Safeguard Your Income With Disability Insurance for Physicians
Disability insurance for physicians has become highly specialized in recent years. It’s important to make sure you are completely covered if you become unable to work due to an injury or illness. When choosing disability insurance, you may not be aware of these two finer points that will protect your future finances.
Own-specialty coverage specifies the unique duties of your medical specialty. This is important because after an injury, you may still be able to practice medicine but not in the specialized field of your advanced training. It is the difference between being totally or partially disabled, which affects your benefit amount. Make sure you classify your practice to get the right benefits for you.
You should know if your disability benefits are taxable or not. This gives you the knowledge of a realistic benefit payout in the worst case scenario. The main factor that determines this is whether the premiums are paid for with pre-tax or after-tax dollars, but you do need to ask your insurance representative and financial specialist for specific details for your state and policy. Paying taxes out of your benefits will make a significant dent in the expected amount you receive.
You know the importance of disability insurance for physicians. Understanding the details about your coverage helps you protect your financial future. Ask your insurance agent about your insurance and don’t get caught unprepared.