The field of medicine has evolved so much in recent years that no one simply identifies themselves as a doctor anymore.  There are specialties and subspecialties that categorize the particular service that is being provided.  Take Anesthesia for example.  In the past when one mentioned that he/she was an anesthesiologist the general consensus was that he/she worked in operating rooms and in layman’s terms put people to sleep.  That has all changed.  Now an anesthesiologist can specialize in pain management or focus on a particular aspect of the field as it relates to areas such as emergency rooms, or hospice.  Of course this is nothing new to you as a professional in the field but what are the ramifications as it relates to obtaining quality disability coverage for yourself in your area of specialty?

Put simply it all depends upon the risk of claim within that subspecialty.  For example there is a high incidence of drug abuse among certain types of anesthesiologists.  That being said the insurance carriers are likely to flag an individual based on statics and charge more or not offer protection in what would be known as a mental/nervous category.  There are other risk factors to take into consideration as well such as the long hours of standing, the opportunity to be injured by sharp instruments and your own personal health history and age.  It is important to note that the earlier you obtain this protection the better your chances for having the maximum benefit package.  I say this because many residents have not yet decided on their specialty and the options for premium coverage (without any hurdles) are far more obtainable at this time then when you have entered into your area of expertise.

The take away from this should be to purchase your disability coverage as early as possible.  It can  always be a simple policy that can be upgraded as your income allows.  Please feel free to contact us for advice or assistance. We have been working with professionals in anesthesia for almost 30 years and have the expertise to get you the best coverage available.

Income Protection Specialist.com

Hot off the press, ok maybe not that hot, but none-the-less still important. As of May 1, 2016 The Standard Insurance Company made some changes to their Disability Protection Products for physicians. Generally speaking change in the insurance industry tends to be a scary word, however in this case it is not so. This change is considered an upgrade and should benefit many surgical specialists. Including:

• Cardiac Surgeons
• Cardiothoracic Surgeons
• General Surgeons
• Interventional Nephrologists
• Neurosurgeons
• Plastic Surgeons
• Surgical Oncologists
• Thoracic Surgeons

Once we know more about the changes we will let you know. Until then enjoy the end of this lovely spring season.

Stacia Musleh

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 obtain Business Overhead Disability Protection.  This covers your business expenses while you are away.

I’ve said it before but here I go again.  The best time to invest in this type of protection is while you are young and healthy.  Don’t wait until its too late and a disability is preventing you from earning a living in your profession.

Get Covered Today.

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 definitely has a lot 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 crucial to you as medical professionals.

Moving to California is the fulfillment of many dreams.  Just remember that if you are heading out west to complete your medical training or begin your practice, that protecting your ability to earn a living is your most valuable asset.  You don’t want to have disability policy that falls short with so much riding on the line.  There are options within the state that you currently reside and as specialists we are able provide you with the tools and assistance you need to get the best coverage you can.

As a resident there are so many important choices you have to make regarding your career and financial future.  One is purchasing your personal Disability Policy.  The most important thing you can do is to make certain that your policy has the contract definitions that are appropriate for you and your specialty.  The last thing you want is to find out that it doesn’t cover you properly, potentially costing you millions of dollars.

Unfortunately, it can be somewhat problematic when searching for the right coverage that protects your specific needs.  First it is important you get a policy contract that contains what is commonly known as an own occupation rider which protects you in your specialty.  These days finding a company that offers this is difficult.  Not to mention the multitudes of inexperienced or just greedy agents proposing inappropriate policies just to line their pockets.  I don’t want to add to your workload but it is important to investigate your options and make certain that you work with an agent or agency that has your best interest in mind.

Here are some basic things to look for in well written Disability Income Policy.  I am not going to go into detail other than mentioning them.  For further information go to our website and look for the definitions of each as they relate to your specialty.

• Specialty Specific/Own Occupation clause
• Partial Disability Benefit/Residual Benefits
• Mental Nervous/Stress and substance abuse protection
• Inflation Protection Rider Future Purchase Option/Guarantee of Insurability Rider
• Non-Cancelable Guarantee Renewability Premiums and Discounts
• Elimination Period
• Benefit Period

Ok now that you have the basics take the time to contact an expert in the field and make certain you get the appropriate coverage.  You have invested so much of yourself into preparing for a successful career and your earning potential, it would be a shame if an improperly written disability policy were to interfere with your financial security.

Stacia Musleh

Income Protection Specialist.com

As a practice owner or partner, even though you may have addressed your need for personal disability insurance, you may still find yourself financially exposed to office expenses. Business Overhead Expense protection is the best option you have for keeping these bills off your back as you recover.

BOE as it is commonly referred to, is a type of income protection that is specifically designed to help pay for your practice overhead expenses keeping your doors open while you are disabled or until you decide not to practice any longer.  The expenses covered are items such as staff salaries, utilities, equipment, taxes etc.,  your typical business expenses.  Just as with personal plans these policies should be non- cancelable, guaranteed renewable and include a future increase option which allows you to purchase additional benefits later without a medical exam. However there are important differences to note.  In your business overhead contract the waiting periods are much shorter, typically 30 days. Additionally the benefit period is also  shorter with 12, 18 or 24 month payout periods.

Given that the expenses at the practice are far greater than those at home, there is no questioning the need for the protection.  It can save you from financial ruin and allow you to focus on the job of healing or changing your life’s course as a result of a disability.

Have you made your New Year’s resolutions yet?  If so, they probably fall in line with the most common ones like.  losing weight, getting into shape, being more or less social,  doing better at work or at home just to name a few.  I’ve got a suggestion for another.  Take care of your financial security.

Now is a good time to put the wheels in motion for a solid financial plan for your future. Starting with…..you guessed it a Disability Insurance Policy.  I’ve said it before and here it is again nothing can replace a well written plan.  At Incomeprotectionspecialist.com that’s what we do.  All you need to do is give us the details and we take care of the rest.

Don’t let something as seemingly small as a finger injury cost you your financial peace of mind.  Remember the purpose of your Income Protection Policy is to replace lost wages during the time you are unable to work and sometimes it’s a lifetime.  Make getting a sound disability protection policy part of your 2016 New Year’s resolution.

Now go ring in the new year and here’s wishing you all the best that 2016 has to offer.

The holidays are upon us whether it be Chanukah, Kwanzaa, or Christmas let the celebrations begin.  This is also the time when we look to the new year and reflect on our challenges and successes during this one.  Learning and growing as we go adding what is necessary and changing what is not. It is the time to look forward to the new adventures that await us in 2016.  At Incomeprotectionspecialists.com 2015 has been a year of exponential growth and we have you to thank.

From all of us at Incomeprotectionspecialists.com we say Happy holidays and may the new year bring blessings of success and joy to all of your lives.

Thanksgiving is traditionally a time to celebrate with family or friends and count our many blessings.  We at Income Protection Specialist.com we have many blessings to be thankful for.  We are grateful for the many new and existing clients that we have.  We are also thankful that you have entrusted us with the responsibility to provide you with the products and services that will ensure you and your loved ones a secure financial future.

Happy Thanksgiving to you and yours, we wish you all the best.