Who are we kidding? There is no Physician’s Disability Survival Guide because the idea that you can run your practice, your business, and your home on 40% of your pre-disability income is absurd. Even more absurd is the fact that many physicians are underinsured -- as far as income protection goes-- when they don’t have to be.
Forget about just getting by. Physicians can supplement their individual disability insurance with Group LTD insurance. This coverage can be layered right on top of any individual disability plan with no offset or coordination of benefits. It’s not expensive. Typically, the cost for up to $10,000 in monthly coverage averages $250 per month, depending on your specialty and the demographics of your group. And group LTD coverage is easy to buy. In fact, most group plans are “guaranteed issue,” thus eliminating the need for medical questions or examinations.
Seriously, let’s talk numbers. If you only have individual coverage, you could be one step – or misstep, so to speak -- away from being in a world of hurt, financially and otherwise. I would like to explain how combining your individual coverage with group coverage can protect up to 80% (or more) of your pre-disability income (assuming $25,000 monthly income) -- tax-free. You can reach me at (broker contact information here.)
If you already have group disability coverage and it’s been a while since you reviewed your contract, please take advantage of our free, no-obligation analysis of your current coverage. Just click here. (Note to hyperX: this link connects to landing page.) The Physician Group Disability experts at MGIS will review your current policy, identify critical gaps in coverage, and recommend custom solutions.
Johnny B. Broker