It is a well-known fact that insurance coverage provides a benefit in case of an adverse event that would affect you and your family. We protect our homes with insurance policies, our possessions with supplemental policies and riders to home and renters insurance, and our vehicles with insurance as well. We enhance our personal health with health insurance. Travel insurance can protect your financial investment in a vacation should plans change for unforeseen reasons. Life insurance provides funds to beneficiaries in the event of death, leaving financial security to those left behind.
While no one plans to have a serious illness or injury that results in a disabling condition and the inability to work, disability insurance benefits provide financial protection against loss of income should that happen. Those purchasing disability insurance for themselves or employees have many aspects of policies and premiums to consider. These policies can cover a disability lasting a short-term period of weeks to months or a long-term period of disability that could last years. The type and level of coverage, exclusions, and premiums due all need to be taken into account when making your decision regarding disability insurance coverage.
Physicians, doctors, surgeons, and other medical professionals should also take particular care to contract for disability insurance benefits to protect their finances in the event they become disabled and unable to practice medicine. Your disability insurance policy is a protective investment in your financial future. You have worked hard to achieve your career goals. A disabling condition can remove you from your role in practicing medicine – it should not remove your financial security as well. Disability insurance benefits provide a replacement income stream to support you when a disability prevents you from working. There are many options for coverage, from group policies through employment to individual disability insurance purchased on your own. There are also many specific policy riders and supplements to augment your disability insurance coverage and meet your specific needs. Your choice in contracting for disability insurance benefits is deeply personal as you consider all the factors that will affect you currently and in the future.
With so many variances in disability insurance policies and riders, it can be overwhelming to make a decision on what financial protections to contract for via disability insurance at any given time. Your insurance company can present you with their product and policy offerings and you can make your decision after weighing those options.
Just remember that your insurance company is operating a business that achieves larger profits by not paying out claims, especially to high earners such as doctors and surgeons. If you do become disabled and unable to work, it is imperative for you to work with an experienced disability insurance attorney. Seltzer & Associates has decades of experience representing clients in the medical field as they seek the disability insurance benefits they are owed.
Planning for Your Medical Practice’s Future Financial Security With Disability Insurance Benefits
As mentioned, there are many considerations when selecting disability insurance coverage that are personal to you. If you own your own medical practice, a business overhead expense policy can provide the funding needed to keep your practice running while you are disabled and unable to work. Not only do your patients depend on you and your practice, but your staff and vendors depend on the funding generated from your practice. The proceeds from the Business Overhead Expense can give you peace of mind as to how these expenses will be covered when a disability prevents you from practicing medicine.
Increasing Your Disability Insurance Benefit Amount
Sometimes the initial disability insurance policy you are offered does not provide enough coverage for your anticipated needs. Your insurance company may offer the opportunity to purchase an additional monetary amount of coverage for an additional premium. You may also be able to buy additional coverage to include additional definitions that are eligible for coverage. For example, some disability insurance policies will not provide disability insurance benefits if you are able to perform the material duties of any other occupation, but you can seek a policy inclusion that will provide disability insurance benefits if you are disabled from performing the duties of your specific, own occupation. As your career becomes more specialized in nature, you may want to purchase your own occupation coverage in advance to protect your financial future. For assistance in understanding various disability insurance policy definitions, you should talk to a long-term disability insurance lawyer.
Disability Insurance Benefits Can Lessen Your Student Loan Burden for Disabled Doctors
Another rider doctors should consider when contemplating additional riders to their disability insurance policy is student loan disability insurance coverage. It is well established that student loan debt is a significant expense for millions of people in the United States, and doctors are not excluded from the burden of student loans despite their high earning potential. Medical school and the additional required exams and training are expensive and many medical professionals have high amounts of student loan debt that take years to pay off. Becoming disabled while paying off medical student loans can create immense financial strain, as disability insurance benefits typically only provide a benefit equal to a portion of your regular income. If your student loan payments take up a significant part of your take-home pay, this shortfall could leave you in a financial bind to cover all your bills including your student loans.
Though there was some student loan relief for some borrowers during the COVID-19 pandemic, those programs are quickly coming to an end. While some student loan lenders and services may offer some temporary relief when a borrower becomes disabled and out of work, this voluntary assistance does not last forever. A student loan disability insurance policy can cover your student loan payments when you are disabled and unable to work. There are a number of requirements for qualification of this benefit, such as being found completely disabled and unable to work, a remaining length of time for repayment, and a minimum student loan monthly payment amount. You can learn more from the American Medical Association, your insurance company, and your disability insurance lawyer.
Schedule a Free Consultation With a Disability Insurance Attorney
Seltzer & Associates offers free consultations to discuss claims for disability insurance benefits. Schedule your free consultation today by calling 888-699-4222 or completing our online form.