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Radiologists Need Disability Protection Too!

Radiologists Need Disability Protection Too!

The field of Radiology has many employment options available today.  Will you decide to work remotely from home or at your employer’s location.  Will you be self employed or will you have any employer?  All of these questions are on the table.  The one question that every Specialist in Radiology already has the answer to is should they invest in themselves and buy a top notch privately owned disability income protections policy.  You know the answer is a resounding yes but the real question is how do you know what policy will provide the best protection to a Radiologist?  Here are some suggestions: Purchase your disability policy while you are healthy and young.  The premiums are much cheaper the younger you are, and the likelihood of an exclusion due to medical issues is less than if you are older.  It is also important for Radiology Residents to purchase individual protection prior to signing their employment contract.  Make sure that when you fill out your application your t’s ar[...]
Plastic Surgeons and Key Men & Women

Plastic Surgeons and Key Men & Women

Did you know that almost 60% of all business owners do not, I repeat do not have a back-up plan in case of a disability. Guess what you as a physician specializing in Plastic Surgery are included in that number. Seriously, do you have a plan that outlines what will happen to your business, if you become permanently disabled and need to sell your practice? If you, don’t than there is no time like the present. As a specialist in Plastic Surgery you should know that there are products available that will allow you the business owner to sell to anyone in your organization whom you trust to take over the successful business you have built. These are special types of disability policies known as key man/woman. Several companies offer them and most work like this. You as the owner of a plastic surgery practice need a way out in the event you become permanently disabled. There is and individual within your practice that you trust and know can run the business the way you do. An agreement is[...]
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Beware of Exclusions and Limitations

The reason you buy disability income protection as a neurosurgeon is to protect your income.  As a specialist in neurosurgery, you work with sharp objects daily and there is always to opportunity for and injury.  As a human being, there is always the risk of life altering illness.  Both can prevent you from earning and income in your specialty.  For doctors the amount of lost future earnings can be over $10 million. The disability insurance companies realize that if you go on claim their risk could be very high so they have implemented protective clauses in the policy to reduce their financial risk. These are known as exclusions and limitations they provide an out to the disability insurance provider in the even that your claim falls into certain categories.  As a neurosurgeon it is crucial that you read your policy and understand the exclusions and limitations it contains. Every company has their own defined limitations and exclusions but there are a few commonly accepted within th[...]
Are Sure Your Policy Will Pay When You Need It?

Are Sure Your Policy Will Pay When You Need It?

The practice of Emergency Medicine is a noble profession and one that is commonly employed by a hospital.  Today, most hospitals offer group disability insurance policies for their doctors and many emergency medicine specialists take advantage of this option and get additional coverage through their medical associations.  If you are one of the hundreds who have done this, there is some important information you need to be aware of. In a recent lawsuit, a doctor claimed the insurance company that provided his disability coverage through his employment was negligent in not paying the full benefit when he became disabled.  Unfortunately, for this doctor the courts ruled in favor if the Disability Insurance provider. The reason was that the physician also held another disability income protection policy through his medical association.  The doctor assumed that the policy he owned through the professional association was a private one and therefore he was entitled to benefits from both h[...]
Own Occ. and the Anesthesiologist

Own Occ. and the Anesthesiologist

You've known your entire life that you wanted to be a doctor but you weren't sure what kind.  You finally decided on a specialty and now find yourself a resident in medical school focusing on the the field of Anesthesiology.  Congratulations the field of Anesthesia offers a doctor many possibilities.  Your earning potential is sky high but you've got to make sure its protected.  Additionally, make sure that when you purchase your disability insurance policy that you have Own Occupation Protection. You've heard about Own Occupation Protection for your personal disability income protection policy right?  Just in case you have not I'm going to break it down for you right here.  Basically, it is a clause in your disability insurance policy that spells out how it specifically protects you as an Anesthesiologist.  It is important to understand the various definitions in your disability protection policy and one of the most important is Own Occupation.  The interesting thing is that each d[...]