If you are a physician who is interested in protecting your future, you have probably thought about doctor disability insurance. This protection will help you in case of a debilitating injury or illness that prevents you from working, and it’s a critical part of your overall insurance coverage. It might seem pretty basic, but here are 4 things you should know before you buy this type of insurance.
- Disability insurance provides more protection than other policies. Most people have worker’s compensation, but a good doctor disability insurance policy will provide more comprehensive coverage that is specific to your needs, income, and lifestyle as a physician. This is especially true if your disability did not happen at work. Social security disability may also be an option, but according to the agency about 65 percent of all SSDI claims are denied.
- There’s a difference between group and individual policies. Your employer might offer doctor disability insurance, but it could be subject to frequent changes or even cancellation. These policies are also not specific to any one profession, so physicians who practice in specialty areas or need unique protections should consider purchasing their own policy.
- Different policies define disability differently. There are different ways that your insurance provider might define disability, and it can impact your benefits. Check whether your policy covers “own occupation” or “any occupation” protection, and if there are time limits on the payments.
- Not all policies pay the same. The percentage of your pre-disability income that your policy pays is not standard. Be sure to read the fine print to find out how much you will get in case you can’t work. Also check to make sure that your policy doesn’t have upper income limits, and that they offer cost of living increases over time.