People are often concerned about the purchase of physician disability insurance. There is a great deal of misinformation out there and not all of it is true. While there are some myths you need to know, in general, buying this type of coverage from an experienced agent is the best idea. The misconception most people have is thinking that they need to get a doctor’s recommendation to purchase coverage through an agent. The truth is that you can purchase this type of coverage without a doctor’s recommendation, but you will probably have to pay more.
The short answer is you should purchase physician disability insurance through an independent broker who has extensive experience working with doctors. There are several independent insurance brokers on the Internet today who have experience working with physicians and are willing to work with you. The advantage of working directly with these types of brokers is that they will have direct access to one of the largest groups of physicians in the country. These agents will also have established relationships with health maintenance organizations (HMOs) and other health insurance carriers.
What does this mean to you? Well, it means you will be paying the same rates as any other person who obtains coverage through the same broker. However, this is not the only benefit to purchasing this type of policy. There is also a rider that comes with the policy that can help you if you have a pre-existing condition. This rider can allow you to keep your premiums lower if you meet the following requirements. First, you must be 65 or older healthcare professionals disability insurance.
Second, you must have not been deemed unable to do your job by a medical doctor within the last 12 months. If you fit either of these requirements, you are eligible for a physician disability insurance rider. The most common requirement is the ability to do your job. There are many reasons physicians need to decide if a patient is able to continue working. Many conditions, like diabetes, heart disease, and some cancers require continuous monitoring.
Third, you must have worked in the same medical professional for two years. For example, physicians need to make a determination if a patient is physically able to continue working until the next level of medical care has been offered. In addition, physicians need to decide if the patient is unable to continue due to a pre-existing medical condition. A couple of other requirements are that the patient must have a disabling physical illness that requires constant hospitalization or home care, that the patient must be in serious financial need, and that the condition is expected to worsen for at least six months.
If you fit any of these categories, you are probably already aware that there are a number of benefits available to those who purchase physician disability insurance. In order to make sure you find the best insurance product for your needs, you should contact multiple insurance agents. Not only will this ensure you receive the best coverage, but you will also ensure you receive an offer from several different companies.