Medical professionals are more likely to suffer from disabilities due to heavy workloads and stressful work environments. In spite of taking precautions with disability insurance, physicians are still prone to making mistakes that limit their benefits or force them to pay higher premiums without professional assistance.
The doctor disability claim denial attorneys at the law offices of Marc Whitehead & Associates advise and advocate for physicians. Through many years of representing them in disability claim denial cases, we have identified at least five mistakes doctors are prone to make when signing up for an insurance policy.
Not locking in rates while they are young
Disability insurance gets more expensive and has potentially more carveouts and exceptions when a doctor reaches their thirties and forties. Younger doctors can lock in lower rates with better comprehensive coverage while still residents or just beginning their practices.
Disregarding definitions of partial and total disability
Like anyone else, a doctor may suffer a partial disability that limits their time and ability to practice and earn a full salary. Physicians who purchase disability policies that do not adequately define coverage for partial disabilities can lose benefits. Therefore, it’s best to procure a policy establishing a range of partial disabilities that would be covered.
Not adjusting disability policy coverage as the doctor’s practice changes and grows
As a doctor’s practice grows, their disability coverage might be inadequate to compensate for a parallel growth in their income. A good disability insurance policy will give them an option to purchase additional coverage–regardless of conditions or circumstances that arise after the coverage is first bound. Every doctor should verify that their policy has a purchase option and exercise that option as needed to protect their rising income stream.
Not purchasing a policy that covers specialty-specific activities
There is no one-size-fits-all disability insurance policy for every medical practice. However, a doctor’s policy should provide benefits if a disability prevents the doctor from providing services unique to their specialty. A skilled lawyer can help the doctor verify that a policy’s definitions coincide with their specialty.
Continuing to pay for disability insurance when it is no longer needed
All insurance protects against some form of catastrophe that might exceed the value of a doctor’s personal financial resources. However, when those resources are sufficient to cover a doctor’s regular expenses without additional contributions from the doctor’s salary, a disability insurance policy is then unnecessary.
Call the Law Offices of Marc Whitehead & Associates for more information on disability insurance policies
At the law offices of Marc Whitehead & Associates, we help doctors at all stages of their practices. You can contact our offices for legal advice and representation when your disability insurance provider denies your claim. You can also contact us with questions about disability insurance.