers and underwriting departments greatly benefit our physician clients.
Ameritas has some great news to share: in late 2015 – in approved states – female rates for their physician disability contracts were reduced!
As a physician with an established career, let’s suppose you have done well with your income and investments over the years. Well enough, in fact, that you now have sufficient cash to easily buy a new house if yours burns down. Therefore, you are going to cancel your fire insurance, right? Of course not. Your house is still a large asset regardless of how much cash you have. You still want an insurance company to take on the risk of a fire or other disaster destroying your house.
Now let’s look at your income the same way.
Have you ever wondered if there is a way you can increase your physician disability insurance coverage without going through another finger prick or by providing a urine sample? Condsider the Future Increase Option Rider and/or the Future Purchase Option Rider (name dependent on carrier but they are one in the same). It can help because it permits you to increase your physician disability insurance benefits without having to go through medical underwriting.
If you are a HTPN physician, I have some great news for your disability insurance! You may be eligible to receive deeply discounted disability insurance premiums by utilizing the “Unisex-rated” policy.