|
For more information on disability income insurance, please call us toll free at 800 318 6050.
|
Whether you are in Emergency Medicine, Orthopedic Surgery, Anesthesiology, OBGYN, General Surgery, Cardiology, Radiology, Pediatrics, Urology or other Medical specialty, we can customize a own occupation disability income insurance plan for you.
Most physicians have insurance coverage on their homes and autos. But if their future earnings cease because of an accident, injury or illness, the loss of income could present serious financial problems. A solution? An own occupation disability income insurance policy which protects a physician in his/her specialty.
At Physician Financial and Insurance Services, we have a dedicated a web site, "Disability For Physicians", which provides information on disability income insurance plans for physicians. We have been working with members of the medical community since 1993 and have a unique understanding of physicians' needs, rotations, schedules and preferences. We'll work with you to design a disability plan specifically tailored to your unique situation. As an independent broker, we work with multiple insurance companies to create the plan best suited for your specialty.
OCCUPATIONAL SPECIFIC BENEFITS
As a doctor, one of the most important policy features to have in your disability contract is an own-occupation definition of disability. Simply stated, this means that if you are unable to work in your specialty due to an injury, accident or illness the policy will pay you a benefit, even if you choose to work in another occupation. For example, if you get injured and can no longer practice as an Orthopedic Surgeon, the policy will pay you a benefit even if you can earn an income in another specialty or occupation.
This definition differs greatly from many less expensive or group plans. Many of them say you must not only be disabled from your occupation, but unable to work in any gainful occupation.
OCCUPATIONAL CLASSIFICATION
Insurance companies have different rates and policy features for different occupational classes. As a physician, your specialty will determine what occupational class you are in.
GROUP DISABILITY BENEFITS
Many physicians are offered group disability insurance by their employer. Here are some things to consider:
Group plans may be changed or canceled at any time. This could leave you without coverage when you need it.
Most group plans can't be taken with you if you should decide to switch employers.
Most group plan benefits are taxable.
Many group disability plans have a restrictive definition of disability. They require you to be totally disabled before they will pay a benefit. In other words, if you have the ability to do any type of work, benefits may not be payable.
BUSINESS OVERHEAD EXPENSE DISABILITY PLANS
If you are a doctor who owns your own practice, you may want to consider disability overhead expense. If you were to become disabled, this policy can provide funds to help cover ongoing expenses such as rent, equpiment leases, employee's salaries, utilities in order to keep the practice open during the period of disability. Few medical practices could survive if the doctor is not generating new revenue. In a very short time, the practice will either shut down or have to be sold. An overhead expense policy is made to give you the ability to cover expenses while on a disability claim and come back to an existing practice when you're able to.
WORKER'S COMPENSATION
Worker's Compensation only covers job related sickness or injury. In addition, these benefits are limited.
SOCIAL SECURITY
Qualifying for Social Security benefits is very difficult because the disability must prevent you from doing any kind of work - not just your usual job.
|
