Tips to Find the Best Disability Insurance for Physicians

Did you know that doctors need disability insurance just like any other professional? The truth is doctors are perhaps one of the most hard-working professionals and their skills are the outcome of years of practice. But, a small accident like a sprained wrist can throw their lives out of gear. This injury, however minor it may be, will prevent him from discharging his duties as a surgeon, for instance. This is why physicians disability insurance is a must for doctors, especially residents.

Why is doctor’s disability insurance so important today?

• A reason why healthcare professional’s disability insurance is so important today is because of the Covid-19 situation. Medical professionals have been the worst affected during the pandemic. Some may have been forced to stop working because of hospitalizations while some continue to experience post-Covid complications.
• Residents who have just completed medical school have huge debts on their hands because of student loans that they have borrowed. According to a report by CBS News, an average physician graduating has almost $166,750 in debt. This amount is likely to increase during his time as a resident. As a result, they need a lot of time to pay off the debts accumulated in student life. If they get disabled during this time, the situation could turn quite grim for them.

How to get the right healthcare professional’s insurance:

Disability insurance for doctors will provide them with income-protection for the period that they cannot work. This may be due to some illness, injury, or accident. However, all disability insurance policies are not identical and a disability insurance broker can help you find the right coverage.

• One of the first things doctors need to know about is “own-occupation” coverage. This means that the policyholder is entitled to benefits if he cannot perform duties relating to his occupation.
• In case he is partially disabled but able to do some part of his daily work, he can be eligible for residual disability provisions. This ensures that he gets a portion of his income provided he can resume duties in a limited way.
• As a physician, you must ensure that your insurer is able to foot the bills in the event of a disability. Not all insurance providers are in a position to pay monthly benefits crossing $20,000. So, you must research well before choosing a disability insurance company.
• You must know what certain terms indicate. Elimination period, for instance, refers to the duration for which a policy holder does not receive benefits. This is typically from when disability starts up to the time when the first benefits come through. Residual or partial disability is provided when a policyholder can resume part of his work. Waiver of premium lets the policy holder discontinue paying premiums when they become disabled. Rehabilitation benefits offer financial compensation to policyholders when they enter an approved physical rehab program.
• Using a broker will make your task of choosing the right coverage simpler. He can compare quotes from different insurers to give you the best deal. Insurers will allow you to “over insure” during many stages in your life; so, check for these provisions in advance.
• Your medical specialty will determine policy rates. For instance, rates are higher for surgeons, anesthesiologists, ER doctors, obstetricians, etc.

You can reach out to MGIS to get the right disability insurance coverage as a doctor. MGIS works with top-of-the-line brokers nationwide to offer the kind of coverage physicians expect.