Does your employer-provided group disability insurance actually protect as much of your physician income as you think?
In this episode of The Responsible Resident, host Amber Stitt speaks with disability insurance attorney Ethan Abramowitz about the potential gaps physicians should understand when relying on employer-sponsored long-term disability insurance (LTD).
Amber and Ethan explore how group disability insurance can differ from individually owned disability insurance, including portability, pre-existing condition provisions, definitions of disability, covered monthly earnings, benefit offsets, taxation, and ERISA claim requirements.
Ethan also shares a physician case study illustrating how an expected $10,000 monthly benefit ultimately resulted in substantially less spendable income after covered earnings, Social Security offsets, and taxes were considered.
What You Will Learn:
• Why employer group disability insurance may change when you change jobs
• How pre-existing condition provisions can affect new group LTD coverage
• True own-occupation versus group disability definitions
• Why some own-occupation provisions change after 24 months
• How bonuses and production-based compensation may be excluded from covered earnings
• How Social Security and other income benefits may offset LTD benefits
• Why employer-paid disability benefits may be taxable
• How ERISA can affect disability claims and appeals
• Why reviewing disability coverage before a claim matters
Chapters:
0:00 Group vs. Individual Disability Insurance
1:26 Changing Employers & Pre-Existing Conditions
3:45 Who Controls Your Group Disability Coverage?
4:28 True Own-Occupation vs. Group LTD
6:23 The 24-Month Own-Occupation Limitation
7:17 Covered Earnings, Bonuses & Physician Compensation
10:53 Taxes and Group Disability Benefits
11:54 How Group Plans Define Your Occupation
13:33 ERISA Claims, Deadlines & Appeals
19:03 Benefit Limitations & Income Offsets
22:10 Physician Case Study: Expected vs. Actual Benefits
29:35 Why Physicians Should Review Coverage Early
32:12 Protecting Your Future Income
For more information about disability insurance head over to:
https://mddisabilityquotes.com.
If you are interested in getting a quote you can do that here:
