Get The Right Kind Of Dentist Disability Insurance
Most people think that dentists are all rich. While that may be true for some dentists who have good practices, it’s not true of all. Take a recent dental school grad. He or she probably doesn’t have a well-established practice yet and is still working on paying off student loans. Now suppose something happens to that newly minted dental professional, like a disabling accident that prevents that person from working. Do you think that the dentist’s bills and expenses will suddenly come to a screaming halt? Fat chance! They will roll in come rain or come shine, and creditors expect to be paid. So, if you’re a dentist then you need to ensure that you can meet all of your expenses, both personal and professional, if you are suddenly unable to work. You can’t count on Social Security or Workman’s Compensation in most cases, so what you need is some type of dentist disability insurance.
Interested parties will need to get enough coverage to guarantee that they will be able to meet monthly bills. Those in the medical field need to ensure that if they can no longer work in their specialty field that they’ll still have an income. Most people may not think that a disabling injury can strike them down, but injury statistics in the U.S. say otherwise. For all people from the ages 25 to 64, there is a one in ten chance of being hit with a disabling injury. That’s a pretty scary statistic, if you ask me.
So, for all you dentists out there, be sure that you have adequate coverage, and that you have own-occupation definition of disability. What that means is that your coverage should be linked to what you specialize in. That way, if you’re injured or disabled in such a way that you can’t be a dentist or an orthodontist any more, you can still have an income to help you cover your expenses. That’s why I think disability insurance is so important, because it will guarantee you an income, even if you have to begin working in another profession. Less expensive insurance will pay you if you’re disabled, but only if you’re so severely disabled that you can’t work at all. Isn’t that ridiculous? If you’re unable to be a dentist, but you could still work as a clerk in a convenience store, that might prevent you from getting any benefits. What good is that?
Personally, I think it’s good to have your own individual policy. That way even if you work in a dental practice that has a group plan, you’re going to have coverage no matter what. Another advantage for dentists with an individual disability policy is that you can take it with you if you leave the practice where you currently work to venture out on your own. Even more important, if you’re covered under a group disability plan, it might have an extremely restrictive definition of disability that would leave you without any income at all unless you are completely disabled. And, if your coverage comes from a group disability plan, there are still more drawbacks and restrictions to consider.
For instance, if your disability entitles you to Social Security, Worker’s Compensation or other payments, your benefits may be completely offset by the other monies that are coming in, even if they are totally inadequate to your needs. Besides, most group disability plans have payments that haven’t kept up with the rate of inflation. It’s low right now, but it could be going up. Finally, if you’re partially disabled, most group disability plans won’t pay you anything at all. Those are the reasons why I think that every professional in this field needs to carry his or her own dentist disability insurance.