Special Benefits
These special benefits are the base benefits that come with the insurance policies at no additional cost to you. Note that these features differ by each insurance provider.
Archives: Glossary Terms
Mental Health Coverage
Mental health conditions and substance abuse disorders are common causes for disability claims for physicians. In fact, 10-15% of physicians will struggle with substance or alcohol abuse at some point in their lives. Different policies vary in their coverage of claims related to mental illness, nervous conditions, or substance disorders, however many carriers allow physicians … Read more
Catastrophic Coverage
A typical long-term disability policy will only replace about 60% of a physician’s lost income. However, with a catastrophic disability rider, you can automatically receive a higher benefit amount (up to 100% in some cases) for lost salary in the event that you suffer a catastrophic disability. Usually, a catastrophic disability is defined as a … Read more
Cost of Living Adjustment (COLA)
A COLA rider is designed to counteract the loss of purchasing power that may happen to a physician’s insurance benefit due to inflation. One important caveat: With a COLA rider, your benefit only adjusts with the rate of inflation when you are on a claim. If a doctor purchases a policy with a $5,000 benefit in 2018, and … Read more
Future Increase Option
Every insurance carrier offers the Future Increase Option riders, usually at a no extra cost to the policyholder. An FIO rider allows physicians to increase their disability coverage as their income increases over time. An FIO Rider is strongly recommended for all medical students, residents, or new physicians purchasing disability coverage. FIO riders make disability insurance … Read more
Partial Disability Insurance
While some disabilities can prevent you from working completely, other conditions may only reduce your working capacity partially. For example, chronic pain or degenerative conditions may force doctors to work fewer hours or meet with fewer patients which can substantially reduce their earnings without qualifying as a total disability. A residual or partial disability rider … Read more
Own-Occupation Policy
A true own-occupation disability definition is the single most important aspect of any physician’s disability policy. Own-occupation language ensures that a physician will receive their full benefit if a disability prevents them from working in their own specialty. Every physician should make sure their policy includes a strong own-occupation definition. Weaker definitions of disability will … Read more
Elimination Period
The Elimination Period is how long you have to wait after filing your claim for your income replacement to occur. Available Options Provider Definitions Ohio National This is the period of time you must be totally disabled before base monthly benefits begin. Mass Mutual This is the period immediately following the start of disability during which benefits … Read more
Benefit Period
The Benefit Period is how long your income can be replaced in the event of a long-term disability. Provider Definitions Ohio National This is the longest period of time that base monthly benefits or rider benefits will be paid for one total disability caused by the same or related injury or sickness. Mass Mutual The maximum length … Read more
Monthly Benefit
The Monthly Benefit is the monthly income protection you would receive in the case you became sick or injured, and ultimately unable to work. This amount is adjustable but is based on your gross income. You are only eligible to insure approximately 60% of gross income through all disability insurance sources, however, there are some … Read more
