In our last post earlier this week, we started to put the American College of Physicians (A.C.P.) to the “test” – comparing the physician disability insurance product offered through this association against high-performing private disability insurance. In this final post of this series, we’ll cover two more recurring topics presented from respected magazines, such as Medical Economics, Private Practice, Money Magazine and Consumer Reports.
3. Is residual (partial) disability covered without requiring prior total disability days?
Look for contract language that states, “Residual benefit will be paid if you suffer a 15% loss of income and are unable to perform one or more, but not all, of the material and substantial duties of your occupation…or you are unable to engage in your occupation for more than 80% of the time as was usual to the start of your disability.” The idea here is that, if you are not totally disabled, but your injury/illness results in a decrease of income, this plan will allow you to receive a percentage of your benefit depending on the percent loss of income.
A.C.P Plan Brochure – If, while recovering from a total disability, you are able to resume some but not all of said duties, you MAY be eligible for a residual disability benefit.
A.C.P Plan Fails this Test – Requires satisfaction of waiting (elimination) period with total disability days first. Note: Long-term partial disability without prior total disability will not receive a benefit from A.C.P.
4. Is a recovery benefit included? Once you recover from a disability but continue to lose income, does your benefit continue?
Look for contract language that states, “Upon recovery and return to your occupation on a full-time basis, a recovery benefit will be paid if you maintain a loss of, at least, 15% of your net earned income and is a direct result of your previous disability. The idea here is that when you suffer an extended disability, your practice/patient volume is likely to suffer as well. Under this provision, upon recovery and return to your practice on a full-time basis, you will still receive a percentage of your benefit depending on the percentage of income lost due to a decrease in patient volume.
A.C.P Plan Brochure – No benefits are payable for disabilities for which you are not under the regular care of a licensed physician or surgeon other than yourself, your business associate or member of your immediate family or household.
A.C.P Plan Fails this Test – Benefits end when you are released from your physician’s care even though income loss continues while you try to rebuild your practice.
Suggestion: Ask an MDDisabilityQuotes.com representative to review your current coverage. Policy reviews/updates/additions are common in the doctor disability industry. Even if you would like to run your policy through the “test” – whether it is a Group, Association or Individual disability insurance policy – we perform free policy reviews and quotes.
Your most valuable asset is the ability to go out everyday and earn a living. Protect this asset with the best disability policy available to you.