When you are in an occupation of a physician or dentist, it is absolutely necessary to carry a sufficient amount of disability insurance to prepare for the unknown. This is especially true when you are the business owner, as well as the practicing dentist in the office, because a loss of income due to a disability can literally put you out of business. There are certain types of recovery benefits available with Disability Insurance for Physician practices as protection for such unfortunate circumstances through a policy rider called a residual disability rider.
Having a residual disability rider will allow you to keep your business running, even when you are not running so well. Loss of income and also loss of patients can make it very difficult to maintain your medical practice office. Most insurance policies will contain some provisions for disabilities that incapacitate the insured to the point that occupational duties cannot be preformed.
If you are a dentist or doctor and are unsure whether or not that your current physician disability insurance coverage has the residual disability rider, it would be advantageous to check into the option. Most disability insurance companies will provide a Disability Insurance Quote with no obligation for you to ensure your future.
Wednesday, March 18, 2009
Subscribe to:
Post Comments (Atom)
8 comments:
The rider is really important, because unfortunately there is always a discrepancy between what the insured individual considers "disabled" and what the insurance company considers "disabled." Most companies consider disabled to mean vegetable status, when really it takes far less than that to make you really unable to perform your job.
I think that it is important for individuals who run and own practices to realize that they need to be concerned not only with their own income, but the stability of their business for the sake of those employed by them. Doing everything in your power to maintain the workplace is an inherent responsibility of an employer.
It seems that with insurance, especially business related insurance, you can never have too much. You can't foresee the future, so it is important to be ready for whatever comes.
As a physician, your practice is more than just your business - it is the culmination of countless years of study, effort, and financial investment. Not getting as much insurance for your practice as possible is like driving full speed on the autobahn without a seatbelt on - that extra bit of protection can make the difference between tragedy and survival.
When you run a practice, you really need to think about your patients. Some people have a hard time finding a physician or dentist they feel comfortable with. And if the practice goes under then these people are back out there, grumbling about doctors, and looking for a new provider. If adding more insurance is what it takes to prevent this from happening, I say do it: it's your job.
Be sure to be very clear with your insurance provider on what they consider "disabled" to mean. I think that is a great place to start when considering adding more disability insurance, because you want to make sure you are covered if you are unable to do your job for any reason, big or small, due to disability. Some companies define it loosely so they have more wiggle room when accepting or denying a claim, so be sure you're on the same page.
This rider is so valuable, because the last thing you want is to be caged into working when you're disabled or not working a little even though you are disabled due to the terms of your insurance policy. You want your policy to fill in the gaps of what you can't do for yourself when you're disabled, not run your life.
If you follow the advice of the article, you will be fine: "When in doubt check it out." Don't be afraid to call your insurance provider and have these conversations - remember, you are paying them, it is a service you are *buying* which means you are in control of the relationship, not them. Don't be intimidated, and don't relent until they have provided answers you are happy with!
Post a Comment