Disability Insurance for Dermatologists
Disability Insurance
Disability Insurance is something that every physician should obtain and value. According to Life Happens.org 1 in 4 physicians will become disabled before they turn 65.
The majority of disability claims are filed by physicians whose medical specialty requires them to treat their patients at both the clinical and procedural levels. (OBGYN’s – ENT’s – Gastroenterologists – Orthopedic Surgeons – Dermatologists).
InsuranceMD
We make it a point to spend time teaching our clients about the many different types of disability insurance policies that are available to them while focusing their attention on plans that protect them from the inability to perform the duties of their medical specialty without preventing them from working in a different capacity.
In general, disability insurance is designed to replace your income should you suffer a sickness or injury that prevents you from working. While this might be good enough for most other professionals, it is not adequate disability coverage for Dermatologists. As a Dermatologist, you are working in a specialty that requires advanced training and experience and you have the ability to continue to contribute in other areas even if a disability impacts your ability to do one or more of the material and substantial duties of your medical specialty. This is why you need Own Specialty Disability Insurance.
Own Specialty Disability Insurance
True Own Specialty Disability Insurance pays you a tax-free income if a sickness or injury prevents you from working in your medical specialty and will continue to pay your full benefit even if you elect to continue to work in a different capacity.
As an example – if you have an injury that prevents you from performing surgical procedures, a “True” Own Specialty Disability plan will consider you Totally Disabled and pay your full disability income even if you elect to work in a different capacity. So as a Dermatologist, if you were no longer doing procedures you could elect to treat your patients on a clinical level and continue to receive 100% of your Tax-Free disability benefit.
Having Own Specialty Disability Insurance gives you the flexibility to maintain control of your career.
Your Employer Disability Policy is NOT Own Specialty
Group Disability Insurance is NOT Own Specialty. Through an employer plan, if you are working as a Dermatologist and you suffered a disability that prevented you from working as a Dermatologist, your employer plan would pay you your full after-tax disability benefit, however, if you continued to work in an alternate occupation, you would no longer be eligible to receive your full disability benefit. If you have Long-Term Disability coverage through your employer you should consider supplementing that coverage with True Own Specialty Disability Insurnace.
