If you are a doctor, you will be always exposed to situations and risks that may prevent you from working resulting in a loss of income. That’s why it is recommended that you must buy a
Disability income insurance is a kind of insurance plan aimed at providing you an income when an injury or illness prevents you from working. It will replace around 60 to 70 percent of your income which can be a life-saver for you and your family. When you are ready to resume work after recovery from the illness/accident, you will still receive pro-rated insurance payments depending on the kind of disability insurance plan you have signed for and also on the policies of your insurance provider.
Which Plan Will Work Best For Healthcare Professionals?
As a healthcare professional, which disability insurance plan is right for you? Short-term or long-term?
Many states in the US have mandated that employers provide at least short-term disability coverage for their employees. If you are a doctor, employed in a reputed healthcare facility, you may be covered by your employer through a short-term disability insurance plan under the group disability insurance scheme. Some plans allow you to supplement this plan with a disability insurance plan of your own. Before you start shopping around, look for government awarded insurances or benefits such as the NDIS funds.
If you are a private practitioner with your own clinic, you can purchase short-term disability insurance through an insurance broker or exchange. Using the services of an independent disability insurance broker is recommended as they will have access to a wider choice of policies and will not try to sell a plan that fetches them a high commission.
Benefits of Availing Short-Term Disability Insurance
Short-term disability insurance can be a smart choice for medical professionals. These plans last from three to six months. The plan can start paying you within a week or two of your illness or injury. Short-term policies can cover up to 60-70 percent of your after-tax income. Some of the key benefits of short term healthcare professionals insurance are:
- They are affordable and will not cost you a hefty premium
- If you are having group disability insurance, your employer will pick up most of the tab, if not all. This can save you money while providing adequate cover.
- Short-term policies come with a short elimination period, meaning you can claim up to 60 percent of after-tax income in as little as seven days.
There are a few downsides too of availing short term disability plan
- As the income is capped in short-term disability insurance, you will not get 100 percent of your after-tax income. The best you can claim is around 60 to 70 percent of your after-tax income.
- The policy does not cover medical expenses. For that, you will need health insurance.
If you are planning a private short-term disability insurance policy, make sure you choose the services of a reputed and reliable disability insurance broker. MGIS is the best national insurance program manager, known for providing the right healthcare professionals disability insurance to doctors and paramedical staff.