Best Disability Insurance For DoctorsPosted by Curry Tuttle on February 16th, 2021 Finding the best disability insurance for doctors is a bit of a challenge. With the changing demographics and the aging Baby Boomers, the need for physicians and surgeons is expected to increase. Short-term disability insurance for doctors may be the only way to guarantee a steady stream of work in this unpredictable market. But even if you don't have an HMO or PPO, there are some other alternatives to consider. Private physicians: The average physician earns between eight and fifteen thousand dollars per year. Most private doctors have some form of health maintenance plan through their employers. These plans cover the major expenses related to medical care. If you have a pre-existing medical condition, then you will not be covered by the employer's plan. This leaves you with a host of options. Managed care physicians: These physicians accept Medicare. They do not participate in the plan. If you need coverage but have a pre-existing condition, you can select a managed care plan. This means that you pay a portion of your doctor's office bills and a portion of the insurance premium. There are a number of managed care organizations that are available. Once again, you will need to confirm they participate in Medicare. Short-term disability plans: If you are currently in the process of changing careers, you may be able to find short-term coverage. The short-term policies pay a lump sum amount in exchange for continuing coverage. This type of coverage is only suitable for physicians that have experience in their field. For example, if you are a cardiologist and want to continue as a surgeon, then you will not be eligible for short-term coverage. The best option available for physicians currently working as cardiologists is the direct hire opportunity. Income protection: Physicians with a disability can also benefit from income protection. Usually, this type of plan allows doctors who earn above a specific amount of money each month to continue to receive the same benefits. The best disability insurance for doctors for this purpose are usually short term disability policies that pay up to a certain amount per month. If you are currently receiving Social Security Disability or Medicaid, you should check with your current agency to see if this type of coverage applies to you. Certain conditions may affect what is covered under the plan. Some of these include long-term illnesses, major surgeries and disabilities due to accidents. Your plan administrator will explain the specific condition that will likely not qualify you for benefits. affordable health insurance ct is important that you understand your eligibility requirements. If you become ill or injured, you will not qualify. Similarly, once you become disabled, you must be disabled for a minimum of two years before you can become eligible for Social Security Disability Insurance. Some physicians have difficulty finding insurance companies that offer competitive rates. In this case, physicians turn to specialty plans. Specialty plans have been specifically tailored to meet the needs of doctors and other professionals such as nurses, therapists and pharmacists. Whether you need hospital coverage or are looking for a supplemental policy that will cover annual exams, there are specialty plans that are best suited to meet your needs. While there are many different options available for physicians seeking the best disability insurance for doctors, it is important that you do your research and evaluate each plan before making a decision. Remember, physicians have specific needs that must be met. As a result, insurance providers often charge higher premiums for this population. However, if you do your homework, you may be able to find a supplemental policy that meets your needs, provides you with peace of mind and helps you maintain financial stability while caring for your patients.Like it? Share it! |