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.
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.