Protect Your Practice With the Right Disability Plan
Doctors are in the business of taking care of others. When people become ill or are injured, physicians help them get back to their lives and livelihoods as quickly as possible. What happens when it is the doctor who has to stop working due to a mishap or illness? As in other professions, disability coverage is available to people in the medical field to help sustain them when they cannot work. Benefits, however, may vary widely from policy to policy. Sufficient and effective disability insurance for doctors takes a number of factors into consideration.
The Language of the Contract
Disability may be defined differently by various insurers. It is important to understand what is included in a policy and what the exclusions are. Have a clear picture of what the contract says regarding its benefit period, the benefit amount and the elimination period. Find out what the options are as far as policy riders are concerned. Some examples may be:
- Cost of living provision
- Residual (partial) benefit
- Future purchase benefit
The Best Time to Purchase
Disability insurance for doctors is best purchased when physicians are young and healthy. One main reason for getting a comprehensive and flexible plan early in your career is because pre-existing conditions typically are not covered by group plans. An individual plan is a portable option you can buy and take with you wherever your career leads.