Physician Disability Case Study: Why Early Action Can Save You Thousands
There are many reasons for a physician to get declined for disability insurance. A serious illness or medical condition alone can disqualify you from obtaining coverage. Significant medical history can also disqualify you, or result in such high premiums that it is no longer cost-effective. Sometimes it can occur because the underwriter does not have […]
Use Today’s Good Health to Purchase Additional Physician Disability Income Protection in the Future
Many physicians purchasing a Doctor Disability Insurance policy want to protect their growing future income as well as their current income while they are in good health. Although they can’t guarantee what their health will be like in the future, they anticipate needing additional disability protection because their income will be growing for a number […]
Physician Disability Exclusion Riders Explained
What is an exclusion rider and how will it affect my physician disability insurance policy at the time of claim? What is an Exclusion Rider? Typically, an exclusion rider will state that benefits are not payable for disability resulting from a named condition (i.e., Gastro esophageal Reflux Disease), injury, disease or disorder of an area […]
Diving Into the Various Features of Physician Disability Policies
Physician disability insurance is offered with a multitude of optional riders and base policy features. In this blog, I’ll touch on some of the base policy features that can be found in a quality disability insurance contract designed for physicians. Non-Disabling Injury Benefit If you have an injury which requires medical treatment but doesn’t disabled […]
When to Choose a Transitional Own Occupation Rider on Your Physician Disability Policy
In the physician disability insurance world, if you listen to any qualified agent you will consistently hear, “You need an Own Occupation Disability Insurance Policy.” This is especially true if you are a doctor or surgeon whose duties include interventional procedures as well as surgery. While this statement is generally accurate, in my opinion there […]
Be Certain of Your Custom-Built Physician Disability Contract – Case Study of a doctor’s
Disability insurance reviews are more common and useful than you might think. Even if you have a great policy, there are several factors (increased income, marriage, having a child, etc.) that warrant a quick update to make sure you are receiving the best benefit potential for your specific needs. Unfortunately, it’s far more common to […]
Is Your Old Physician Disability Policy Still Good Today?
In most cases, yes. In some cases, a new physician disability policy may be more beneficial to offer stronger protection. Here is what you need to know to help determine what is best for you. Many older physician disability insurance policies were written with liberal provisions benefiting the consumer such as: Higher Benefit Amounts – […]
Total Physician Disability Defined: Private Insurance vs. Typical Association Plan
Today, I would like to focus on what I believe to be the most important part of any physician disability policy: how is total disability defined? To put it simply, what would need to happen in order for you to receive (and continue receiving) benefits under your disability policy, and what are the terms and […]
The “Non-Negotiables” When Choosing Physician Disability Insurance
There are a lot of things to consider when purchasing disability insurance for doctors. The policies vary quite a bit, and it is important to fully understand all aspects of a policy before signing the contract. Regardless of the specific policy chosen, the following is a list that should absolutely be included in your physician […]
How Taxes Impact Your Physician Disability Benefit
Is doctor disability insurance taxable? If so, what does that mean for me? Why pay with pre-tax dollars? Is disability insurance taxable? It depends. Generally, if your employer (or yourself as owner of your medical practice) pays for your disability insurance coverage, your disability benefit would then be taxable to you if you were ever […]
Are You Maximizing Your Benefit Payments?
You may already know that most physician disability insurance carriers will offer between $15,000 to $20,000 per month in benefit. But did you know that these carriers will now participate with other physician disability insurance carriers to add even more to your monthly total? The amount of these monthly benefit payments from participating doctors disability […]
Do You Have COBRA Benefits on Your Physician Disability Insurance Plan?
In the unfortunate incident that you become disabled and your employer releases you from work, you consequently loose your health benefits. Health coverage can typically be in excess of $1,000 per month! Your doctor disability insurance coverage may also contain benefits to help you with these costs. If you become disabled and can’t work in […]