3 minute read
3 minute read
We often think that if a product has a certain label that it meets our needs. Sometimes this is true and you're fine, but in the times you're not right it could be a costly assumption.
You might think that physician disability insurance is just a supplement to what your employer offers, but you should never accept this as sufficient. With so many restrictions and limitations placed on the coverage by law it's not surprising that nearly half doesn't work out when needed most--and those who do suffer from major drawbacks like skyrocketing premiums or missing out on lucrative incentives because they still had enough saved up in their policy!
Not all Benefits are Really Beneficial
When you start working for a new employer there is generally a benefits package that comes with it. Many of those benefits are good, like a 401k plan, sick/vacation days and health coverage.
The thing most commonly overlooked though is that the physician disability insurance offered is taxable (assuming the employer pays for it). The only real way around this taxation issue is if it's a voluntary plan and you as the employee pay the premiums, which would make the coverage tax-free.
At first, it might seem like a good idea to forego insurance and depend solely on your employer for any medical needs. After all: who knows what the future holds? But think about how vulnerable you could find yourself in this situation if something were happen-the worst being no longer insurable due to a change of health status after switching companies!
The thing is - employer plans aren't portable; meaning that if you were depending on that coverage and you switched jobs or changed careers, you no longer have coverage.
Control What You Can Control
The situation that this creates is a lack of control over what happens. Employers should arguably do whatever they think will be best for their business and you should potentially approach the same way.
By choosing to purchase your own physician disability coverage you're not limited in choices and you can find plans that offer true own-occupation coverage.
This type of coverage will protect you if you become disabled, even if you can work in another occupation, and can provide great peace of mind.
The problem with most employer-sponsored plans is that they do not offer real own-occupation coverage which could leave you without the benefit you're expecting.
Physician Disability Insurance Can Be Affordable…If You Time It Right
You may be thinking that getting physician disability insurance sounds overwhelming and that it would just be easier to go with the coverage offered by your employer.
However, if you're a resident or fellow you can take advantage of training program discounts that can make the premiums affordable and give you the peace of mind that you control what type of coverage you have.
By taking advantage of these training program discounts you can have the confidence that you're covered once you enter your first attending position and that you can take it with you whenever you change employers.
If you are a resident or fellow and need assistance procuring your physician disability insurance then contact us today and one of our experienced physician-only advisors can direct you to the plan that would best fit your needs.
For help with your disability insurance options, Click Here for Free Quotes from multiple insurance companies.