Physicians Disability Insurance is a policy designed to protect the interests of physicians who are unable to work because of an injury or illness they may have sustained. There are three different types of physician disability insurance, each one having its own set of guidelines in determining whether a physician can be insured. A few of these policies actually require physicians to have a specific number of pre-existing conditions before they are eligible for coverage. Other disability insurance programs simply do not require physicians to have any pre-existing conditions. It is important to understand the difference between these two types of plans so you can choose the one that best meets your needs.
It is important to note that there is considerable variation among insurance companies regarding whether or not they will pay out if a physician has a pre-existing condition. Some companies will simply deny coverage altogether, while others will pay a portion of a physician’s claims. It is therefore important to do a fair amount of research and comparison shopping in order to find the policy that best suits your needs and budget. Only after you’ve compared the various options you should make your final decision.
The two major types of physician disability insurance available to physicians are managed care plans and fee-for-service plans. Managed care plans provide for coverage while the physician is recuperating from an injury or illness and do not require him or her to stay in an in-hospital facility. Typically, the physician’s family is liable for any out-of-pocket expenses incurred by the physician while he or she recovers. The plan then pays for the cost of any consultation or services rendered by the physician while he or she is in the hospital. Most managed care physician disability insurance plans also cover non-providential visits and preventative care such as immunizations and physicals.
Fee-for-service plans are similar to managed care plans, except that the service hours for physicians disability insurance are generally prearranged. Providers of this type of plan generally pay a flat rate fee for all physicians’ services. However, there may be a limit on the number of non-emergency appointments that can be scheduled each month. There is also usually a cap on the number of physician referral fees that can be charged.
For those physicians who are self-employed, finding a physician disability insurance plan that meets their needs may be more complicated. Self-employed physicians will most likely have to obtain coverage independently. However, some private insurance companies have begun to offer physician-directed policies that can be purchased directly through an agent. These policies often have reasonable restrictions on the types of non-urgent care services that can be covered and may cover up to a certain amount for a non-emergency physician’s services.
Finding the right physician disability insurance policy for your physician is not only a personal matter. It is also a financial one. Not only do you have to consider the salary you could earn in a given year, but you also have to factor in your co-payments, out-of-pocket expenses and the possibility of any deductibles. Furthermore, you will want to consider how much you would be able to afford to deduct each month if an emergency needed to be treated. All these factors need to be taken into account when you are trying to come up with a plan that will help you manage your own personal finances in the event you are no longer able to work.
Another issue that comes with physician disability insurance comes in the form of worker’s compensation benefits. Many states have laws that prevent doctors from denying workers compensation to individuals who have experienced a physical impairment that makes it difficult for them to perform their job. In many cases, physicians voluntarily decide to accept these benefits in an effort to avoid having to make disability claims. However, if you are denied such benefits, it may be necessary for you to make a physician disability claim.
Physician disability insurance is an important part of any medical professional’s health care plan. However, it is equally important for you to keep in mind the importance of making the right decisions. Remember to take your time when deciding upon this important part of your health care. It is better to err on the side of too much protection than to have a plan that does not provide you enough coverage.