It is essential that healthcare workers maintain disability insurance, but simply carrying insurance is not adequate protection: it is vital to choose the correct coverage. A recent study indicated that at least 51 million working adults in the United States don’t have comprehensive disability insurance. The purchase of disability insurance may be a new and challenging effort for many – made all the more complex when you encounter industry jargon. Below are the basics: what you should know about financial protection as you choose a disability policy.
This type of coverage protects you in the event that you can no longer perform all of the duties associated with your particular specialty, and thus will provide benefits even if you were to find a new job that your disability will allow you to do. A true own-occupation policy provides healthcare workers with the maximum amount of protection. Should a surgeon, for example, suffer from a disability or illness that will no longer allow the surgeon to perform surgery, but allows that physician to consult or teach, the former surgeon would still be eligible to collect benefits if he or she has own-occupation insurance.
Riders allow you to customize your policy for maximum coverage. Here are the most popular disability policy riders:
Disability insurance is too often overlooked, but healthcare professionals need to obtain this coverage in order to protect themselves and their families. It is more likely that an unforeseen illness or injury will suddenly affect a healthcare worker’s income than that the professional will die unexpectedly. If you are a healthcare professional and you want to avoid the long-lasting repercussions on your finances caused by any unexpected injury or illness, disability insurance should be part of your financial plan.
To speak with one of our professional consultants about disability insurance for healthcare workers, get in touch with medtigo today.