Disability Insurance for Dentists Tips

Dentist Disability Insurance Is Available for Dental School Students

Dental school students can often find dentist disability insurance to cover them while they are still enrolled. While your income may be modest, during your dental school career, you still have expenses that continue in the event of a disability. There is some low cost disability insurance for dentists who are still in the education phase.
These could prove to be a financial lifesaver should you become disabled. Most of the plans offered normally pay from $1,000 to $2,000 per month should you suffer a covered disability. Most student plans require some or all of the following to qualify for disability eligibility:

• Unable to continue your dental studies for a minimum of 60 to 90 days
• Coverage will extend for up to around 24 months, with extensions allowed under certain circumstances
• No medical exam is normally required if you are under a stated age (35, 40, etc.). If you are over the stated age, you may have to provide proof of your medical history to qualify
• Your student plan may be convertible to a full dentist disability insurance policy, if this provision is included in your coverage

If you're a dental resident you may be able to purchase disability insurance for a resident dentist while you're in residency. The amounts offered are often more than your current income since they reflect the likelihood that you will have substantially more income when you go into practice. Since the premium is locked in to age 65 on the better policies this is a recommended and prudent financial action.
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).

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 Insurance for Dentists Could Be More Expensive than Life Insurance

“Why does it appear that disability insurance for dentists is more expensive than life insurance?” This question is often asked as people look at the sometimes large lump sum payouts for life insurance versus a modest monthly disability benefit. The answer is actually quite simple. The odds are higher that, during your professional career, you are more likely to suffer an injury or illness and become disabled than you are to die. Also, the total benefit paid from the time of disability to age 65 could total in the millions of dollars. A $10,000 per month disability claim paid from age 45 to age 65 would pay $2,400,000.

The insurance industry, as you probably know, establishes cost and premium structures based on statistics. The more covered claims filed and amount of benefit payouts often translate to higher premiums, while fewer claims and less dollars paid out often result in lower premiums for the same coverage.

Your goal of low cost insurance can still be realized. However, you should give serious consideration to your dentist disability insurance package of protection, making sure that it is adequate for your needs. Unlike life insurance, which is a more “black-and-white” situation, disability insurance for dentists resides in a much “grayer” area of coverage versus benefit.

If, through injury or illness, you become disabled for a period of time and unable to practice your specialty, leaving your monthly income stream unprotected or under-protected could generate a financial crisis. With recent statistics projecting that one of seven people will suffer a disability before the age of 65, dentists reside in this statistical universe. When managing your dentist cost issues, give serious consideration to protecting an even more important category -- your monthly income stream.

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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Consider Getting Supplemental Dentist Disability Coverage

Your decision to consider supplemental insurance to enhance your existing dentist disability insurance coverage should be based on a few of the following important factors.

• Is your current plan a group or individual coverage program? Group coverage, paid for by the employer, means that the 50 to 60% income benefit is normally taxable, reducing your real disability income to 35 to 45% of your regular gross amount. This is rather low cost disability insurance for dentists; but it may leave much to be desired when you need benefits.
• There are association dentist disability insurance plans that you might currently have or are considering. Make sure to verify what happens to rates in the future in these plans. Are the rates guaranteed to age 65 as they are in the better dentist disability insurance policies? Are the definitions as good as the private dentist disability insurance policies?
• Have you seriously considered what level of protection would provide you with consistent piece of mind as you practice your specialty? To perform your duties at the high level you've come to expect, a minimum of stress and a maximum of piece of mind can be important components to a successful practice. Disability insurance for you as a dentist can help you achieve that piece of mind.

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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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?

• Office rent or mortgage payments
• Utility (electricity, gas, telephone, etc.) expenses
• Debt service payments for dental equipment
• Compensation, including taxes, for your employees

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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Dentist Disability Insurance Is Available for Most Specialties

Disability insurance for dentists often allows you to purchase the options available for physicians. While some of these options may appear to be a substantial investment at first, as with most medical professionals your regular income stream is your most important asset and should be protected at all times. With current statistics indicating that as many as one in every seven people will suffer a five-year disability before the age of 65, the maintenance of your income is a critical consideration.

If you have your own practice or are a partner in one, you should consider matching your dentist disability insurance with some disability business overhead expenses coverage. In the event you suffer a disability, you'll want to keep your practice, including office expenses and personnel costs, functioning as usual so it (and they) will be there when you're ready to resume your specialty.

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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