HomeFinanceSunday, January 21, 2018, 05:24:22

Tuesday, October 10, 17, 12:14:37, 4 Months Ago Via SmartBusiness In Finance

Rated 0 out of 5 stars based on 0 reviews.
Hits: 1

Doctors rely heavily on their skills and mental abilities to do their job and earning their livelihood. While the world around us is getting more and more automated and mechanised.

Doctors rely heavily on their skills and mental abilities to do their job and earning their livelihood. While the world around us is getting more and more automated and mechanised, in the healthcare industry the doctor, with skills and talents, is still at the centre. Hence, the importance of disability insurance is more in the healthcare industry than many others. Now with that said, if you have even enquired about the various insurance options, you probably know that it is not cheap. In fact, some consider forgoing it altogether. However, going without a disability insurance is not a great idea. Instead, we shall discuss a few ways in which you can get a good deal for yourself and maximise the value of the money you spend on insurance.

Know when you could lose money by paying less

Now that sounds a bit counter intuitive, but consider this; imagine that you go for a cheap insurance option with very little coverage, and an unfortunate event happens. Now if your insurance coverage does not include your particular misfortune and you are not able to get the benefit, then what was the point of saving money by going for a cheaper premium? All the money you spent on the premium is gone, in addition to the benefits that you need badly. Hence, you might actually lose a lot by trying to pinch pennies on insurance plans.

The insurance market offers ‘any occupation’ disability plans. These are cheap plans with little cover, you should avoid them. They pay out only if you are totally crippled and cannot do any work at all due to your disability. But there are many scenarios a lot less severe than that where you could use some help from your insurance. The standard insurance policy for a lot of medical practitioners is the ‘own speciality’ disability insurance. This policy usually provides generous coverage. It is more expensive, but should you meet any misfortune, you will likely receive a good amount of benefits. This policy considers that a person is disabled if he or she is unable to perform the specific job or work in the specific specialisation that the person has. So, if a neurosurgeon, for example, loses his ability to perform delicate brain surgery, he will be considered disabled and be entitled to benefits under ‘own specialisation’ disability insurance. All the while, he remains free to work in some other specialisation or become a general practitioner, while still receiving benefits.

Manage tax deductions

If you declare your premium in pre-tax amounts and deduct it from your taxable income as a deductible, or if your premium is paid by your employer before taxation, then the benefits that you receive are taxed. However, if you pay the premiums from the after-tax amount, then the benefits that you receive are not tax deductible. So if you have plenty of deductibles already, you can maximise the benefits received from your premiums.

Deal with agents smartly

The prices for insurance policies are regulated by the insurance commissioner for each respective state. So, if an agent tells you that he can offer prices nobody can, don’t fall for it. The prices for the same policy are the same across the board. As long as you go with a decently knowledgeable and reputable agent, you will be fine. Select the agent based on how well he is able to understand your situation and inform you about well-suited policies, not based on who can offer alower price for the same policy.

About Author

The Doctor Disability Shop is Own Specialty Disability Insurance Doctors provider who helps to protect the unique needs of its customers. It provides Own Occupation Disability Insurance to help professionals in times of injury and disability.


Comments

Sign In

About Author
Victoria Hampton
Date Registered: Tue, Apr 26, 2016
Last Time Online: Fri, Jan 19, 2018
So far has created 212 entries.
SmartBusiness
Organizations produce a variety of “business content” that is the primary medium for their interaction with clients, stakeholders, or the public at large.

Related Articles

Introduction Humans are usually involved in various activities for various reasons. Some of these activities include singing, dancing, reading etc. These activities form part of man’s existence as man perform these activities daily in the society. Another activity that man is into is travelling. People travel for different reasons. They get to see new things, places and people. Travelling gives one the platform to learn about new things, the way of life of other people, get to see things ...

Oct 6, 17, 4 Months Ago Via openinsurances In Finance

Videographer & Cornwall Wedding Videography Film in Devon & London   Videographer Cornwall   An expert wedding videographer costs a great deal of cash. Before you sign any agreements and focus on paying an individual or organization a huge segment of your wedding stores, ensure they are the ideal fit for your huge day. Try not to be hesitant to ask the wedding videographer inquiries and also investigate the agreement. Before you snatch a pen and sign your name, ask ...

Sep 28, 17, 4 Months Ago Via mohammadsher1000 In Business

Canada; 28, September 2017: In the past decade cryptocurrencies have slowly started gaining recognition. People around the world have been taking Bitcoin seriously as it gives them new opportunities to deal with people through digital payment methods. The introduction of new platform that has been helping people in getting better returns involves HourPayLtd. Trust is an important factor that plays a crucial role while investing in any platform. In order to trust HourPayLtd th...

Sep 28, 17, 4 Months Ago Via alphdupre25 In News

Yes. Ok, that might be too quick and too brazen, but the truth is most people stand to gain significant risk offset benefits from disability insurance. Most of the things that we value in life are insured – our home, our car and even our life. It is aquite realistic assessment that the risk of damage is quite real, and the cost of repairs (not in case of life insurance, but other insurances) to those objects may be too high to bear in case of an accident or a natural disaster. But in our r...

Sep 29, 17, 4 Months Ago Via SmartBusiness In Finance

Fashionable lookContact lenses are commonly used by people because they can protect your eyes and also they look fashionable. The demand of the contact lenses has made it possible to get in different varieties.There are companies which specially deal in the contact lenses and the type of brand which you wish to you can easily get it. You simply have to choose the brand, type and dimensions for your lenses and you will be getting the lens which you demand. There are certain things which are to be...

Sep 30, 17, 4 Months Ago Via businesswork In Fashion

Everyone currently motivation to remain healthy and balanced, stay in good shape, and have swiftness all through everyday. For this, a couple of have eaten remedies and capsules. People take in protein shakes and vitality bars to help keep up their health and wellness when being in touch the best human body picture. These supplementary objects, but do just the opposite of whatever they should preferably do, in other words, they hurt the human well-being insurance plan and have various impacts ab...

Sep 30, 17, 4 Months Ago Via Whibther In Health and Fitness

It's normal to have problems with stress while managing per day treatment business enterprise, as you will find a lot of challenges concerned. Especially with new customers, while you can never ever foretell the long run. Child care management software programs appear to be a blessing to boy or girl care providers who may possibly expend a great deal of time getting constantly nervous about losses and dangers within the business. With these kinds of computer software, it really is now doable to...

Oct 26, 17, 3 Months Ago Via kindermcom In Arts and Entertainment

IMPORT FROM CHINA TO USA IMPORTING FROM CHINA TO USA AND SELL ON AMAZON! If you are an importer importing from China to USA then you must be aware about US customs rules and regulations and how complex they are to deal with and time consuming. Well, we’ve been providing hassle free importing and customs clearance services experience to our hundreds of customers in the US for over 30 years. Every country has its own customs rules and import taxes and similarly US also has import duties t...

Oct 2, 17, 4 Months Ago Via insafali737 In Business

Tag Cloud