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Group Long Term

Small physician practices where coverage is required for 2 to 9 lives, can obtain group Long Term Disability (LTD) contracts offering long term "own occupation" definitions of total disability with up to $10,000 per month of income protection. Availability of the coverage is dependant on specialty and average age of physician group.

Larger practices where coverage is required for 10 or more, can obtain as much as $15,000 per month of coverage. Long term specialty-specific definitions of disability are available and mixed specialty practices can obtain more competitively priced coverage. The type of coverage provided is driven by physician specialty because certain insurance carriers decline to cover invasive specialties.

Coverage is usually limited to basic monthly earnings and may not protect performance based income or outside practice income of employed physicians. Typically it replaces between 50% to 60% of income up to a pre-set maximum monthly benefit. The level of maximum monthly benefit may be inadequate for some physicians because it may not insure all of the physician's basic monthly income. For example, policies offering:

  • 60% up to $5,000 per month only insure up to $100,000
  • 60% up to $8,000 per month only insure up to $160,000

Group and individual polices are also being combined by select carriers on a guaranteed issue basis to:

  • lock in the fluctuations of group rate
  • capitate potential benefit payouts (and the subsequent reserves)

You can choose from a variety of policy design features to tailor a policy to help meet the income protection needs of your employees. Additional levels of protection for infectious and contagious conditions are also available.

And with InsMed, you'll also discover how our onsite enrollment and management capabilities can make managing benefits easier.

Benefit limitations may apply including those pertaining to environmental and self reported disabilities.

To receive a quote, please complete our online form, or for more information send us an e-mail, or call our office at 800-214-7039.