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Coverage Features
Check the Features before it’s too late! - The 3 “must have” Features#1 Coverage in “ Your Specialty.” If you’re bedridden and unable to do much more than eat and watch television, almost any disability policy will pay off. But what if you’re able to work in some sort of medical capacity, but not in your specialty? At that point, policies reveal crucial differences in how they define your “own occupation.” Coverage in your specialty to age 65 and nothing less is what is needed to protect your income. Suppose you can not work in your specialty as a Radiologist because of an illness or injury to your eyes. The last thing you desire is an insurance company telling you sorry but nothing will be paid to you because we think you can work in another area of medicine. You want a policy that pays 100 % of the monthly benefit whether you are working in another specialty or not. Beware of policies where contract verbiage states you have coverage in your specialty for 2 years or 5 years. Thereafter you will be considered disabled based on your ability to work in “any occupation” based on education training and experience. These policies actually exist and are not uncommon.
#2 Non-Cancelable and Guaranteed Renewable. Medical Economics states “if your policy isn’t “non-cancelable” and “guaranteed renewable,” you’re taking unnecessary chances. The inclusion of these two terms means that your policy can’t be cancelled for any reason, even if your health deteriorates. Neither can the premium be raised nor the policy provisions be changed.
# 3 Residual Coverage. Most doctors try to go back to their own occupations after a disability because that’s where they feel they can re-establish their earnings most quickly. For that reason, an “own occupation” policy should also cover partial disability with reduced payments that are also called, in insurance industry lingo, residual benefits. Otherwise, earning even a small amount in whatever your policy defines as your occupation would wipe out all benefits. This feature would allow you to be paid proportionately. If you lost 50 % of your monthly income, you would be paid 50 % of the full monthly benefit. There are many other features that may be critical based on your age and situation. One of our consultants will be helpful in discussing these features with you.
U.S. Department of Labor
Online Physician Locator
American College of Physicians
American Family Physician
American Academy of Physician Assistants
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