Whether it's a car accident, a tennis injury or any other debilitating condition, being unable to work will directly affect your ability to earn income. Dentists and physicians should be prepared with one of the many forms of disability insurance that keeps the money coming in while you are unable to work. Doctor or dentist disability insurance is essential to your future success because it will aide in maintaining your current practice should the unthinkable happen.
Physicians and dentists in private practice can be at a substantial disadvantage if they are not able to generate income from their practice. According to a recent survey, nearly half of the one million people who filed for bankruptcy in the United States did so because of an illness or injury. This can lead professionals to become forced to sell or close their practices.
Group disability plans won't help a medical professional in a private practice. In addition, group plans can be taxed, may not keep up with inflation, and often times do not cover the most common type of disability; partial disability. Another negative aspect of group disability coverage is that any benefit you receive could be reduced if you are getting Social Security, Workers' Compensation or income from other sources. This is not true of most individual policies. Oftentimes, policies are customizable while group plans are not.
Some may think they can rely solely on Social Security when they are in the unfortunate position of being disabled. Oftentimes they are unaware that, in order to quality for assistance, you must not be able to do any kind of work. The red tape associated with obtaining assistance from the government can lead to weeks or even months without your income being supplemented. Worker's Compensation has limitations too, since it only covers injuries suffered on the job. Your situation may not fall into these categories and your unpreparedness could lead to your financial demise.
That's why it is essential to find a disability plan that meets your occupational needs. For instance, if you are partially disabled you may be able to continue working in some capacity but you probably won't be able to collect much money from Social Security or any group disability insurance.
There are always those things that happen that we cannot prevent, like injuries from car accidents or unexpected illnesses. This is why occupational insurance coverage is a must for any medical professional in private practice. This kind of policy safeguards your practice from going belly up when something happens to you.
When researching the best policy it is important to look for an insurer that has at least ten years of experience in writing occupational disability policies. Oftentimes the insurance company has had sufficient time to establish their own business and withstand client's claims. Determining which policy is right for you is just as important as reliability. Some firms offer an overhead expense policy that pays your employees and pays the rent while you are recovering. Without this, a temporary disability like a broken leg from a skiing accident could force you to layoff your staff and shut down your practice.
While some dentists and physicians in this situation can and do sell their practices, it is from a position of weakness since they don't have the benefit of time on their side. To pay off expenses, they often have to sell the practices at below-market prices. But most professionals do not want to sell their practices simply because of a temporary illness or injury. They've likely invested time and money and made great sacrifices for your practice and don't want it to shut down simply because of a temporary setback. That's why dentist disability insurance is so essential.