Disability insurance policies are purchased to provide financial security to insured individuals should they become unable to work in the same capacity due to a disabling medical condition. This insurance coverage is important to all professionals, particularly licensed doctors such as physicians and surgeons.
At Seltzer & Associates, we have extensive experience working with insurance companies nationwide and pursuing claims for medical professionals seeking individual, group, short-term and long-term disability insurance benefits. If your ability to work has been affected by a medical condition a Philadelphia long-term disability lawyer may be able to help. Not only will our team help you build your claim with the insurance company, but we will educate you on the intricacies of disability insurance coverage and claims.
#1: Disability Insurance Policies Are a Contract
Insurance policies are contracts between the insurance company and the policyholder. Each insurance company has its own guidelines for writing policies and its own procedures for evaluating claims. It is important to know the key terms contained in your policy, including the definitions of disability such as own-occupation, the length of elimination or waiting periods and the covered conditions; this will help you make informed decisions should you need to file a claim.
#2: Individual Disability Insurance Policies Are Important
Many medical professionals have group disability insurance policies through an employer, but many do not consider purchasing individual disability insurance policies. Individual disability insurance policies are important because employers may make changes to group coverage. Individual disability insurance policies can help bridge the gap between the amount of disability insurance benefits received and lost income by supplementing that income. Additionally, when an insured changes occupations or employers, they do not surrender coverage from an individual disability income policy. Individual disability insurance allows the insured to at least maintain a minimum level of coverage while waiting for additional coverage from a new employer.
#3: Buy Disability Insurance When You Are Healthy
We often do not think about purchasing products or services we hope to never use, though disability insurance surely falls into that category. Having disability insurance coverage in place can be invaluable when afflicted by unforeseen illness or injury while working. Individuals should purchase group and individual disability insurance policies while they are healthy for several reasons. For example, by purchasing the policy while healthy, insureds may avoid pre-existing condition exclusions and higher premiums. It is impossible to know when or how illness or injury will strike and take a physician out of work making disability insurance coverage an important, protective asset.
#4: The Insurance Market is Hot Right Now
As mentioned above, disability insurance policies are contracts. The terms that govern your disability insurance coverage are determined at the insurance policy or contract is drafted. Industry trends can influence the terms of your contract as well the availability of certain contract options you may find attractive. Thus, the terms of your policy may depend on when you purchase(d) it. One industry trend to consider at the moment is the effect of COVID-19 on insurance companies. While COVID infection and resulting complications may be covered at present, industry standards could change to limit insurance companies’ financial liability for Covid-related claims. You should carefully review all disability insurance options and purchase a plan or policy suitable for your occupation and income level.
#5: COVID-19 Impacts Your Insurance Too
COVID-19 remains a key topic in healthcare and will for some time. Many people want to know whether a disability insurance policy will cover absence from work due to COVID-19 and any resulting complications. At Seltzer & Associates, we have experience with short and long-term disability insurance coverage related to COVID-19 claims.
Schedule Your Free Consultation with a Philadelphia Long-Term Disability Lawyer
If you are a medical professional suffering from a condition that prevents you from working, you need to contact a Philadelphia long-term disability lawyer at Seltzer & Associates. Complete our online form or call us at 888-699-4222 to schedule your free consultation.