Many doctors have seen firsthand how common disability can be, and many understand the need for insurance coverage to address this risk. Still, some doctors may put off purchasing doctors disability insurance until an indefinite later date. Unfortunately, doctors who delay purchasing this insurance leave themselves exposed to the following potential problems.
1. Inadequate Emergency Savings
Many doctors may think they have adequate savings to support themselves in the event of disability. However, severe disabilities may last for years or life, creating a financial burden that most people cannot handle. Even a relatively short-term disability that lasts between 6 and 12 months may prove financially burdensome.
2. Ineffective Coverage
Some doctors may be tempted to consider employer-based group plans over individual disability insurance, but this may not be the best option. Group plans often feature stricter terms and lower coverage amounts, and in the event of occupational changes, coverage may be lost entirely. Private doctors disability insurance can typically provide stronger protection.
The risk that a doctor will become disabled before taking out protective insurance is not trivial. The Centers for Disease Control and Prevention reports that as many as 57 million Americans currently suffer from disabilities. Unfortunately, many disabilities may not qualify for government benefits, leaving victims dependent on personal savings and insurance plans.
Mitigating the Risk
Physicians should appreciate the serious threat of disability and related financial strife. Compared to these potential costs, the expenses associated with a doctors disability insurance policy are easily worthwhile.