Physician Disability Insurance and the Residual Disability Benefit

1. Physician Disability Insurance and the Residual Disability Benefit When purchasing Disability insurance, it is critical that consumers understand and are aware of the Residual Disability benefit. The Residual Disability Benefit is one of the most important provisions a person can have in a Long-Term Disability Insurance policy Disability insurance. Without it, your policy will categorize a debilitating injury or illness as all or nothing - either you are totally disabled and eligible for benefits or NOT totally disabled and therefore unable to receive any benefit. The reality is however, that not all disabilities are total disabilities. By adding the Residual Disability benefit to your Disability insurance contract, it will include benefits for partial disabilities as well. Some insurance carriers will include this as a part of their basic contract and others will require that you elect it as an optional policy rider. The importance is not in how the residual benefit is included in the contract, but more so how the benefits it provides are structured. Every insurance carrier will have its own version of this benefit, so be sure to carefully read the explanation of benefits and compare each of the insurance carriers that you are considering. Perhaps the most important part of the Residual Disability benefit is that which is provided for a Recovery benefit dentists Disability insurance. A recovery benefit is paid when a person has returned to work full-time following a period of total disability but still experiences a loss of income. The required loss of income will range between 15-25%, depending on the insurance carrier you work with. Although the required percentage loss of income can certainly impact your eligibility for benefits, an even more important factor is how long recovery benefits are payable for, with each insurance carrier you consider. Some insurance carriers will provide recovery benefits for a maximum period of 6 months, others will offer an optional recovery benefit of 24 or 36 months, but only a select few carriers will provide Recovery benefits for the entire benefit period. Although the price may certainly be higher, having Recovery benefits for the full benefit period can be very important for many professionals. To fully explain the importance of this benefit, consider a dentist or physician that owns a successful private practice. If he/she becomes totally disabled for a period of 3 years and then returns to work full- time in private practice, it is highly likely that he/she will have to rebuild the practice before it becomes as profitable as before. For a dentist or physician of any age group, the loss of income experienced following a total disability could extend months, years or decades doctors Disability insurance. For this reason, it is critical for any comprehensive Disability policy to include a Residual Disability benefit which provides recovery benefits for the entire benefit period. In purchasing Disability insurance, it is always a good idea to work with an agent who specializes in income protection. There are many details included in a Disability policy, such as recovery benefits, that many financial professionals will simply not know to look for. Take your time in selecting an advisor to work with and make sure you base your selection on quality of coverage rather than pricing.