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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[...]
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Ladies What Are You Waiting For?

Today more than ever women are becoming doctors.  The graduating classes for OB/GYN are spilling out with women.  How many of you have addressed the issue of disability insurance? Do you know why it is so crucial for female doctors? As a female OB/GYN, have the same training and expertise as your male counterparts, but when it comes to claiming a disability the truth as a female OB/GYN, you are much more likely to experience a disability and file a claim disability than men, even if it is only for short a period.  As a female doctor, specializing in Obstetrics and Gynecology the majority of reasons should come as no surprise, with the most common occurring during your childbearing years.  The problem is that many young female OB/GYN residents decide against investing in in disability insurance protection for themselves because the premiums tend to be higher than men’s.  The Insurance companies that provide disability protection know that a female OB/GYN is more likely to encounter a[...]
Savings, Savings, Savings

Savings, Savings, Savings

Up to now, we have talked a lot about having the right disability insurance policy to protect your income.  Today lets shift gears look ahead 30 or so years toward the time your retirement from the practice of medicine.  Probably not something you have given much thought to right?  You are not alone, the reality that most doctors are not saving enough or anything at all for retirement.  Just like making certain you have disability insurance, you also have to make sure your bank account is padded enough to support you when the day comes that you decide to hang up your scrubs. You want to retire someday right?  As a doctor you spend most of your life catering to the needs of others, retirement is a time for hobbies, travel and doing all sorts of activities that you probably don’t have time for now.  Whether your specialty is anesthesia, neurosurgery, facial plastics, dentistry or any medical profession there will come a day when you think to yourself, I want to slow down or maybe do s[...]