What is a Disability Insurance for Physicians? This is a special insurance for physicians that acts as an income source in the event of any disabling event; basically, it’s a physician income insurance that will support you and your family during your recovery time. Not every Disability Insurance for resident physicians is the same, however, as there are different types that attend different needs, so don’t expect that all insurers will provide the same services. Speaking of which, should doctors get Disability Insurance? The answer is yes. Just because you’re a doctor doesn’t mean you’re immune to ailments. This article will present you the best insurance for doctors available that you can pick today.
What is Disability Insurance for Physicians
Just like the importance of health insurance and the benefits of Medicare, Disability Insurance for Physicians is crucial to consider. In this article, we’ll delve deeper into the topic of Disability Insurance for Physicians to help you gain insight into this matter. You’ll understand what is a Disability Insurance for Physicians, how do they work, and most importantly, when can you get yours today.
What is the Best Insurance for Doctors?
Right now, there are 3 types of Disability Insurance you can choose from:
- Long-Term Disability Insurance. As the name implies, this insurance covers disabilities that will last far longer than a month or through age 65. The exact length is determined by your insurer, but the average is a three-month minimum.
- Short-Term Disability Insurance. Industry professionals say this insurance covers Short-Term Disabilities that don’t last more than a few weeks; usually, no more than 3-6 months. Although this insurance has the least financial impact, it can help you access Long-Term Disability benefits later on, so it’s good to invest in a Short-Term Insurance, if the situation calls for it.
- Social Security Disability Insurance. This one is not funded by insurers, but rather by taxpayers and administered by the Social Security Administration. This is the one we recommend the least, though, because the benefit amount is MUCH lower – not even close to your average physician’s monthly salary. Good thing is, it’s hard to qualify for this one, so don’t worry about having to rely automatically on this one.
Should Doctors Get A Disability Insurance?
Of course. If you’re a doctor and suffer a disability, you would be out of work for a good while; your financial responsibilities would not stop with you, and with your frozen income, you might get yourself into serious financial trouble.
A Disability Insurance for Physicians is a financial net that will help you pay your personal expenses if you suddenly stop receiving an income.
When to File a Disability Claim?
What’s the best time to file a physician income insurance, you ask? Simply put, right now.
Even if you’re not suffering any disability right now, your current health will become a key factor on whether or not you are eligible for coverage. As a matter of fact, it can be too late for some doctors to get one, depending on their medical records. This is why you must get a physician income insurance soon: you’re a human being, prone to accidents that may or may not happen tomorrow; better be safe than sorry.
Now, if you suffer from a disability and want to file a Disability Claim, the first thing you need to know is the timeframe in which you can do it.
As a rule of thumb, most insurance providers require a 20- to 30-day timeframe that starts on the date of the disability. In addition to this, you need to meet all qualifications stated in their insurance policy. The best thing is to get in touch with your insurer and ask them for details when filing for your claim, as to avoid any misunderstanding and to get a broader overview of their coverages.
Why do doctors need Disability Insurance?
Basically, a Disability Insurance replaces your income when you’re unable to work. It’s a financial support that prevents you from losing your house or your car, if you’re still paying for them.
How does Disability Insurance work?
This insurance provides income replacement benefits that tend to cover up to 60% of your average earnings. Payments are usually monthly.
Bottom Line
Now that you know what is a Disability Insurance for Physicians you can see the importance of what it can do for you. Although we hope that you never have to depend on a Physician Income Insurance, Disability Insurance for Physicians is a great financial support that you can get right now, regardless of your health. In the long run, it will be a lifesaver.
