Disability Insurance for Orthodontists

According to a study by the Council for Disability Awareness, 62% of personal bankruptcies were a result of medical problems. Without a protective disability insurance policy, coping with financial responsibilities after a disability can be a difficult experience.

As an orthodontist with several years of training and education plus several hundreds of thousands of dollars in student debt, it is a necessity to have a disability insurance policy that will guarantee income payments if you become disabled.

Disability Insurance for Orthodontists

Why Do Orthodontists Need Disability Insurance?

The following are some of the ways that you and your loved ones can benefit from a disability insurance policy tailored for your needs as an orthodontist.

You Can’t Afford to Lose Your Huge Career Investment

Becoming an orthodontist is one of the longest processes in the medical field. It requires over a decade of studies and training to receive a DDS/DMD degree. All these stages combined together will, according to The Keen Dentist, cost you a million dollars. Disability insurance benefit payments will help you not to lose this huge investment to illness or accident.

It Protects Your Income

Being disabled without a regular income is one of the fastest routes to poverty. As revealed by the University of New Hampshire, about 21% of people with disabilities in the U.S. live in poverty. The disability monthly income benefit payments guarantee you a financial safety net.

Your Emergency Fund Has Its Limit

As an orthodontist, you may already have an understanding of the importance of emergency funds and health insurance during your training. While all these are very necessary, there is a limit to what they can offer you if you become disabled. A well-defined disability insurance policy that is structured according to your medical field is the best financial protection for your health and wellbeing.

It Covers Your Dependent Family Members

As an orthodontist with dependent family members, being disabled won’t stop the payment of household bills, children’s school fees and other expenses expected of you. With the disability insurance benefit payments, you will be able to provide for your loved ones especially if you are the breadwinner of your family.

Cost of Treating Life-threatening Diseases on the Rise

The U.S. Centers for Disease Control and Prevention revealed that, annually, more than 1.6 million Americans are diagnosed with cancer, more than 30 million Americans have diabetes, and 54 million suffer from arthritis. Yearly, $3.3 trillion dollars (90%) of the country’s annual healthcare expenditure is spent on these chronic conditions as well as mental health conditions. A disability insurance policy covers these life-threatening ailments and other pre-existing conditions by helping you to pay all the medical expenses with ease.

What Kind of Disability Insurance Policies are Available to Orthodontists?

As an orthodontist, you can choose to buy a group or individual disability insurance policy. Group insurance is usually provided by your employer while an individual policy is bought directly from an insurance company.

In most cases, medical professionals don’t rely solely on group policies; they usually buy an individual policy that will allow them to customize their disability insurance plan according to their needs.

There following are some of the disability insurance policies which can be bought by an orthodontist either individually or as an employer-provided plan:

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Short-Term Disability Insurance Policy

A short-term disability insurance policy (STD) provides disability benefit payments for a specified period. The income payments usually begin after a 7 to 14-day elimination period (the waiting period between disability and benefit payments commencement). The coverage stops at the end of the agreed period in the contract, which can be between 9 to 52 weeks.

Most short-term contract benefit payments range from 40% to 60% of your income, depending on the chosen premium rate and policy level. Its affordability and fast elimination period which allows you fast access to the benefit payments make STD coverage an essential plan for orthodontists.

Long-term disability insurance Policy

Long-term disability insurance coverage, as the name implies, provides disability coverage for a long period. The coverage period of long-term policies is determined by the policy chosen and premium rate. It ranges from two years, five years, and ten years. In some cases, however, it can be paid up to the retirement age. The elimination period can be between 3 to 6 months. Although LTD is usually more expensive than STD. However, its longevity in the coverage period makes it a necessary choice for an orthodontist as it helps better during long-term disability conditions.

Long-Term Care Insurance

Also worthy of mention is long-term care insurance. Though not as popular as the two explained above, its uniqueness makes it suitable for an orthodontist. Long-term care insurance is designed to provide coverage for both medical and non-medical care for policyholders with chronic illness or disability. It helps in paying the medical bills for someone whose medical conditions require the same level of care as the one received in a nursing facility.

What Should Orthodontists Look for When Buying Disability Insurance Policy?

Without the prerequisite knowledge of disability insurance coverage, you may be sold less or more coverage than what you need.

Whether you are buying a short-term or long-term disability insurance policy, the following are some of the factors you must take into consideration to ensure you get proportionate value for your money

Essential Features for Your Medical Specialty 

As an orthodontist, some of the must-have features to include in your disability insurance policy include own-occupation, non-cancellable, residual rider, future purchase and benefits guaranteed to retirement age.

Buy When You Are Still Healthy

Buying a disability insurance policy as a healthy person is very advantageous as you will be considered as a less-risk applicant.

Due Comparison

Compare different policies from different companies. However, the comparison should not be based on prices alone; it must include qualities of features attached to each policy.

Consider Your Current Income

Your current income will determine the type of policy you can get.

Work with Trusted and Experienced Agent

You need an insurance agent to guide you through the process..

How Gold Coast Life Insurance Can Help?

At Gold Coast, we provide orthodontists with customized, affordable and quality disability insurance policies with no medical examination required. We will also guide you through the process and ensure you and your loved ones are well-protected all through your career and retirement. Whether you are a high-risk applicant or with pre-existing conditions, we can help. Get a free quote now for the best disability insurance policy for orthodontists.

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