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New higher issue limits for physicians of up to $20,000/month tax free! Physicians
graduating medical training can now get up to $7,500/month tax free
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Whether you are in Emergency Medicine, Orthopedic Surgery, Anesthesiology,
Cardiology, Radiology, Dermatology, Urology, Gastroenterology, General Surgery, OBGYN, Dentist, or other medical
specialty, we can customize a own occupation disability 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 insurance plans for doctors. 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 an own occupation disability insurance plan specifically tailored to your unique
situation. As an independent broker, we work with multiple insurance companies to create a physician disability insurance
plan that is best suited for your specialty.
OCCUPATIONAL SPECIFIC BENEFITS
As a physician, 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.
The own occupation definition of total disability in an individual disability insurance plan varies
greatly from the less comprehensive group (employer, hospital) and association disability insurance plans. Many
of those plans indicate that 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, amended, changed or terminated 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 physician
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.
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