Health care Providers can Insure their income.

March 27, 2012

We insure so many healthcare providers, we have been remiss lately in not underscoring the importance of taking the proper time and allocation of resources to insure our ability to work. The income derived from the services provided is completely dependent on your health, and often physical skill. Whether you stand for hours at a time, or you use your hands to manipulate and adjust patients, having physical health and strength is mandatory to earning a living as a healthcare provider. For years, our agency has provided disability insurance to replace the income that you depend upon if you can’t work.

Disability insurance is purchased by monthly benefit amounts, is underwritten according to your health and work and income history and variables, and often once you lock in a low rate, the policy will remain priced at that rate. This means that the earlier you act to purchase this important insurance, the less you will pay each year for this protection.

Disability Insurance policies protect surgeons, chiropractors, nurse practitioners, integrative medicine physicians, anyone who earns a living in this large, wide industry will likely have a medical specialty rating category. Priced like medical malpractice insurance, the risk varies according to you occupation class. Some specialties may have a higher risk of going out on disability insurance claim. We will work to match your specialty, your monthly income needs with the right insurance company. In addition to pricing varying by specialty and medical category, premium is mainly a function of your age,

Take action, as in life insurance, sitting on these decisions can be very costly. Once your health changes, if you possess a permanent illness or injury, you may be ineligible for these products.

We insure our cars. We have coverage on our homes. Our lives are probably insured as well. I’ve pasted in some startling statistics about the odds of becoming disabled,these are from Pinney Insurance Associates’, a valuable resource for us as we work with our many clients to help them with disability and life insurance needs. If you are one of the lucky ones who have a group LTD policy covering your income. Go ahead; check the “fine print” in your benefits booklet. Your policy will pay you 60% of pay up to $5,000 monthly after a 90 day waiting period. Great! This is true “peace of mind”…or is it?

  • If your earnings are over $100k, you are not getting 60% - A 90 day wait is fine, unless your savings only stretch 78 days -
  • 60% of pay sounds sweet - until we call it by its real name - a 40% pay cut!

Probability of Disability for Six Months or More Before 65 -versus- Death Before 65

With these odds, with these facts, isn’t it time to take a look at disability insurance?

If it is to be an income replacement policy, we will work with you to document your exact earnings and overtime and bonuses; then, we process a health/life application contemplating how much Long Term Disability Insurance you have currently.

If it is key employee coverage, you'll need to know who (employer/employee/both) will be paying for what part of the premium and who will get the benefit payments if disabled.

  • For buy-sell disability, accurate data on all owners and business values are essential.
  • In all policy types we must know not only job titles but exact duties. Also, information about any hazardous sports, prior injuries (especially back problems), or mental and nervous conditions are needed to give you the confidence you deserve that the proposal is as reliable as possible.

We have been working with physicians for year,

Let us help you find the right policy and take action now. Income replacement disability income insurance pays when no one else will.