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Disability Insurance Resources & Education

Learn How to Lower Your Physician’s Disability Insurance Cost

Learn How to Lower Your Physician's Disability Insurance Cost- Best Disability Insurance Cost- Specialized Disability Insurance Services

A physician's disability insurance cost can be steep enough to cost more than several other bills combined. Fortunately, there are a few ways to save and get discounts that put your prices below the average cost of disability insurance. For most, the best method is to look for discounts on this type of coverage.

Here are some of the best disability insurance discounts currently available. One of them may be just what you need.

Discounts for Medical Residents

These discounts are set up by insurance brokers like us here at Specialized Disability Insurance Services, so you'll need to work with one to get them. You also need to sign up before you graduate from medical school or training.

In some cases, these discounts are permanent. However, there are also medical resident discounts that only apply to your first policy term. Be sure to learn the details before signing on.

American Medical Association Discount

Insurance companies often give discounts to members of organizations that have worked out deals with them. One such organization is the AMA (American Medical Association), which many physicians are part of. You'll typically save 10-15 percent off of the regular rate if you take this offer.

Package Deals

If you buy a life insurance policy along with your disability policy, you may be able to save about 10 percent on the premiums. However, this is only a real deal if you ordinarily would carry both kinds of insurance. Many younger people do not carry life insurance.

Graduating Medical Education Resident Disability Discount

If you're a GME (Graduating Medical Education) resident, you might have access to a convertible group policy when your residency ends. To get the discount, you have to buy the policy through your GME program before graduation. Once you graduate, it converts.

These policies often have caveats to look out for. Be sure to get the full details before signing on.

Should You Replace a Policy that You Already Have?

It’s a good idea to switch policies in some cases, but this is not always the case. A new policy gets new underwriting, so if your health has taken a turn for the worse, it can be a bad idea to try to change it. You may find that you are no longer eligible for the deal that you already have, or worse, that no one will still cover you. In this case, the disability insurance cost is a secondary concern.

However, if your health has stayed on the good side, it is often worth switching if you can save 10-15 percent off of your current premiums. This much of a discount can add up throughout a career.

Quick Takeaways

  • Some discounts are only available through insurance brokers.
  • Some discounts are permanent, while others are introductory.
  • Being a member of the AMA or being in a GME program can save you money.
  • It's essential always to read the fine print of every offer.
  • In some cases, it's better to keep your current policy.

To get help with finding which disability insurance is best for you and getting any possible discounts, contact us here at Specialized Disability Insurance Services. We specialize in finding the best policies for those who are in or entering the medical profession.

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What Length of Disability Insurance Policy Should I Get?

Happy Doctor

If you’re a medical professional, you know there’s a possibility you’ll be disabled at some point. Yet with all the stress in your life right now, it’s hard to step back and figure out which disability insurance policy you need or what length of policy you should get. That’s why you should consult Blaine Lipkin at Specialized Disability Insurance Services. Blaine focuses on personalized services specifically for doctors and other specialized professionals.

Which Policy Should I Buy?

Consider these mistakes that doctors make when purchasing standard disability insurance:

  • Working with an agent who doesn’t understand the specific needs of physicians.
  • Buying from an agent who sells only one company’s policies rather than a broker who can provide many options.
  • Waiting until you’re older, and the average cost of disability insurance increases.
  • Buying a policy with exclusions and limitations.
  • Buying based only on price.

Why Do I Need Disability Insurance?

About one person in four will become disabled at some time during their working years. Doctors may be even more susceptible. Consider that the leading cause of disability is musculoskeletal issues such as back pain and arthritis. Many physicians have incurred debt and worked long hours for low pay to establish their careers. Disability can deprive you of the income you expect during your high-earning years to maintain your home and other assets. Still, you have questions about disability insurance. What classifies me as disabled? Will my premiums increase over time? What happens if I can still work but can’t earn as much? When will an insurance company start and stop paying? Are there special options I need? Policies vary, and there are no “one size fits all” answers. An independent broker with a thorough understanding of the field can guide you through. Some answers depend on your specialty or board certification. Premiums and benefits will be higher for higher-earning specialists.

Considerations for Women

According to the Bureau for Labor Statistics, women are more likely to become disabled and take longer to recover and return to work. Their rates tend to be higher. Pregnancy is an issue only women experience, and pregnancy is not in and of itself a disability. However, complications associated with pregnancy can be. It’s important for female doctorsto choose an insurer with policies and rates friendly to women.

So What Length of Policy Do I Need?

There are basically two types of disability insurance: short term and long term. Short terms disability is generally good for 90 to 180 days. Long term policies can cover you up to age 65 and even longer, but there’s normally a waiting period; usually the 90 to 180 days short term should cover. Short term costs less upfront but gets expensive to renew. The best long term disability insurance is less costly over time.

A Disability Insurance Specialist

Unlike companies that sell all sorts of insurance, Specialized Disability Insurance Services focuses on disability insurance. Blaine Lipkin is an independent agent with a depth of knowledge about disability insurance for doctors that insurance generalists can’t match. Call (646)-437-8679 for a free consultation on how to protect your earning ability.

 

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Disability Insurance and COVID-19: Is It Covered?

Lady Coughing

Without a doubt, the coronavirus pandemic has had an impact on everyone. This medical crisis has also created economic hardship as well. Numerous small businesses have had to close their doors due to the coronavirus and many people have found themselves without work. In some cases, people are unable to work because they have come down with COVID-19 themselves. One question that many people have is whether disability insurance covers them if they come down with COVID-19 and cannot work. There are a few points to keep in mind.

What Does Disability Insurance Cover?

The exact nature of disability insurance is going to vary from policy to policy. Therefore, everyone has to make sure they read the fine print on their insurance policies to understand what their disability insurance policy will cover and what the benefit is. Disability insurance is usually created to cover both injuries and illnesses. Therefore, in most cases, disability insurance should be able to cover people who are infected with coronavirus and are unable to work. At the same time, there are a few points to keep in mind.

Coverage Does Not Always Equal an Honored Claim

Just because someone has been infected with the coronavirus does not mean they are going to be able to file a successful claim. For disability coverage to apply, there has to be a medical reason why someone cannot work. Therefore, in some cases, social quarantine, where states mandate that people have to work from home, do not necessarily qualify someone for disability benefits.

Furthermore, when it comes to long term disability insurance, some survivors who are poor lingering symptoms of COVID-19 might also not be covered if they are still able to work through these symptoms. On the other hand, severe symptoms such as fatigue, joint pain, and shortness of breath that prevent people from working might qualify them for a long term disability claim.

Elimination Periods of Long-Term Policies

One of the biggest hurdles when it comes to qualifying for long-term disability due to infection with the coronavirus has to do with elimination periods. The elimination period of a disability insurance policy is how long someone has to be unable to work for medical reasons before they can start receiving their benefits. Many long-term disability policies have an elimination period of at least 90 days. This means that these individuals may have to go for 90 days without work before their benefits will kick in.

Find the Best Long Term Disability Insurance Policy

If you are looking for help finding the best long-term standard disability insurance policy during the pandemic, then you need to rely on the trained professionals from Specialized Disability Services. We will work with you to find a disability insurance policy that provides you with the right level of coverage. Contact us today to learn more about how we can help you!

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Physician Disability Insurance Webinar

This FREE webinar will teach you how disability insurance can protect your income in the event that you are unable to work due to an illness or disability. Our disability insurance specialist, Blaine Lipkin, will walk you through common terms, how to get the best coverage for your needs, and how to get savings of 10% - 40% on your disability coverage.

Join us Thursdays at 8:00 PM EST:

  • June 4th
  • June 11
  • June 18
  • June 25
  • July 3
  • July 9
  • July 16
  • July 23
  • July 30

Click here to sign up for this free webinar!

Disability Insurance for Women

Are men and women physicians different? When it comes to individual disability insurance, insurance carriers treat them differently. Many women physicians feel this is unfair and are frustrated by the fact that their rates can be significantly higher.

What Female Physicians Need To Know Regarding Disability Insurance.

1. Females have a higher risk of claims.

When groups of physicians were surveyed, they tended to believe that men have a higher risk of becoming disabled and filing a disability claim. It turns out this is not the case. According to data, the Bureau of Labor Statistics reports that women are more likely to be disabled than men. While they are more likely to become disabled, reports also show they take longer to recover and return to work.

Some of the most common disability claims include medical conditions such as arthritis and rheumatism. Additional claims include medical issues involving, heart disease, cancer, mental health, diabetes, and nervous system disorders. According to data from Integrated Benefits Institute, Health and Productivity Benchmarking 2016, pregnancies are the cause of 9.4% of total long-term disability claims.


2. Pregnancies can lead to claims and result in exclusions in coverage.

Long term disability policies do not provide coverage for normal pregnancies. Though pregnancy itself is not a disability, any associated complications preventing you from working could be considered as a disability. It is important to be aware of the elimination period in your policy. The elimination period is the amount of days you must be out of work, or with a loss of income, as a result of an injury or illness. Long term disability coverage generally has a 60-day, 90-day, or 180-day elimination period.

Pregnancy is a huge milestone in any woman’s life, and it can lead to changes in health and/or new medical evaluations. When looking to secure disability coverage, any new medical conditions or changes in weight can lead to additional exclusions and higher rates.

If you apply for coverage while pregnant, or after a high-risk pregnancy, your policy will likely contain an exclusion for future pregnancies and associated complications. It is extremely advantageous for women to secure coverage before becoming pregnant.

If you are pregnant and do not have coverage yet, it is not wise to delay in obtaining coverage. During maternity leave you are not eligible to purchase disability. You will not be able to purchase until you return to work, performing all your previous job duties. Delaying can leave you at risk. Ultimately, it is very wise to get educated and consider your coverage options as early as you can.


3. The insurance companies that are best for women

Bottom line, since insurance companies have data showing females are more likely to have a claim and the claims statistically last longer, their premiums are higher. Depending on age, female physicians generally pay 25-35% more than their male colleagues. Certain insurance carriers and discount programs can be very attractive and beneficial for women.

For example, this chart shows the difference between male and female rates.

Monthly premium for a $5,000 monthly benefit at:
GenderAge 30Age 35Age 40Age 45
Male$136.68$156.06$206.02$253.31
Female$217.00$235.51$290.72$337.75

*Rates shown are for Principals HH750 product in NY.  The rates are for a 5A-M occ class with own occupation, residual rider, 90 day elimination period and age 65 benefit period included.  Discounts not included.

This chart shows the same coverage as above with gender neutral, discounted rates.

Monthly premium for a $5,000 monthly benefit at:
GenderAge 30Age 35Age 40Age 45
Gender Neutral$118.93$134.40$175.04$212.77

*Rates shown are for Principals HH750 product in NY.  The rates are for a 5A-M occ class with own occupation, residual rider, 90 day elimination period and age 65 benefit period included.


A Gender-Neutral discount is when an insurance company blends rates for males and females to provide one rate. Discount programs that contain gender-neutral rates, sometimes also known as unisex rates, can result in savings up to 40% for women. In order to set up a discount like this, you need 3-5 people from the same employer to apply at the same time. Once the program is established, it can be used by anyone with an affiliation to that employer.

Currently, Specialized DIS has over 400 gender-neutral programs set up across the country. Most of these programs are with hospitals, universities, and large physician employer groups. Our strategic approach is sure to help you.


Questions? I can help.

blaine

Blain Lipkin

Private Insurance Specialist

  • I help physicians navigate the market with confidence.
  • We are an independent firm
  • We work with all the top carriers/companies
  • We will shop the market for you
  • We have access to the best discount programs in the country
  • We guide you through the process
  • We educate and are fully transparent on all options. That’s how we earn your long term trust/relationship

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Specialized Disability Insurance Services acts as an unbiased, independent broker. Our primary focus is helping doctors and other specialized occupations, obtain and maintain the best disability insurance coverage at the best possible price.

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Specialized Disability Insurance Services is a Licensed Independent Insurance Broker. Specialized Disability Insurance Services does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Specialized Disability Insurance Services for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following the application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class.

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