Disability Insurance for Dermatologists

As a dermatologist, you likely have a good understanding of the financial and emotional effects that disability conditions may have. You may have seen many situations where having financial protection against unforeseen issues that might impact someone’s ability to provide. Many people are happy with an emergency fund or general health insurance plan.

However, while all these are important, the extent to which they can cater to an injured or ill person is limited. This is why you need a disability insurance policy that is customized for dermatologists. This will not only take care of your medical bill when you become disabled but will adequately protect your income. Portable and flexible disability insurance that comes with an own-occupation package will help protect your future and your loved ones.

As revealed by disability statistics, over 1 in 4 of today’s 20 year-old Americans will become disabled before they retire. The income protection comes in the form of disability benefits that you will receive if you are unable to practice your specialty regardless of whether you are still engaged in another medical profession or another job entirely.

Disability Insurance for Dermatologists

Why Do Dermatologists Need Disability Insurance?

The best way to capture the numerous benefits of disability insurance is to understand that it protects your income in the following ways:

Protection of Your Income

As a dermatologist, your greatest asset is your ability to practice and earn a living from your profession. If you can longer practice due to an illness or accident, your earning power will automatically be affected, and that can have a negative impact on your welfare and that of your family. With disability insurance coverage, you are guaranteed income from your insurer.

Protects You from Poverty

There is a strong connection between disability and poverty. According to Center for Poverty Research, the University of California, 29% of people with disabilities live in poverty compared to the 15% of people with no disability. With a disability insurance policy in place, you will be protected from adding to the number of U.S. residents living in poverty due to disability.

Covers Your Dependent Family Members

Disability insurance provides coverage that will not only be useful for your treatment but to also take care of your loved ones. The benefits received can be used for your children’s school fees and other expenses.

Individual and Group Disability Insurance for Dermatologists

Individual and Group Disability Insurance for Dermatologists

The availability of disability insurance policy for dermatologists is not only in the context of the types available but also the providers of the plan. There are two channels through which you can buy a disability insurance policy as a dermatologist. You can purchase either a group or individual disability insurance policy.

Individual Disability Insurance Policy

This is the policy you buy directly from an insurer. You get to choose your insurer yourself, customize your policy based on your needs and medical specialty, and it is usually guaranteed renewable (you can transfer it from one employment to another). Additionally, it pays bigger disability benefits than a group policy. You need individual disability insurance to complement the group policy offered by your employers.

Group Disability Insurance Policy

This is an employer-provided disability insurance policy. Most medical establishments provide employees with group disability insurance coverage as part of their employment package. It is alarming to note that 50% of disabled Americans are in their working years, from 18-64. This has compelled most of U.S. employers to, as a matter of necessity, provide group disability insurance policy for their employees. However, LTD insurance coverage has limited benefits compared to an individually-bought policy.

What Should Dermatologists Look for When Buying Disability Insurance Policy?

The best part about disability insurance is the opportunity it offers for you to customize your contract to reflect your profession and needs as a dermatologist.

However, this golden opportunity could be missed for those without the prior knowledge of the dynamics of the insurance world.

You need to be equipped with and guided by the latest information so you don’t end up buying a policy that is unsuitable for your profession, taste, and standard of living. You can enhance your policy with the following:

 

What Should Dermatologists Look for When Buying Disability Insurance Policy

Consider the Premium Rate

Your premium rate will be determined by some factors which include your age, medical history, choice of the waiting period, benefit period, and your chosen optional riders.

Limited Partial Benefit

Some illnesses usually begin with partial disability and later become a total disability. With this option in your policy, you will not have to wait until you become totally disabled before getting disability benefits.

Cost of Living Benefits

With this option, your disability benefit increases annually to keep up with the U.S. inflation rate. Other things to consider include Automatic Increase Benefits, Residual Riders, Future Purchases or Increase Options, and Non-cancellable options.

What Kind of Disability Insurance Policies are Available to Dermatologists?

There are two major types of disability insurance coverage – Short-Term (STD) and Long-Term (LTD) Disability Insurance. However, each of these two types has several variations which are tailored for professionals in the medical field.

Both long-term and long-term policies cover the insured persons during disability. The difference, however, is in the timeframe (coverage period) that each provides its disability benefits. A short-term disability insurance policy, as the name implies, provides coverage for a limited period while the long-term disability insurance policy covers an insured person for quite an extended time. So, which is the best for a dermatologist among the two options?

The truth is there is no basis for comparison between the two as they each of them is suited for different people depending on their situation. This is due to the differences in elimination and coverage periods in each type.

What Kind of Disability Insurance Policies are Available to Dermatologists
Elimination Period or Waiting Period

Elimination Period or Waiting Period

When disability strikes and your insurer has ascertained that the nature of your condition meets the disability definition as stated in your contract, you will have to wait for a certain period before you start receiving your disability benefits.

The elimination period is the waiting time between when you become ill or injured and when you can start getting your disability insurance benefits. A short-term disability insurance policy waiting period is between 0 to 14 days while the long-term waiting period is between 30 to 90 days.

The bottom line is that you need the two because the short-term will come to the rescue almost immediately after an illness or accident while the long-term though may come later but will proceed to cover you by the time the short-term coverage period expires.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will provide you with a flexible and affordable disability insurance policy tailored just for dermatologists. Becoming a member doesn’t require any medical examinations and we don’t discriminate against high-risk applicants or those with pre-existing conditions. You can get a free quote today for the best disability insurance policy for dermatologists.

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