How to Find the Best Physician Disability Insurance
Physician disability insurance safeguards your dependable income in case you’re unable to perform your usual medical profession due to illness or injury. In general, physician disability insurance policies for doctors, dentists, and others usually state a true occupation or disability definition. However, there may be other conditions that would qualify you under a physician disability insurance policy. For instance, the definition of physician disability for certain oncology specialties may be more strict than those for other specialties.
In order to find out if you’re eligible for physician disability insurance, your condition should have been diagnosed by a physician who has deemed you to be suffering from one or more of the disabling conditions listed in your medical professional’s injury compensation policy. For instance, if you were working as a physician assistant, radiologist, dentist, or podiatrist, and you suffered an injury that leaves you unable to carry out your job duties, you may qualify for physician disability insurance. If you were a nurse, social worker, or physical therapist who was recently disabled and unable to work, you may also qualify for this type of insurance.
The length of time you have been unable to work will determine how much coverage you’ll receive under your physician disability insurance policy. Usually, you’re covered for a pre-existing condition for up to thirty days from the date of diagnosis. This means that if your condition was medically identified within two years of your diagnosis, your provider will be eligible to add your new condition to your original list of qualifying conditions. You can get this additional coverage for as many six months following your initial diagnosis, so even if you’ve been disabled for two years, you could be eligible for disability benefits.
Some insurance companies offer lifetime coverage as part of physician disability insurance plans. Others prefer to pay the individual income taxes for the benefit amount, instead of the employee, which makes the premiums a little more expensive. Still others prefer to pay the income taxes individually and then combine the money to find the benefit amount for each year. Regardless of which option is chosen, however, physician disability insurance pays the same amount whether you are working or not.
There are a few things to keep in mind when considering physician disability insurance. First, make sure your doctor has recommended that you maintain your current level of work for at least a year or more. Your doctor will be the one who determines how long you should continue your rehabilitation. If your condition requires that you take time off from work, make sure your insurance plan allows you to do so. Also, ask your physician what the plan’s benefit would be if you were no longer able to work.
Another important consideration when choosing physician disability insurance plans is what type of work you do. Some types of work are more likely to be covered by insurance than other types. For example, most health insurance plans will not cover your physician if you perform hospital work. However, some health insurance companies may provide coverage if your physician directs you to a hospital or another type of specialist.
It is also a good idea to ask about the provider network for physician disability insurance. A typical network usually offers several physicians to choose from, making it easier for someone who works in the area to get coverage. In addition, these networks often offer referral services. This means you can get additional benefits if your former physician recommends an alternate physician.
You should also consider the flexibility of a physician disability insurance provider. Each plan should allow you to choose the physician you want on a personalized basis. The plan should allow you to change your doctors at any time as well as restrict visits to hospitals or specialists. Most plans will have provisions that allow you to reduce the number of years you need to continue coverage. In addition, some plans allow you to use your current physician for non-competitor referrals.