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.

“Claims-made” vs. “Occurrence-based” Malpractice Insurance Coverage

October 18, 2022April 19, 2015 by Justin Nabity

Our physician-clients approach us with many questions regarding malpractice insurance coverage. The most common ones are “what kind of malpractice insurance is the employer providing me?” and “who will pay for tail coverage if I leave the employer?”

Nowadays, most employers pay for malpractice insurance for their practicing physicians, especially for beginning and non-shareholder physicians.

The details of the policy should be laid out in the physician employment contract and policy documents. So, relatively speaking, this issue is rarely negotiated – most of the time it’s already in the contract!

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.

Malpractice in 2024: What Physicians Need to Know

August 5, 2025April 19, 2015 by Justin Nabity

Malpractice is one of those things you hope you’ll never deal with. For many doctors, it feels distant—something that happens to someone else. But the truth is that anyone can get sued, no matter how careful or well-meaning they are. And when it does, the costs—financial, emotional, and professional—can be high. The 2024 Physicians and … Read more

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?

Physician Contracts: Evaluating Malpractice Insurance Benefits

June 27, 2024April 19, 2015 by Justin Nabity

Ask what type of malpractice insurance is provided before signing on with a new employer

Employers typically provide physician malpractice insurance and it should be evaluated before signing.

Most employers provide professional liability insurance, also known as physician malpractice insurance, as a part of the employment benefits package. Even if a physician is employed as an independent contractor, in most cases, the corporation or group covers the cost of this benefit. But what exactly are they likely to cover?

On the surface, physician malpractice insurance seems simple enough, but there are many factors that must be taken into account. A working knowledge of how this type of insurance works is required to accurately assess the coverage being offered.

Contracts: Horrible Unexpected Results Of Casual Contracts

Ask what type of malpractice insurance is provided before signing on with a new employer

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