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 […]
How Your Physician Disability Insurance Can Also Protect Your Business
If you were unable to work due to a serious illness or injury, what would happen to your business? Overhead expenses would continue: rent/mortgage, utilities, malpractice insurance, equipment payments, salaries to key employees, etc. How would you pay for these expenses while disabled when revenues have been reduced or stopped? At the very least, your […]
How to Make the Application Process for Physician Disability Insurance Go Smoothly
During the course of underwriting applications for physician disability insurance, we have seen some common issues that can prolong the underwriting process. Issue #1 – Delay in obtaining medical records One such issue that we experience frequently is the delay in obtaining medical records from your personal physicians. Any medical records and treating physician narratives […]
Should I Use the Same Company for Physician Disability Insurance and Life Insurance?
Clients often ask me if they should use the same company to buy both physician disability insurance and life insurance, considering there may be a discount. The answer is oftentimes “NO.” Since life and doctor disability insurance are different products, it is important to look at them individually. When you purchase either an individual physician […]
California Has New Options for Own-Occupation Physicians Disability Insurance!
MetLife has just opened up Own Occupation / Own Specialty definition policies in the state of California for physicians wanting to buy disability insurance. This could mean a significant cost savings for Californian doctors! MetLife joins Ameritas now offering own occupation definition policies for physicians in California, which has really brought down the price for […]
Let’s Talk About Contractual Guarantees
Many articles have been written in Medical Economics, Private Practice, Money Magazine and Consumer Reports to help the consumer make an informed decision regarding their disability insurance purchase. These articles strongly suggest that you purchase a contract/policy that is Non-Cancelable and Guaranteed Renewable. Let’s discuss what these provisions mean.Non-Cancelable and Guaranteed Renewable to Age 65 […]
Are You Limited By the Coverage You Can Buy vs. the Amount You Need?
Own Occupation Disability Insurance participation limits continue to increase. As of today most carriers will issue between $15,000 to $17,000 per month of tax-free benefit on a standalone basis. The participation limits of disability insurance for physicians continue to increase. In addition, most carriers will participate with other carriers to $30,000; one will even participate […]