Disability Insurance for Rheumatologists

It would be a large financial risk to lose your ability to earn income without anything to fall back on. According to Brookings, 3.8 million Americans in their working age live in poverty. Without a regular and sufficient income, coping financially with a disability can be very difficult. As a rheumatologist, you are most likely having either basic or supplemental disability insurance as part of your employee benefits.

However, as you advance in your medical practice and your pay increases, it is essential that you periodically review your current disability coverage at work and determine if it can adequately cover you and your family if you become disabled.

Disability insurance provides a certain percentage for your current income if you have a disability that affects your earnings. Also, it can be customized for the level of your current income and status so it could provide sufficient coverage whenever the need arises. With this, you will not have to live below your standard because of disability.

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Why Do Rheumatologists Need Disability Insurance?

As a rheumatologist, you need disability insurance for the following reasons:

Disability Can End Your Income

An accident or illness can cause a devastating setback on your career and render you unfit to practice your medical profession thereby leading to either partial or total loss of income. You need disability insurance to replace your lost income. Your insurer pays you a certain percentage of your current income continuously over a fixed period to help meet your financial needs.

Disability Causes Financial Hardship

Disability remains one of the major causes of poverty in the U.S. As revealed by Cornell University, an estimated 26.1% of disabled non-institutionalized persons aged 21–64 live below the poverty line. The reason for this is not far fetched, as there is a vast employment gap (35.9% vs 76.6%) between people with disabilities and people without disabilities. With a disability insurance policy, you can live above the poverty line with your monthly coverage.

Disability Causes Personal Bankruptcy

As revealed by HuffPost, 62% of personal bankruptcies filed in the U.S. are due to medical problems. Other factors on the list include job loss, and reduced income, which are part of the aftermath of disability. In addition, disability makes people forfeit assets they have spent all their lives working for when they lose their source of income. This can be avoided by having flexible disability insurance that will help you with your debts even when you can no longer work.

You Can’t Rely on Social Security

If you are banking on social security to cover you when disabled, you may want to reconsider that plan. According to the Council for Disability Awareness, in 2012, the average monthly benefit paid by SSDI is $1,130. Also, 65% of initial claim applications were denied by the organization. As a rheumatologist with dependent family members, how well can a little over $1,000 per month cover you if you become disabled? Having a disability insurance policy is the best form of protection when disability happens.

What Kinds of Disability Insurance Are Available to Rheumatologists?

As a rheumatologist, there are two major types of disability insurance you can get. They are short-term disability insurance and long-term disability insurance. However, your policy can be purchased from any of these three options:

Group Disability Insurance

This is an employer-provided policy which you are likely to have already as a practicing rheumatologist. You can get the basic policy, which in most cases your employers pay the premium, or you buy an additional supplemental plan that will have the premium amount deducted from your salary. Group disability insurance is often the easiest and least expensive choice. However, it is the least reliable as it is not portable (tied to your employment), provides limited coverage and options, and may be taxed.

Disability Insurance through Medical Associations

Various medical associations in the U.S. have disability insurance plans for their members. The benefit payments t through this option is usually tax-free and it is portable. Also, it is usually tailored for medical practitioners and the premiums are highly favorable to every policyholder due to the purchasing power of the associations. However, just like group policy, association policy also offers limited options.

Individual Disability Insurance

An individually-purchased policy is the one you get directly from an insurance company or an insurance agent. It is usually the most expensive of the three options but it the most reliable. It allows flexibility and can be customized to meet your needs. The benefit payment from an individual disability insurance policy is not taxable provided you pay premiums with after-tax dollars.

The disability insurance definition varies among different insurers. However, you can decide to add as many exciting riders that will guarantee you and your family adequate protection. Some individual disability insurance policies provide coverage for several years, sometimes till your retirement age.

It is always advisable to buy an individual policy to complement your group or association plan so as to have enough protection.icon-us

What Should Rheumatologists Look For When Buying Disability Insurance?

The following are some of the crucial things to consider when shopping for disability insurance:

Know What Determine Your Insurability

Your age, health, and income are some of the factors that will determine the kind of policies that will be available to you, and the amount. You need to know your Personal Disability Quotient, which helps you understand your chances of being disabled in your career.

The Recurrent Disability Feature

With this feature in your policy, if you have a recurrence of disability within a particular period, you will not need to observe another waiting period before you can start getting disability insurance benefit payments.

Coverage Period

It is important to know how long a policy will cover you if you become disabled. The coverage period varies depending on the policy. On average, most short-term policies provide coverage for three to six months while a long-term policy may cover you for years, or last until retirement age depending on the plan you choose.

A Financial Advisor

Before you buy a policy, you will need an expert insurance agent to advise you and help you shop for the best policy at the right price. You may end up paying more for a policy if you choose to do it on your own.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will help you get a flexible disability insurance policy that will protect you and your loved ones. It doesn’t matter if you a high-risk client or you have pre-existing conditions; we aren’t selective of our clients. If you want to protect your income with a quality disability insurance tailor-made for rheumatologists, it can be easily achieved by just getting a free quote today.

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