How to Get Affordable Physicians Disability Insurance by Yourself

With Covid-19 having thrown our lives completely out of gear, disability insurance is suddenly more important than ever. The crisis may have affected people all over the world but its severest impact has been felt on healthcare professionals. Not only have doctors treating Covid patients faced physical disabilities, but many have battled mental trauma and serious burnout. This is why doctors disability insurance is so important today.

What is disability insurance and why do you need it as a doctor?

As a medical professional, you need to buy healthcare professionals disability insurance to protect your income if you cannot work for some reason. It is to stay prepared for the unexpected, because Covid has taught us how unpredictable life can be. The pandemic-induced pressure faced by the medical fraternity has led to doctors scurrying to disability companies for affordable coverage. If you are on your own, you can reach out to a disability insurance broker who can help you choose the best coverage for the best rates.

Healthcare professionals may enjoy high earnings because they typically have their own practices besides working at hospitals. However, their financial solvency is completely dependent on their ability to continue working. If they are unable to do that, they cannot support themselves or their loved ones. 

Things to know to get physicians’ disability insurance on your own:

If you wish to have a safety net for finances, you need an income to finance the plan. Disability insurance will ensure that this income is replaced if you lose your capacity to earn because of some form of disability. Reports suggest that doctors have a 30% chance of facing disability and losing income because of some unexpected sickness or injury during their careers.

• To get the best coverage for yourself as a doctor, you need to understand why disability insurance is necessary and which the best disability insurance services are.
• Short-term and long-term coverage differ according to duration for which income will be paid by the insurer. Short-term disability insurance starts a week after disability happens and continues for a few months. Long-term disability kicks in after 90 days post the injury or accident triggering disability. It continues until complete recovery or expiry of benefits period.
• You must understand what is meant by true own occupation, transitional own-occupation, modified own-occupation, and any occupation coverage. The best definition of course is “own-occupation” which guarantees the best protection for physicians. It means you will be given full benefits if you cannot do the specific work or specialty for which you are qualified. For example, a cardiovascular surgeon unable to do surgery but working as a teacher can receive full benefits.
• To understand what is meant by elimination period, riders, maximum benefit periods, discounts, etc it is best to reach out to a disability broker advisor. Disability insurance is not easy to understand. You need time for researching and comparing options and a broker can do this for you. The broker will get in touch with different insurers and try to get you the best coverage. He works in your interest, not the interest of the insurance company.

MGIS is one such insurance program manager that offers high-end customer service for medical professionals needing disability coverage. MGIS boasts of a huge, nationwide broker network and can cater to risks related to advanced healthcare occupations. As experts, they can advise you on the best doctors disability insurance coverage for yourself.