Physician disability insurance guards your main source of income should you become unable to do your medical profession due to illness or injury. There are different types of physician disability insurance. Disability insurance for physicians usually includes a disability-defined definition of disability. Most policies for physician disability pay a percentage of your normal gross income in relation to your disability.
The disability insurance portion of a medical professional health plan typically pays a fixed percentage of a patient’s normal gross income for a specified period of time. If the insured cannot earn that amount of income within a specified period, then a prorated amount is paid by the insurance carrier to defray the expense. The basic concept of physician disability insurance is to pay a percentage of the normal cost of a medical treatment so that the patient can continue to receive medical treatment. Some types of this type of insurance include:
The cost of disability insurance coverage varies significantly based on the medical professional covered and the disability rating of that particular professional. In general, the higher the rated physician and more professional years he or she has served, the higher the cost of disability insurance coverage will be. For example, an orthopedist who is retired and has served 30 years of service would have a greater risk of needing to pay out of pocket for disability benefits than a doctor who has just been hired. Conversely, a physician with only one year of service would likely receive the same level of coverage.
Physicians that provide emergency and trauma care are considered higher risk than other physicians. Thus, their premiums will also be higher to reflect their greater risk. As a result, it is important to ask whether the policy would cover the services that you need if you were to need such services in the future. Emergency and trauma services are not the only ones that may need to be covered. There are many policies that offer full coverage on physician disability insurance in this area.
When searching for a physician disability insurance plan, it is important to understand the types of coverage that are offered. There is the PPO plan, the HMO plan, the COBRA plan, the traditional indemnity plan and the Indemnity Plan. These plans offer different degrees of coverage. They will also cover different providers. Some of these services are often not covered by other plans. It is recommended that individuals take the time to carefully consider the pros and cons of each plan.
One of the biggest challenges in finding a physician disability insurance plan is that many individuals do not even know they qualify for this assistance. For this reason, it is important that those that are interested in receiving some of the assistance to seek out a qualified advisor to help them find the right policy. Some physicians prefer to search for the available policies online. Others prefer to call and speak with agents on the phone.
The cost for each policy can vary greatly depending on what a person needs in this area. Often times, individuals pay quite a bit more than is needed simply because they do not take the time to do their research. It is recommended that those that are in this situation should call their local insurance agent to discuss their options. This is an excellent way to learn about plans and their prices before making a decision.
Physician disability insurance is a service that all physicians should be taking advantage of. Without this coverage, they would not be able to provide necessary care to those that have become ill or injured. Those that are in good health should be able to find coverage that is affordable and that offers the level of coverage they need. For those that are not, it is necessary to learn more about the services that are covered and the price that is involved with getting this service.