Medical professionals tend to overlook the fact that their most valuable asset is their ability to continue practicing medicine. So, if a medical professional was to become disabled, how can he support his family? Moreover, even if a doctor has disability insurance, how can be sure he has got the right coverage? It is to answer all these questions that you need a disability insurance broker.
What is disability insurance?
The truth is most disabilities for physicians are triggered by illnesses rather than accidents. As a doctor you may ignore this fact and think that disability can only happen if you meet with an accident. But the present Covid scenario has shown how wrong this assumption is.
Thousands of medical professionals across the globe have met with disabilities and inability to practice because of this deadly virus. Income protection is something that you must not take lightly. According to NIH, the main drivers of disabilities are cardiovascular/ circulatory diseases, neuropsychiatric disorders, diabetes, musculoskeletal disorders, etc. SSA reports that 8 million and more Americans got disability benefits towards the end of 2020.
Disability insurance replaces your income at a time that you are unable to continue working because of some injury or illness. The coverage provides you with monthly checks so that you can support yourself and your loved ones.
Reasons why disability insurance is needed for all medical personnel:
- Medical professionals now need healthcare professionals insurance policies more than ever. You need own-occupation disability, no matter what your specialty is. This coverage is not simply for hands-on medical professionals. For instance, a psychiatrist may feel that he will be able to continue working despite a disability. But even his work involves sitting down and listening to patients for long hours. This simple task can become challenging if you have a disability like chronic lower back pain.
- When choosing disability insurance services, one must make sure that the coverage is alright. Doctors are busy individuals and they will not be keen to simply sit at home and collect disability checks. Therefore, choosing a coverage which suits you is most important.
- Long term disability or LTD pays a certain percentage of the income, typically 60%-70%. This benefit amount will not be taxable as income. These benefits are valid for as long as you cannot resume work or the time mentioned in the coverage. Without this protection, you may not be able to pay your monthly bills.
- You will find that many disabilities are not work-related. These will therefore not be covered by worker compensation policies. Disabilities like childbirth complications, car accidents, or mental health problems are long-term. Each of these can impact your ability to work. This explains why you need to choose physicians disability insurance if you are a doctor.
The truth is studying medicine is not cheap. You must have spent a lot to acquire proper training and certifications. Make sure you have a disability insurance policy to protect this investment. Being disabled can cause a huge dent in your savings. An average claim will last 2.5 years. Even if you were to keep aside 10% of your earnings in an emergency fund for 10 years, it would get exhausted within 6 months.
