Disability Insurance is Important for You and Your Staff
Disability is important to everyone; not just you as a physician, but your staff as well. Recently my New Business Manager got sick after a couple of years of breast surgeries for initial cancer onset. She went through 4-5 surgeries and unfortunately now has a ‘super bug’ infection. Since they cannot exactly get it identified […]
The Wording of Your Physician Disability Contract is Crucial!
This general surgeon is now unable to do surgery for the foreseeable future. So the question is, “How will my disability policy work now that I need it?” The contract language will determine if the policy he bought pays everything, some, or anything at all. This surgeon actually had several policies: one through me, one […]
Physician Disability Insurance Checklist: Does the A.A.F.P. Plan Pass? (Part 2 of 2)
Last week we put the American Academy of Family Physicians (A.A.F.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 the series, we’ll cover two more recurring topics presented from respected magazines, such as Medical Economics, Private Practice, Money Magazine […]
Physician Disability Insurance Checklist: Does the A.A.F.P. Plan Pass? (Part 1 of 2)
As a highly organized community of over 100,000 members across the United States, the American Academy of Family Physicians (A.A.F.P) is able to offer its members several valuable benefits. Some of these benefits include discounts for life insurance, auto and homeowner insurance, practice overhead insurance and disability insurance among others. While many of these reflect […]
What They Didn’t Teach You About Physician Disability Insurance in Medical School
Many of my physician clients comment that disability insurance is very important protection for the investment they have made in their careers. However, they were not given information in medical school about what to look for in a physician disability insurance policy, or how to choose the best one. Even worse, many of them ended […]
Consider Physician Disability and Life Insurance at the Same Time
As a physician, your time is obviously limited and usually comes at a premium. If you have made the decision to purchase an individual physician disability insurance policy for yourself, why not leverage the time you are investing during the application process to maximize efficiency? Since a disability insurance policy requires a medical exam as […]
Protect Your Business as a Part of Your Physician Disability Insurance Policy
Many physicians today understand the importance of disability income as a method to protect their most valuable asset – their ability to go to work each year and earn an income. However, for physicians who are solo practitioners or partners in a closely-held business, this may not be enough! Physician Disability Insurance Quick Facts Disability […]
The Residual Definition of Your Physician Disability Policy is Not an Afterthought!
The name may be a little deceiving. Residual disability benefits can be one of the most important parts of your physician disability policy, but are often the most misunderstood. Typically when people think of a disability, they often think of a catastrophic disability like a car accident, resulting in complete and total disability. But many […]
Own Occupation Physician Disability Insurance- Are You Getting What You are Paying For?
ve been created and tossed around the proverbial insurance playground that it can be difficult to say what “type” of Own Occupation you are really paying for. These variations allow every carrier in the market to tell you that it has an Own Occupation definition. However, when you look at the others’ provision of Own […]
Group vs Individual Physician Disability Insurance
One of the most common questions physicians ask regarding disability insurance is, “Why should I purchase an individual owned disability insurance policy when I can get group disability coverage at a lower cost?” It is true that group long term disability policies are often provided at little or no premium cost to a physician through […]
Physician Disability Insurance from a Medical Association vs. an Individual Plan
If you seeking a new policy or are reviewing a current one (see our last post explaining 5 questions you should ask during a physician disability policy review), . Many Medical Associations offer a long term doctor disability plan as a member “benefit”. Some of these associations include, but are not limited to, The American […]
Five Questions to Ask About Your Physician Disability Insurance
What is the potential value of a physician’s income? To earn your M.D., you have studied, sacrificed and worked hard for many years. Your skills are highly valued and your income reflects this. For example, the income of a 35 year old physician earning $300,000 per year through age 67 has a value of $9,600,000. […]