Useful Information
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Did you know?
Residents and fellows can insure 100% or more of their incomes during training
Medical underwriting can be waived when a practice purchases individual policies as part of its benefit package
The premiums paid by a practice owner for a policy that insures their ongoing business expenses is 100% tax deductible
Group long term disability policies can be obtained by practices with fewer than 10 full time employees
Voluntary offerings to large healthcare populations can be offered without medical underwriting and permanently discounted rates.
Most employer provided long term disability coverage will require you to be out for as long as six consecutive months in order to qualify for benefits
If your employer provides you with long term disability coverage for free, any benefit amount provided during a claim will be taxed.
Some policies that insure student loan obligations require the insured to be out completely and not be expected to return to work ………ever.
Individual policies can be used to raise the income placement percentage and maximum monthly benefit for employed physicians and executives
Group insurance policies usually only protect base salary
Residents and fellows can forfeit their right to a teaching hospital’s “guaranteed issue” coverage if they apply elsewhere and are denied due to medical conditions
Graduating physician who are entering practice can obtain coverage that’s greater than their actual earnings
The “guaranteed right” to increase the benefit amount of an individual policy will be reduced as you age.
Contributions cannot be made into a qualified retirement account in the event of a disability
Rates and provisions of individual policies are guaranteed not to change until the age of 65. The same isn’t true for group or association coverage.
Business overhead expense policies can cover hiring a locum tenens
Taking medication or seeking counseling to manage stress can affect your ability to secure coverage
Things to Consider
