How to Tell if You’re Getting Good Disability Income Planning Advice

June 27, 2024April 20, 2015 by Justin Nabity

Because they recognize the need to protect their most valuable asset – their earning power – physicians are a ready and willing market for disability insurance sales people. Most physicians, by the time they enter residency, are bombarded with solicitations which continue throughout their working lives.
For most young physicians, the initial advice they receive for addressing their disability income needs is typically provided by insurance sales people, incentivized by their company to sell its products. This leaves to question just how good is the advice and whether it’s offered in the best interest of the physician or the sales person.

You’re Covered for Any Injury, Disease, or Disorder Except for…

June 27, 2024April 20, 2015 by Justin Nabity

Medical Exclusion Riders – What are They and How to Avoid Them

Often when we present policy offers that contain medical exclusions to physicians, they are frustrated and consider looking elsewhere for coverage. However, it is likely, if a reason for an exclusion is found by one carrier, others will find it in your medical history as well. Medical exclusions don’t have to be showstoppers, though. Learn how disability insurance can still work for you, even with exclusions.

What’s in Your Disability Insurance Policy?

June 27, 2024April 20, 2015 by Justin Nabity

What’s in your disability insurance policy? That question might remind you of a certain credit card commercial in which the announcer asks, “What’s in your wallet?” We won’t subject you to a Viking assault in this blog, as one version of the commercial did onscreen, but we will share our opinion that ignorance of what’s in your disability policy could be as painful as an arrow in your back when it comes time to make a claim.

Disability insurance plans can be complex, and each plan is different. Employer-based disability plans are often free or very inexpensive, but the benefits are likely to be inadequate to cover all contingencies. Are you sure your disability insurance policy contains what’s best for your long-term financial plan? Maybe it’s time to look into it.

Widening the Disability Insurance Gender Gap

October 25, 2021April 20, 2015 by Justin Nabity

Females present higher risk of disability and will soon pay for it with higher premiums.

The odds of a female filing a claim is higher than a male and insurance companies are about to adjust their rates to reflect the higher risk.

Female Disability: 40% higher risk and 60% higher insurance costs

Avoid Making the 5 Physician Disability Insurance Blunders

October 25, 2021April 19, 2015 by Justin Nabity

The Most Common Mistakes Physicians Make When Buying a Policy

The biggest mistake a physician can make at any point in their career is to leave their most valuable asset, their earning potential, inadequately protected. In fact, until their financial security has been achieved, the physician’s disability income protection plan should be his or her highest priority. Yet, through a lack of knowledge, time, or proper guidance too many physicians continue to make costly mistakes in developing their disability income protection plan. We’ve identified five of the biggest mistakes physicians make in their disability insurance planning, any of which could prove financially devastating.

A Tale of Two Doctors – and a Million Dollar Mistake

June 27, 2024April 19, 2015 by Justin Nabity

Why should you buy disability insurance before you start practice? To lock in potential income benefits you will never be eligible for again.

Yes, you can get a discounted rate for disability insurance as a resident, but the reason to buy now is much more than that.

Buying as much disability insurance as you can afford before starting practice is a strategic move many fail to see.

Making this move now as a resident or fellow accesses disability benefits you may never be eligible for again as a practicing physician.

This story of two residents’ choices shows you how and could save you $1 million.

The Importance of Life and Disability Insurance

June 27, 2024April 19, 2015 by Justin Nabity

It may seem like just another added expense to pay each month, but Life and Disability Insurance is a necessity for physicians. We all have a bit of “It will never happen to me” syndrome, but this is a case where it’s definitely better to be safe than sorry.

As a physician, you probably carry a hefty student loan balance (unless you’ve paid it off, in that case, congratulations). You also probably make more money than your spouse. If an accident happens and you’re disabled, any debt you have won’t just disappear – even though your income may.

Employment and Income Changes

February 2, 2022April 19, 2015 by Justin Nabity

When a doctor changes jobs or their income increases, their disability income protection plan may need to change. It is during this time that physicians should review their disability insurance plans to see how it is impacted.

In light of these changes, let’s take a look at the rules that govern how physicians can set up their disability insurance plan. For example, the monthly benefit amount doctors qualify for depends on the stage of their career.

New Employer Insurance Plans

June 27, 2024April 19, 2015 by Justin Nabity

Be prepared for the transition to a new employer by obtaining private disability insurance before the employer paid plan restricts what you can get.

Many employers have a standard benefits package that includes multiple insurance plans. Physicians who join new employers often don’t realize that the employer paid disability insurance plan can restrict what the doctor can obtain. Privately owned disability insurance plans that have been started before joining a new employer are not reduced by what the employer offers, but signing up for a private plan afterward may significantly reduce or prohibit the doctor’s ability to get a private plan altogether.

Physician Contracts, Disability Insurance and Investments

June 27, 2024April 19, 2015 by Justin Nabity

Contracts: Horrible Unexpected Results Of Casual Contracts

It’s tempting to trust your new employer and assume he or she has your best interests at heart. Employers are, after all, showing faith in you when they offer you a contract. However, it’s not uncommon for unexamined contracts to contain unintended pitfalls that make things go horribly wrong, sometimes long after you’ve been hired. That’s what happened to a physician in the Chicago area, as described in this article. How do you overcome contract dangers like this?

Medical Exclusion Riders – What are They and How to Avoid Them

Females present higher risk of disability and will soon pay for it with higher premiums.

Female Disability: 40% higher risk and 60% higher insurance costs

The Most Common Mistakes Physicians Make When Buying a Policy

Contracts: Horrible Unexpected Results Of Casual Contracts

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