An Otolaryngologist‘s income will abruptly stop when a disability occurs but the demands of your office, staff and other expenses will not. So what do you do to protect your business while you are laid up? Your specialty specific personal disability protection will cover most of your personal expenses but that’s where it stops. Enter Business Overhead Expense Protection, better known as BOE. This is a special type of disability protection that specifically protects business and practice owners like Otolaryngologist’s. Business Overhead Expense Protection (BOE) helps cover the overhead expenses of you the owner while you are unable to run the business or ENT’s practice. The benefits paid by Business Overhead Expense policies enable you to maintain your ENT’s practice until your return or you decide to sell.

Business Overhead Insurance Covers These Expenses:
 Most office salaries (except for you or other doctors)
 Accounting and Legal Fees
 Utilities
 Property Taxes
 Business insurance premiums
 Depreciation of business owned equipment
 Professional dues
 Rent or mortgage interest
 Additional fixed expenses

Critical Riders for Business Overhead Expense:
There are similarities between BOE and personal policies but it is important to grasp the differences.
 Waiting Period –  A typical BOE will come with a 30 day waiting period.
 Benefit Period – A Otolaryngologist will often sell his/her practice or sell off the assets of the business if he/she is unable to return to work within a year. For this reason a 12 month benefit period is usually enough. However in the event it is needed, 18 to 24 month payouts are and option
 Renewable – This type of coverage should be guaranteed renewable and non-cancelable.
 Future Increase Option (FIO) – This provision enables the ENT’s to purchase additional benefits in the future without having to go through any medical exams. Financial insurability is required.

There you have it in a nutshell. You already know that personal income protection is not something you should be without. Now you know the importance of protecting your ENT’s business with a Business Overhead expense policy. You put a lot of blood sweat and tears not to mention time and money into building a solid practice. Don’t let a disability wipe you out. If you need assistance of advice please contact us at www.incomeprotectionspecialist.com. We are here to help.

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 Plastic Surgeon, 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 drawn-up with this key man/woman. The contract illustrates the purchase terms upon your exit. The disability policy pays for or offsets the loan amount of the business. That is it in a nut-shell.

You really have nothing to lose. Retiring due to a disability will be a little less stressful knowing you have sold your Plastic Surgery practice to someone within your circle of trust. This plan sets aside the notion that you or members of your family will have to sell your practice for whatever they can get. Talk with your advisor or better yet give us a call. At Income Protection Specialist we work with plans like these all the time. You’ve put so much into building your Plastic Surgery practice why leave its continued success to chance if you are become permanently disabled.

The reason you buy disability income protection as a Neurosurgeon is to protect your income.  As a surgeon, 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 event 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 the disability insurance industry.  These include disabilities incurred from acts of war, felonies, and self-inflicted injuries. Like all other exclusions, these provide an opportunity for the insurance company to limit the risk.  As a Neurosurgeon, I am sure that you explain the risks and details involved in the procedures to your patients.  Unfortunately not all agents take the time to go over all of the important details of your policy.  This puts you as the owner at high risk of not collecting if you happen to become disabled and your disability falls into one of the excluded categories.

At Income Protection Specialist we, like you take the time to go over the details of your policy.  When we are finished we want you to know the details of your policy as well as we do.  Should you be confused or need future explanation we are always here to assist you.  Remember we work for you not the insurance company.  Feel free to contact us and we will be more than happy to assist you in understanding the terms of your disability income policy.

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 his group employment and what he thought was Private coverage.  The insurance carrier countered by showing that the benefits offered through his association were not private at all but just another type of group disability income protection coverage.  Folks this went through the federal court system and the judge denied the doctor’s claim.  You as an emergency medicine specialist must be aware of this.  Never assume that the benefits you are receiving through your emergency medicine association will act a private coverage. Especially, if you are part of an employer offered benefit program.

As a doctor practicing emergency medicine, there is no better option than owning a private disability income protection policy.  The cost might appear to be more than what your employer or association is offering but is well worth the extra expense to have the peace of mind a disability income protection policy is supposed to provide.  We are professionals that specialize in disability insurance and make sure you have the appropriate coverage for your professional specialty. Give us call and let us help you.

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 Anesthesiologist in medical school.  Congratulations being and Anesthesiologist is one field of medicine that 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 disability insurance company has their own definition most with at least two different ones. As an Anesthesiologist you understand that for example a broken bone means something quite specific but you also know that there are different types and degrees.  So it is with Own Occupation protection.  You really need to delve into each policy that you are looking at to determine which disability insurance policy is right for you as an Anesthesiologist.  Don’t just accept that the claim of a own occupation/specialty specific is the one for you.  Ask for a sample policy that illustrates exactly what the definition means.

Seems like a lot of work doesn’t it?  It can be and as a resident your time is a valuable commodity.  That is why at www.Incomeprotectionspecialist.com we offer to take the guess work and leg work out of this for you.  There are so many companies and options available to you and an Anesthesiologist and the most important thing to remember is that you must get the best protection for your most valuable asset, your ability to earn an income.  Feel free to email us or give us a call we are happy to help. You can also check out this link to broaden your understanding of Total Disability Definitions.

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 disability and file a claim so they set higher prices for women. The fact that the disability insurance companies have the statistics to back it up should make you strongly consider the realistic need for this type of income protection.

The caveat!  Discounted programs, most carriers should have disability income protection policies are available at a discount for doctors during residency.  Some of these are more favorable for women than others and include unisex rates, essentially reducing the costs to levels that are comparable to current male rates.

If you are a female doctor and you are procrastinating about getting disability insurance protection, I recommend that you investigate your options.  A good source of information for this is incomeprotectionspecialist.com. A company who solely focuses on disability protection for doctors and dentists.

Disability insurance is most affordable while you are young and healthy.  Every year you wait the cost to protect you as an Anesthesiologist increases along with the possibility of needing that protection.  It’s not just the job that can get you into trouble, but everyday life. What if you fall off that ladder while changing a light bulb? Now you’ve got a broken arm and a back injury the prevents you from working.  How do you pay your bills once the nest egg (and I hope you have one) is empty?   What if that back injury is permanent? Do you have a back up plan? Now you understand the real reason you need this.  Remember this type of insurance protection is to provide you with an income while you hopefully recover or figure out what to do next.

So if you have been putting off purchasing disability income protection because you just don’t think you need it think again.  We have provided protection that is specific to specialists in Anesthesia for almost 30 years and trust me when I say those that have had to use it are glad they got it early.

If your employer provides group disability coverage and you also purchased additional protection through a professional association then this article is a must read.

In a recent court case, a policyholder filed suit against the disability insurance carrier who provides the group protection their employer for failure to provide the full benefit illustrated in the policy. Why you ask? The insured had also purchased coverage through a professional association and thought it to be individual protection.  In the suit the Group Carrier for the employer claimed that the association benefits actually constituted group disability benefits (not individual protection) and for that reason they did not have to pay the full benefit amount offered from the employer contract.  The Federal Court agreed with the Group carrier and allowed them to lower the injured individual’s benefits according to contract provisions.

This ground breaking decision will impact any individual looking to supplement any employer provided group protection with association protection such as the AMA, ADA, ABA etc.

I have said it before, there is no substitute for private professional coverage.  It might be more expensive than association protection but you cannot afford to be without it. To find out more information or get a second opinion contact us and we will be happy to make sure you have to best protection for your specialty.

Your career is on track and you’ve got control over your finances now what?   It’s time to start thinking about all of those adventures you’ve always wanted to take.  Perhaps an African Safari or Shark diving in the Great Barrier Reef.  Whatever the case, it is important to have a grasp on your personal insurance coverages before checking those items off your bucket list.

There is a product available and should most likely acquired prior to taking the leap.  It is called Accidental Death and Dismemberment. This type of policy provides coverage for those who are killed or loose a limb due to an accident.  It can include ancillary benefits such as emergency airlift and the bringing of ones remains back to your home country.

This type of coverage is inexpensive as compared to traditional life insurance because it only covers accidents.  If travel plans for climbing mountains, deep sea cave diving or any other potential hazardous activities are in your future, then I would strongly urge you to consider adding this type of insurance to your coverage portfolio.  Take a moment to get in touch with us and we will be happy to provide you with the information you need.  Remember to do this well in advance of your plans or it will be too late.