As a physician who takes care of others day in and day out, you understand more than anyone that injury and sickness are not discriminatory; it can happen to anyone at anytime. (One of the many reasons you know the value and vital need of owning a physician disability insurance policy.)
What if something adverse were to hit a little closer to home and affected your loved one? Chances are you would cut back your working hours in order to help take care of them. The Standard is an insurance carrier that recognizes this possibility, and they have a built-in provision in their contracts called the Compassionate Disability Benefit.
By offering this no cost, built-in provision, The Standard takes care of you so when your family needs you most, you can take the time to focus on them.
This means The Standard will pay a benefit while:
• You are working at least 20% fewer hours in order to care for your Loved One while he or she has a Serious Health Condition which began after your Policy Effective Date and before the Termination Date; and
• Your Monthly Earnings are at least 20% less than your Pre-disability Earnings due to that reduction in hours worked; and• You are not Disabled; and
• No other benefit is payable under this policy.
Loved One means your parent, child (including an adopted child and stepchild), spouse, Domestic Partner, and child of your Domestic Partner.
Serious Health Condition means that due to your Loved One’s Injury or Sickness, he or she:
• Is receiving inpatient care in a hospital, hospice, or residential medical care facility; or
• Requires Substantial Supervision for his or her health or safety due to Severe Cognitive Impairment; or
• Is unable to safely and completely perform two or more Activities Of Daily Living without Hands-On Assistance or Standby Assistance due to loss of functional capacity; or
• Is terminally ill with a condition that is reasonably expected to result in death within 12 months.
You may claim the Compassionate Disability Benefit up to two times while your policy is in force. The maximum amount of Compassionate Disability Benefit The Standard will pay for all claims and all Loved Ones is a total amount equal to six times the Basic Monthly Benefit.
The Compassionate Disability Benefit will begin once the Benefit Waiting Period is met. The amount of Compassionate Disability Benefit they will pay each month will depend on the amount of your Monthly Earnings.
If your monthly earnings are:
• Less than 20% of your Pre-disability Earnings, the amount The Standard will pay will equal the Basic Monthly Benefit.
• 20% to 80% of your Pre-disability Earnings, the amount they will pay will equal a portion of the Basic Monthly Benefit. To calculate the Compassionate Disability Benefit for each month:
1) Subtract your Monthly Earnings from your Pre-disability Earnings
2) Divide the result from step 1 by your Pre-disability Earnings
3) Multiply the result in step 2 by the Basic Monthly Benefit
• More than 80% of your Pre-disability Earnings, no Compassionate Disability Benefit is payable.
As a physician, you realize family and health are two of the most important and precious things in this world. By offering this no cost, built-in provision, The Standard takes care of you so when your family needs you most, you can take the time to focus on them.
Contact us today to see how we may be able to incorporate this benefit into your physician disability policy.