How Idaho Physicians Should Compare Policies
1. Understand the Definition of Disability
One of the most important aspects to consider is how the policy defines disability. Look for policies that offer an “own-occupation” definition, which means you will receive benefits if you are unable to perform the duties of your specific medical specialty, even if you can work in another capacity.
2. Evaluate Benefit Amounts and Periods
Determine how much coverage you need by evaluating your monthly expenses and income. Policies typically offer benefits up to a certain percentage of your income. Also, consider the benefit period, which is how long you will receive payments. Some policies offer benefits until age 65, while others provide lifetime coverage.
3. Check for Additional Riders
Riders are optional provisions that can enhance your policy. Common riders for doctors include:
4. Review Exclusions and Limitations
All policies have exclusions and limitations, which are situations or conditions that are not covered. Carefully review these to understand any potential gaps in coverage. For instance, some policies may exclude disabilities resulting from pre-existing conditions.
5. Compare Premiums
While it’s important to find an affordable policy, the cheapest option isn’t always the best. Compare premiums in relation to the benefits offered. A slightly higher premium may be worth it for more comprehensive coverage or better benefits.
6. Consider the Insurance Company’s Reputation
Research the insurance company’s financial stability and reputation. Look for companies with high ratings from independent rating agencies like A.M. Best, Moody’s, or Standard & Poor’s. A reputable company is more likely to pay claims promptly and provide good customer service.
