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Disability Insurance

Disability Insurance for Physicians, Nurses, Dentist & Medical Staff

As the financial stakes are high for medical professionals, such as the cost of education to professional training and the income potential that follows, it is essential to have disability insurance. According to the Social Security Administration, approximately 25% of young people become disabled before reaching the age of 67. Medical professionals’ chances of experiencing a disability are higher because doctors and surgeons work for long hours. Hence, they are likely to suffer from rheumatoid arthritis and joint pain.

Most often, doctors employed by hospitals get disability insurance benefits. This is when the hospital pays benefits if the physician cannot continue to work because of their disability. However, physicians should get their occupation disability policy while keeping the disability insurance provided by the hospital as a supplement benefit. This will be beneficial, especially when your health changes or you start your private practice. If you start a private practice, you may not qualify for disability insurance because of high premiums. Likewise, disability insurance that you receive from your workplace is taxable, while your own occupation disability insurance is tax-free.

Contact our financial advisor right away if you plan to buy disability insurance but don’t know which policy to choose. We can help narrow down your choices and make an informed choice. Here are some of the most frequently asked questions by potential policyholders that you might find useful in making your policy selection.

Is the rating of the disability insurance company/ carrier important?
Yes. It tells you the company’s financial strength and ability to pay disability benefits monthly.

How is disability determined?

In general, a disability is an injury or sickness that may prevent you from performing your professional duties. However, the insurance plan you select will clearly define their criteria of disability as an injury or sickness and along with the duration of the claim. Every plan is different, so evaluate your options to make the best pick.

Can I earn from other occupations during my disability?

The insurance carrier often allows medical professionals to earn income from a different occupation during their disability.

When does the disability benefit begin?

The elimination period is the length of time you must wait after you become disabled before your monthly benefit is paid. Options available are 60, 90, 180, and 365 days. The common elimination period for long-term disability insurance is 90 days.

What is the length of time I will be getting my disability benefit?

This varies on the insurance carrier you choose. However, options usually are five or ten years, or up to the age of 65 or 70.

What is the available cost of living adjustment (COLA)?

This is variable and depends on the policy you select. COLA counteracts inflation effects with an increase in your disability benefits payments. This is primarily equal to the percentage increased in the consumer price index to the urban wage-earning.
Let’s take a look at an example to understand this better. For instance, you earn $10K monthly. The COLA for this year is 4.3 percent. Hence, your benefit will increase up to $10,430 every month.

Future Insurability Option—what is it?

Also known as FIO, Future Insurability Option is like the rider option, which boosts monthly benefits regardless of your health status.

Is it renewable?

The policy will not change or cancel as long as you continue to pay premiums.

Residual benefit rider—what is it?

The residual benefit rider covers you if you become disabled but can perform your professional duties in a limited capacity.
Since many insurance options are available in the market, it is crucial to work with a trusted, experienced, and American financial consultants. We work in your best interest. Our advisor can help you shortlist the best options for your situation according to your professional challenges, ensuring you have the best policy in hand. We get you the financial coverage you need when you can’t perform your professional duties to your full capacity.

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