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Disability Awareness Month

Disability Awareness Month

May is a month with many reasons to celebrate.  The weather is warmer, the flowers are blooming and the birds are singing.  We also have Cinco de Mayo and of course its a time to remember mom.  May is also Disability Awareness month. This is the perfect time to remind you that if you don't already have this critical coverage then you need to get it. Most people underestimate the importance of having an income protection policy.  The chances of incurring some type of disability in your lifetime are high. You don't want to find out the hard way just what a disabling accident or health condition can do to your pocket book.  Make sure your policy have the appropriate clauses to protect you in your medical or dental specialty. If you already have coverage take a moment and refresh you memory on the details. Perhaps you are earning more money now and need to increase the amount of protection.  Maybe you are in a partnership or sole proprietorship.  If that is the case you will need to [...]
Protect Yourself

Protect Yourself

Just because you are a medical professional does not mean that you are immune to disabilities.  But what is a disability for a physician or dentist?  Simply put, it is any health condition that prevents you from doing your job and earning a paycheck.  This may seem elementary but there is a major distinction for your professions. A simple hand injury or needle stick can prevent from doing your job. Furthermore according to the Council for Disability Awareness, the top five long term disability claim categories are: musculoskeletal/connective tissue, nervous system related, cardiovascular/circulatory, cancer and neoplasms, mental disorders In one of their blogs, the CDA goes on to state that the average claim period is between 31 and 35 months although many last a lifetime.   Given this information, why is it that so many of you forgo this protection until it is too late and the cost is too high.   Can really you afford not to be covered? http://blog.disabilitycanha[...]
Westward Ho!

Westward Ho!

So you are heading out west to California for residency, fellowship or to begin your career. For many California is the place to be, got gold fever yet?  Just kidding, but it is the place that many dream of living and building a golden practice.  It definately has alot to offer from mountains to sea and all of the wonderful options that they provide.  As with anything of perceived value there is a price.  In the case of California it comes with some of the highest taxes in the land and as far as medical professionals are concerned below par disability income protection. The policies available to doctors and dentists in California are very different from those found in other parts of the country.  By different I mean not very good.  For starters they are among the most expensive, at least 40-60% higher monthly premiums.  Imagine what that will cost you during your professional career.  Additionally, and more importantly, many of these contracts are lacking critical clauses that are c[...]
Before You Jump

Before You Jump

Medical School is behind you and your residency is just about to begin.  You are finally going to get paid for your time and effort.  Have you given any thought to how you will spend your paycheck?  I bet you have.  Maybe that new car you've had your eye right? Before you dive in let's take a moment and think about all of the pros and cons. First and foremost you need to get a grasp on your primary expenses.  For example, school loans, those are about to kick in and you will need to budget for paying them off. In addition there are the usual monthly expenses. Such as: phone, rent, food, entertainment (if there is enough for that) and let's not forget the important issue of your disability coverage.  Someone once told me to remember and always place my needs in front of my wants.  That way there I would never be looking in the rear view mirror and wonder if I really could afford it.  But lets look at the flip side of the coin. There is that issue of credit.  Today just about every[...]
What You Don't Know Can Hurt

What You Don't Know Can Hurt

By now you know that professional disability income protection is what we are all about.  What I want to blog about today however is a completely different animal, group long term disability. Yes, that same policy that was given to you by employer or residency program.  This is little monster is really misunderstood by most and that makes it extremely scary.  Let's go over some quick points on these plans: Group Disability Protection is provided to everyone under employment and treats everyone the same way. And yes that does mean these policies treat you the same as the Janitor. Group Disability Policies are not portable, meaning you can't take the policy with you if you have to move jobs or get feed up with management. Group Disability will not let you earn another income and collect disability protection unlike most Specialty Specific True Own Occupation Policies. Whats worse is that a lot of  group plans even determine the severity of a disability based on your edu[...]