Disability Insurance for Dermatologists

The Importance of Own Occupation Disability Insurance for Dermatologists

Disability Insurance

True Own Occupation Disability Insurance is something that every physician should hold in great value.  Since I started in 2004 working with physicians, I've learned that the statistics of how many physicians actually file for disability insurance was mind-blowing in that 25% of physicians will file for disability insurance at least once during their career.  

The majority of these claims are filed by physicians whose medical specialty requires them to treat their patients at both the clinical and procedure level.  (OBGYN's - ENT's - Gastroenterologists - Orthopedic Surgeons - Dermatologists) 

I make it a point to spend time teaching my clients about the many different types of disability insurance policies that are available to them while focusing their attention towards plans that protect them from the inability to perform the duties of their medical specialty without preventing them from working in a different capacity while collecting disability benefits.  

In general, disability insurance is designed to replace your income should you suffer a sickness or injury that prevents you from working.  While this might be good enough for most professionals who's jobs are broad in nature and their inability to do their job usually means they aren't capable of doing something else.  I find it frustrating how some individual disability carriers, agents, and associations advertise this General Disability insurance options as a viable product for White Coat Physicians, specifically Dermatologists, while it's clear that the terms of these contracts limit a Dermatologist from earning another income while collecting their disability benefits.

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General Disability Insurance known as Modified Own Occupation Coverage

In general, disability insurance is designed to replace your income should you suffer a sickness or injury that prevents you from working.  This might be adequate enough for most professionals who's jobs are broad in nature and their inability to do their job usually means they aren't capable of doing something else.  But physicians are some of the most highly trained and educated professionals who's abilities to contribute in other areas might not be fully compromised from a disability.  I find it frustrating how some individual disability carriers, agents, and associations advertise this General Modified Definition of Own occupation as a viable solution for White Coat Physicians, specifically Dermatologists, while it's clear that the terms of these contracts limit a Dermatologist from earning another income while collecting their disability benefits. 


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Own Occupation also is known as Own Specialty Disability Insurance

Own Occupation Disability Insurance is designed to not only replace your income should you suffer a sickness or injury that prevents you from working it's also designed to protect your ability to continue to work in another capacity should you choose to do so without eliminating your disability insurance benefit.

Here's an example - say you have an injury that prevents you or makes it uncomfortable for you to continue to perform hands-on treatments and procedures but your ability to work with your patients on a clinical level is not impacted.  With an Own Occupation Disability plan, you could receive 100% of your total Tax-Free disability benefit even though you are still earning an income working in a different capacity.  Having Own Occupation Disability insurance gives you the flexibility to maintain control of your career even when a disability presents itself and being able to maintain control of your career is where the true value of Own Occupation Disability insurance shows itself.  

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Dr. Laurie Polis

Three years ago, I was introduced to a wonderful female Dermatologist in New York City, Dr. Laurie Polis.  Dr. Polis had an amazing practice where she was responsible for treating movie stars and performers that you would be familiar with if I shared their names with you.  Dr. Polis was also an 11-year television personality on QVC for the promotion of Proactive Skin Care products.  

A few years back, Dr. Polis was diagnosed with a severely debilitating disease that has affected her ability to use her hands and perform certain aspects of her Dermatology practice.  

If you met Dr. Polis in person, you wouldn't just be blown away with her amazing personality, but you'd probably think she still has tons to contribute to the world of medicine, however, because Dr. Polis owned mostly General Disability insurance that only protected her from the complete and total inability to work she is not permitted to earn another income regardless of her variety of capabilities.  Unfortunately, the bulk of her disability coverage was provided through the AMA sponsored disability insurance plan. 

Dr. Polis still possesses talents, knowledge, and skills outside of her ability to work as a Dermatologist, and she is often presented with offers such as book deals and speaking engagements which her disability insurance carriers would consider "gainful employment" so, therefore, she must decline.   

If I had met Dr. Polis sooner, she would not only be collecting her full Tax-Free disability benefit, she would also have the freedom to engage in any activity or gainful employment that she saw fit without having to worry about losing her disability benefits for doing so.  Instead, Dr. Polis is limited to remaining a wonderful friend and mentor to members of our agency and she volunteers her experiences so that I can be equipped with the knowledge of things that are important to other Dermatologists in hopes that what happened to her will never happen to you. 

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I Can Help

Today there are only six insurance carriers that offer "True" Own Occupation disability insurance to Dermatologists.

I like to quote all available carriers so we can pick which one has the best rate for the coverage you need.  It's crucial when you are looking for Own Occupation Disability Insurance that you have an accurate expectation of the costs.
  

Quote Example

Male Dermatologist - 40 Years Old - $10,000 Per Month in Coverage -90 Day Wait - Age 67 Benefit Period - Cost Of Living Rider -Enhanced Residual Coverage - Future Purchase Options 

 

$460.79

Per Month

$861.29

Per Month

$560.22

Per Month

$367.63

Per Month

Contact me to get quotes specific to your Age and Benefit Eligibility

Often, with certain carriers, additional discounts may be available based on your hospital or work affiliations.  

Unfortunately, It's too late for Dr. Polis, but I pledged to her that I would do my best to make sure that her story was shared with other Dermatologists before it's too late for them too.  If you are confident you already have the proper protection, but you want to run it by me, I"m happy to look.  If I can help or if you have any questions, please contact me directly.