Disability Insurance for Physicians

Insurance companies have different rates and policy features for all occupational classes. As a physician, your specialty will determine what occupational class you are in.

Occupational Specific Benefits

As a doctor, one of the most important policy features to have in your disability contract is an own-occupation definition of disability. This means that if a physician is unable to work in his or her specialty due to an injury or illness, the insurer pay a benefit, regardless of the medical professional’s ability to work in another occupation. In other words, if you get injured and can no longer practice as a Radiologist due to eye problems resulted from injury, the policy will replace a portion of the loss of income, even if you are working again, performing duties different from your previous ones. This coverage differs from many less expensive or group plans.

Group Disability Benefits

Many physicians are offered group disability insurance by their employers. Some of these plans require you, to be compensated, not only to be unable to continue your occupation, but also disabled to work in any other occupations. The following terms and conditions are to consider:

1. Your coverage may be changed or canceled at any time. It might end when you need it.
2. Many group plans do not provide coverage for a partial disability. You must be completely disabled and unable to work in any occupation.
3. Benefits are taxable and exclude bonuses, leaving you with a lower net after-tax pay.
4. Benefits may be offset by income received by workers compensation or social security.
5. Most group policy benefits don't keep pace with inflation.

Business Overhead Expense Disability Policy

If you operate your own practice, you may want to consider disability overhead expense. If you were to become disabled, this policy can provide funds to help cover ongoing expenses such as rent, employee's salaries, to keep the practice open during the period of disability. An overhead expense policy is designed to cover expenses while on a disability claim and give you the ability to come back to an existing practice when you're able to.