Understanding Physician Disability Insurance Policies

Physician Disability Insurance was designed to help medical doctors get the help they need replacing lost income in the event that they suffer a disabling accident or illness. Most employers provide some level of insurance protection, but these policies are not designed to cover 100% of the hospital bills and lost benefits incurred due to disability. Those who want to ensure that they are fully protected need to look into supplemental insurance plans, even if they have some form of disability policy through their employers.

Supplemental Plans and Added Benefits

There are many different kinds of supplemental disability insurance plans and added benefit options available to practicing physicians and those who are graduating from medical school. These include Own Occupation and Specialty Own Occupation plans designed for doctors working out of their own offices, Residual and Partial plans, Cost of living plans, Catastrophic disability plans, and more. These and other plans can all be customized to fit a physician’s unique needs and their costs can be fixed in place at a young age when disability insurance payments are quite low.

Finding Discounts

Depending on what stage of training future or current doctors are in, they may be eligible for discounts from some insurance carriers. Those who are employed by hospitals and larger practices often found that they are eligible for employer-paid discounts as well. The best way for doctors to lock in a low rate is to consult a dedicated Physician Disability Insurance provider as early on in their careers as possible.

Factors Determining Cost

There are a wide variety of factors that influence the monthly cost of insurance premiums. These include obvious factors such as age and physical health, but also include morbidity risk, or the likelihood of the policyholder to develop a severe chronic illness. Women also often find that their premiums are higher than their male counterparts’ by as much as 40%.

The cost of monthly insurance premiums is also dependent on a physician’s area of practice. Those that practice in invasive fields or fields of medicine that make frequent use of prescription medications typically find that their monthly premiums are higher than those of, say, a psychiatrist or a pediatrician. The best way for doctors to determine what kind of coverage they need is to check out more details on different policies online before they get into contact with an insurance provider.