Considerations About Your Physician Disability Insurance
Even if you already have physician disability insurance, you could be underinsured. As a doctor, you have highly specialized training and potential earnings that many plans do not take into account when calculating disability benefits. Disability insurance is very complex, with extremely specific definitions as to what constitutes an inability to work. Make sure you have the level of coverage you need as a physician by taking time to ask questions about your policy.
The occupational classification on your policy determines your rates and benefits. You will have additional policy features under different classifications and with various companies. Work with your insurance representative to find the right policy for you.
Ask about the monthly benefit payout and if it is capped at a certain amount. You should know if the policy keeps pace with inflation for an extended disability. Group policies are often taxed as ordinary income and may be reduced if you receive other benefits like workers compensation. Make sure you understand how the benefits from your personal policy will be paid out to you.
Check with your insurance agent to ensure you have enough insurance to meet all of your needs in case you are ever disabled. You don’t want to find out that you are underinsured by your physician disability insurance after an accident or injury that leaves you unable to work.