Factors Doctors Need To Focus On With Disability Insurance

Posted by EZTDB on January 9th, 2020

Disability insurance is not something that only a few section of people should go for. Every person, who earns a income and his/her survival depends on it, should get a disability insurance be it a long-term disability insurance or a short-term disability insurance in New Jersey.

Doctors are people who take care of our health when we’re faced with health concerns and serious medical conditions. They get us back to our feet and ready to get back to our jobs. But what if a doctor becomes seriously ill or gets injured? How will that doctor pay for the expenses when he/she’s out of work due to an illness or an injury? It is important that doctors too keep their incomes protected with the help of disability insurance in New Jersey. Many doctors make certain mistakes when it comes to disability insurance. Let’s take a look at them.

Many young doctors make this foolish assumption that they will never become disabled in life. But the truth is that doctors have more chances of becoming disabled than those involved in white collar jobs. They have 20 to 30 percent of more chances of becoming disabled.

Not having your income protected can drastically alter your life as many cancer patients are proof of this fact as majority of them have to spend of all their life’s savings on curing the disease. They have to do this because they couldn’t work and as a a result of that couldn’t have a regular income source with them. That is why disability insurance is a must

There are different types of disability insurance to choose from and understanding their language and terms & conditions can be difficult to understand. Many doctors make the mistake of believing that all insurance policies are the same, which isn’t true at all. You need to do thorough research and carefully read all the coverage that you will be getting

Doctors think that coverage being provided to them through their employer is enough to protect them in times of need. This is again not true. Benefits that you receive through employer’s disability insurance often gets taxed before you even receive it. So expecting that your employer will pay 60% of your income would be a stupid expectation as majority of it will get taxed, leaving you with only 25 to 40 percent coverage from your employer’s side

Even if doctors consider taking up a disability insurance, they make the mistake of going with with an insurance agent who works for a single company. Such agents are not reliable as their goal is to get bonuses only from their employer for selling policies. Doctors will benefit from seeking help from an independent insurance broker as he/she will genuinely help you find the best plan

Author’s Bio: The author is a blogger. This article is about doctors’ need for disability insurance.