Have you thought about how you will pay your malpractice insurance bills if you need to go on long-term disability (LTD)? Of course, you think it will never happen to you but if it does, paying malpractice insurance bills can be difficult to say the least. Here are two solutions to consider:Malpractice Insurance Rider – For the first time in the industry, a Malpractice Insurance Reimbursement rider, is now available. This rider will provide some financial relief when it’s really needed. With this rider, you will be reimbursed payments due and paid during a 12-month period while on approved disability – up to a total of $25,000. And don’t worry, if that’s not enough, higher maximums and longer durations are available to eligible groups upon request.
Pension Contribution Rider – Another concern you might have is how you would continue to contribute to your retirement program while you are out on Long Term Disability. With a pension contribution rider, your retirement income is protected by continuing all or a portion of the contributions to the retirement plan. Your disability doesn’t have to get in the way of being able to properly provide for your retirement years.
If you don’t have a solid plan for Long-Term Disability (LTD) Coverage, speak to your insurance specialist today. To help you kickstart this process, here are 7 key questions that physicians or administrators should ask prior to buying group LTD coverage:
1. Is a physician’s occupation defined in the LTD policy as his or her specialty or sub specialty?
2. Are a physician’s "material duties" defined in the LTD policy as the specific procedures he or she is currently performing?
3. Will other earnings received while disabled prevent a physician from qualifying for or receiving disability benefits?
4. Are the number of hours a physician worked before disability considered a "material duty"?
5. How does the LTD policy determine a benefit when a physician is partially disabled?
6. Can the LTD carrier terminate a claim if a physician will not work part-time, perform partial duties, work to "maximum capacity," or moves outside the U.S. or Canada?
7. Who will be handling your LTD claim?
You don’t want to be asking these questions when you are submitting a claim. Speak to an insurance professional today.
