What Doctors Need to Know About Group Disability Coverage
Most larger hospitals or medical practices offer group or association disability insurance to their employees as part of their benefits packages. Because it’s part of a group, the policies are offered at a reduced rate. However, many of these insurance plans will not adequately protect you and your family should you become disabled, and you are at risk of losing your coverage should the group decide to make changes to their plan or offerings.
Consider the following:
- Due to their extremely limited definition of “disability”, most group association health insurers restrict the amount of disability insurance paid out. If you’re still physically able to perform work-related tasks in your office — even if you’re unable to work as you did previously — it may not be covered.
- The low rate that enticed you to join your association can increase significantly every five years or so.
- In a group plan, the insurance company has the right to cancel your insurance for any reason.
- If the hospital or group cuts costs, insurance may be one of the perks that disappears from your benefits package.
- Insurance carriers are constantly working to save the company money, rather than helping you, so fewer claims are paid.
- Because a group policy is written between the underwriter and your group, you could lose coverage should you decide to change medical fields or transfer to a different position within your group.
- When you have employer-sponsored coverage, you’re responsible for paying income tax while you collect the benefits.
Individual disability policies are underwritten based on your age, health conditions, family history, physical examination, and lifestyle, so you can get the coverage you need that is priced specifically for you. Control costs by locking in to a rate that will never change, and your policy will follow you wherever your career takes you – including a change in your specialty.
Doctor Insurance Group specializes in helping physicians find the right individual policy to provide adequate income, tax-free, should you suffer a disability. We will search top-tier insurers to find the coverage that best fits your current situation while meeting your long-term goals. Their experienced team can walk you through the underwriting process to acquire a policy that puts you in control of your expenses – locking you into a rate now with an option to increase coverage later.
To speak to one of our True Own Speciality Disability insurance coverage specialists, give us a call at 800-997-0148 or