Disadvantages of Group Coverage for Doctors Disability Insurance
When thinking about getting doctors long term disability insurance, you may have the option of securing coverage from your employer. While you should most definitely take your employer up on their offer to provide you with coverage, you may also want to think about getting additional coverage on your own. The reason for this is that group coverage has some shortcomings you may not yet be aware of.
Disadvantages of Group Coverage
Once of the biggest disadvantages of getting long term disability group coverage is that your employer might offset disability benefits by any income received from social security disability insurance claims or workers compensation coverage. Youll also want to ask your employer whether or not they account for inflation with doctors longer term disability insurance coverage, otherwise you may need additional means of financial support should you ever have to file a claim.
Another common shortcoming with group coverage is that theres a possibility your coverage could be cancelled and your premiums raised. Also, group disability coverage may not cover any partial disabilities you suffer, which are much more common than complete disabilities.
If you already have group coverage, take a long and thorough look at your insurance plan and talk with your insurance provider to see if there are any holes that can be plugged with a long term disability policy of your own.