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Combine Disability Insurance for Dentists with Business Overhead Expense Coverage
If you’re in practice for yourself, or even if you are a partner in a larger practice, you should consider linking dentist disability insurance with business overhead expenses coverage as part of your dentist health program. While maintaining your personal income stream is a top consideration, you are also a businessperson if you are in private practice. And it's wise to think like a businessperson as well as a medical professional.
Should you suffer an injury or illness that renders you unable to practice your specialty, even if you sufficiently protect your personal income stream with disability insurance for dentists, where will the funds come to maintain the following items?
When you have recovered from your disability, you want to ensure that you have a practice to return to. By protecting your practice's overhead expenses as part of your insurance for dentists program, you’ll have the piece of mind – and the funds – to maintain your practice while you recuperate.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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ProtectYourIncome.com Tip: How to Compare “Any Occupation” with “Own Occupation” Disability Insurance Quotes
Comparing quotes for disability insurance that offers “any occupation” or “own occupation” may, at first glance, be deceiving. If your focus is primarily directed to the cost of coverage, you will normally notice a significantly lower premium cost for "any occupation" language insurance, even if benefit levels, elimination (waiting) periods, and length of benefit periods are identical.
Should the only primary difference in coverage quotes be this language, in most cases, "any occupation" coverage will be noticeably less expensive. But this is not a decision that lends itself to haste or impulse. While the cost of your prospective coverage is very important, so is the type of coverage you want, need, and deserve.
Many experts agree that the most important asset of a medical or other professional is his/her current and future earnings ability. Logic would then dictate that this asset be safeguarded and protected as completely as possible. These issues would appear to require trained professionals to seriously consider adding an own occupation rider to their disability insurance coverage. Why?
Coverage with “any occupation” language means you are considered to be disabled until you can perform the duties of any gainful occupation, whether or not it has any connection to your professional specialty. "Own occupation" disability insurance language normally considers you to be disabled – and eligible for continued monthly income benefits – until you are able to resume the duties of your specific specialty.
You can see a) why the definition “own occupation” carries a higher premium cost (as benefits might be payable for a much longer period), and b) why this feature may prove to be intensely important in the future should you suffer an injury or illness that prevents you from practicing your specialty.
The above-listed tip is for informational use only. Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Commonly Considered Factors When You Apply for Dentist Disability Insurance
Here are some of the factors that you should consider when you look for a dentist disability insurance policy. These and possibly other factors can influence your eligibility for coverage and/or the rates you might be quoted.
Definition of disability.Do you want an “any-occupation” or an “own-occupation” type policy? One type of policy usually states that you’ve recovered from your disability when you become able to perform the duties of any gainful occupation. With “own-occupation” provisions, you are normally considered to be disabled until you can resume the duties of your specialty.
Non-cancelable or guaranteed renewable coverage.If you want this important provision usually included in most disability insurance for dentists coverage.
Age, gender, and health condition.You will not be surprised to learn that these factors weigh heavily in your eligibility and/or cost for protection.
Your specific specialty.Own occupation coverage on some of the better disability insurance for dentists further expand the definition to defining your occupation (own occupation coverage) to disability coverage in your specialty. For example, if you're an orthodontist and cannot practice orthodontistry because of illness or accident then the claim would be paid (subject to insurance company approval).
Options, riders, and extra provisions.An additional feature you want such as residual (partial) disability. Many policies also include or offer: presumptive disability, inflation protection, and a future disability option (ability to increase limits without medical exam).
There may be other factors, including the financial rating of the insurance company you’re considering that are important in the choice of your coverage. Use informative websites like ProtectYourIncome.com to get all the information you need to find the best dentist disability insurance program for you.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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ProtectYourIncome.com Tip: Popular Time Periods for Receiving Disability Insurance Benefits
One of the options you’ll normally have in professional benefits insurance programs will be to select the time period of receiving disability income within the parameters set by top disability insurance companies. The most common range of choices are:
Two years
Five years
To age 65
Some disability insurance companies offer coverage up to age 67 or even a lifetime benefit, although historically these are not popular options because of the increased premium cost. Statistics show that the overwhelming favorite when considering a long-term disability is the choice to be paid benefit income until age 65. If circumstances dictate that reducing your disability insurance premium is a major consideration, you could opt for the two- or five-year option. However, before choosing one of these medical disability options, consider the risks.
Some disability insurance companies offer coverage up to a lifetime benefit with an increased premium cost. Statistics show that the most popular choice when considering a long-term disability insurance policy is the choice to be paid benefit income until age 65. The risk of a 2-year or 5-year benefit period is simply that the benefits will end but your disability may not. It is strongly advised to take the longest benefit period that you can obtain.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Estimate What Good Doctor Disability Insurance Coverage Might Cost
Physician disability insurance is a critical component of your doctor’s healthcare package of coverage. Estimating the cost of “good” coverage can be a bit challenging but here is a rule of thumb. If you budget from 1% to 4% of your gross income for the cost of appropriate doctor’s disability insurance, you should be in the right ball park.
The final cost of your temporary disability insurance will be commonly influenced by the following factors:
Using the standard definition of covered disability or the inclusion of an “own-occupation” provision, which provides benefits until you are able to resume the specific duties of your profession and specialty.
The addition of other provisions that may provide additional coverage or lump sum benefits, such as residual disability or presumptive disability coverage.
Adding business overhead expense coverage if you own your practice or are a partner in one.
Your personal medical history. You may enjoy premium pricing or be subject to a “rated” premium based on your personal health record.
Disability insurance for physicians is not inexpensive, but, when it’s needed, the small percentage of gross income you spend on adequate coverage will normally be a very modest price to pay for maintaining your income during periods of disability.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
Residual disability is another insurance term for partial disability. It can be a very important definition of disability as circumstances can create a loss of income without it being classified as a definition of total disability. A common determination of your eligibility for partial disability benefits occur most commonly when you suffer at least a 20% loss of income, after which you may qualify for partial disability insurance income.
Residual disability may be a temporary disability or might qualify you for permanent partial disability benefits. If you’ve suffered a problem and submit a partial disability claim, you should be prepared to submit evidence of the loss of income (typically 20% or more) as a result of this partial disability.
Residual disability coverage can be a very valuable component of your disability insurance program since you have no control over the severity of a potential injury or illness you encounter during your career. The ability to receive partial disability benefits if you suffer some, but not a total loss of your income can be a wonderful feature.
Should you have the misfortune to suffer a disability but have the good fortune to have residual disability coverage, whether you earn a temporary partial disability rating or a permanent partial disability rating, the income benefits you’ll receive will be a welcome assist to maintaining your lifestyle.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Where to Find Doctor Disability Insurance Company Financial Ratings
It is important to know that the company from which you purchase your disability insurance for doctors is financially stable to help ensure that they will be there for you should you need them. Learning about the financial condition of the companys' programs you might consider is fairly easy. There are a number of well-respected entities that provide ratings for many insurance companies. A few of the best are:
A.M. Best Company
Standard & Poor
Moody’s Investors Service
Fitch, Inc.
Whether you check these or other services, be sure to understand their rating code system. A company rated “A” by one service may be the highest evaluation given, but if a service company ratings go to “AAA”, an “A” rated company may only be ranked in third, not first, place. While that, by itself is not a “bad” situation, you should always be aware of the ratings definitions so you can make profitable judgments.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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ProtectYourIncome.com Tip: How a Capital Sum Benefit Option in a Disability Income Insurance Policy Could Help You
While this feature is normally not available in group disability income insurance coverage, a capital sum benefit option may be available for those with individual disability insurance plans. Capital sum benefits are lump sums payable to the insured for certain specific disabilities. Often a feature within a feature, capital sum benefit provisions tend to be included as part of a presumptive disability rider.
Presumptive disability is normally defined as the loss of eyesight, hearing, speech, or two or more limbs. These conditions may be temporary or permanent in nature. Even a temporary loss of two or more limbs may be covered in some plans. For example, you severely break both legs or an arm and a leg, preventing you from performing your professional duties. This injury may qualify as a presumptive disability if your policy language so indicates.
Should you permanently lose one or more of these defined abilities, and you have a capital sum benefit included in your professional disability insurance, you might be eligible for a lump sum payment (usually equal to 12 monthly income benefit amounts). This payment does not replace but is made in addition to any other benefit amounts specified in your medical disability program.
Carefully read your package of protection along with any exclusions and limitations to learn what benefits you are eligible to receive in the event of a presumptive disability. If offered a capital sum benefit option, consider the cost versus benefit factor to see if this selection would be good for you.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Government Disability Insurance Explained
A gentleman named Tom Comeau once commented: “The AP reported that Social Security celebrated its 65th birthday recently. No wonder it’s about to quit working.” But disability income insurance is still regularly being provided by the government. A discussion of federal disability insurance programs generally includes the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) plan.
SSDI remains the primary government supplier of disability benefits to qualified citizens. To be eligible, you must have
Worked in jobs covered by Social Security
Have a medical condition that meets the Social Security definition of disability
Be unable to work for a year or more
If you qualify, insurance benefits are payable even if you are covered by a private group or individual disability insurance plan. A potential downside is the sometimes complex and often time-consuming application process. Patience is a key word in this case.
The SSI disability program is designed to provide you with cash for the basic necessities of life, including food, clothing, and shelter. Primary eligibility for SSI benefits is based on your age (65 or older) OR blindness OR disability AND provided you have limited income, limited resources, and are a U.S. citizen, national, or an alien in a covered category.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Disability Income Insurance Programs Offered by the Federal Government
All federal disability insurance plans are not simply government Social Security disability programs. There are actually six entities offering disability income insurance that are classified as government programs.
Social Security Disability Insurance (SSDI). This is the most popular and recognizable program and is often not subject to disability insurance income tax. Taxability normally results from your level of other earnings during your disability benefit period.
Medicare Benefits. If disabled, you may be eligible to enroll in the Medicare program.
Workers Compensation. This program helps protect your income should you become disabled while performing the duties of your job.
Veterans Benefits. Formerly called the Veterans Administration (VA), disability benefits you receive from the Department of Veterans Affairs are often not taxed.
Military Benefits. Military disability pensions are often taxable. However, if you suffered your disability while in active service, you may receive an exclusion.
Federal Employees Retirement System (FERS). Federal employees enrolled in the system can become eligible for employee disability benefits, but most insurance benefits are often taxable until you reach a specified age.
As with many other government programs, federal disability insurance have a number of requirements and conditions. To learn about disability benefit levels and qualification regulations, perform your own research to get a knowledge base that may help you should you need benefits in the future.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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Know What “Own Occupation” Means
You’ll not be surprised to learn that disability insurance has an extensive glossary of terms you may not immediately comprehend. Most insurance policies are often based on a specific universe of terms that relate to the coverage offered. None are more important than "own occupation" coverage.
This provision in a disability insurance income policy specifies the conditions under which a disability is present and the own occupation period over which benefits will be paid. Unlike many basic and government disability insurance policies, coverage that includes an own occupation definition will normally qualify you to continue to receive monthly income benefits until you are able to perform the specific duties of your specialty.
This means that, unlike basic disability coverage, which often specifies that benefits end when you are able to perform the duties of any gainful occupation, having an own occupation rider or language normally keeps you eligible for benefits until you can return to practicing your specialty. Obviously, this affords you a much higher level of protection. As a professional, this is a level of protection that you should have, if at all possible.
As you can see, this term and definition of covered disability is a most important feature of income insurance protection. Be sure to examine the specific language of an own occupation provision or rider offered by your insurer. Even commonly accepted definitions of own occupation insurance may have a variety of modifiers and or enhancers in different insurance contracts. Use excellent websites, like ProtectYourIncome.com, to get more information to assist you in making the best disability insurance decisions for you.
The above-listed tip is for informational use only. Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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How “Long” Is Short Term Disability?
There is a simple answer to the question, “How long is short term disability?” from an insurance perspective. Benefits in the majority of short term insurance contracts are payable to a maximum of one year. Many short term programs last considerably less, some for just 13 through 26 weeks. These programs are not typically designed to serve the function or have the options of long term disability coverage.
Short term disability insurance is sometimes called “cash sickness” coverage or temporary disability insurance (TDI) because it protects people from a typical injury or illness that prevents them from performing their occupations for a short period of time, usually measured in months. This coverage was not created to help you in more serious situations.
People covered by employer-paid short term disability insurance and/or government programs (temporary disability insurance in five states and Puerto Rico or Workers Compensation coverage in all states) should consider matching this insurance with long term protection. Should you suffer an injury or illness that prevents you from working for years instead of months, the difference between long term and short term disability insurance will be graphically displayed with unwelcome results.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
