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True Own Specialty Disability Insurance
Own Specialty Disability Insurance pays you a tax-free income if a sickness or injury prevents you from working in your Dermatology Specialty and will continue to pay your full benefit even if you elect to continue to work in a different capacity.
Disability Insurance
Disability Insurance is something that every physician should obtain and value. According to Life Happens.org 1 in 4 physicians will become disabled before they turn 65.
The majority of disability claims are filed by physicians whose medical specialty requires them to treat their patients at both the clinical and procedural levels. (OBGYN’s – ENT’s – Gastroenterologists – Orthopedic Surgeons – Dermatologists)
InsuranceMD
We make it a point to spend time teaching our clients about the many different types of disability insurance policies that are available to them while focusing their attention on plans that protect them from the inability to perform the duties of their medical specialty without preventing them from working in a different capacity.
In general, disability insurance is designed to replace your income should you suffer a sickness or injury that prevents you from working. While this might be good enough for most other professionals, it is not adequate disability coverage for Dermatologists. As a Dermatologist, you are working in a specialty that requires advanced training and experience and you have the ability to continue to contribute in other areas even if a disability impacts your ability to do one or more of the material and substantial duties of your medical specialty. This is why you need Own Specialty Disability Insurance.
Own Specialty Disability Insurance
True Own Specialty Disability Insurance pays you a tax-free income if a sickness or injury prevents you from working in your medical specialty and will continue to pay your full benefit even if you elect to continue to work in a different capacity.
As an example – if you have an injury that prevents you from performing surgical procedures, a “True” Own Specialty Disability plan will consider you Totally Disabled and pay your full disability income even if you elect to work in a different capacity. So as a Dermatologist, if you were no longer doing procedures you could elect to treat your patients on a clinical level and continue to receive 100% of your Tax-Free disability benefit.
Having Own Specialty Disability Insurance gives you the flexibility to maintain control of your career.
Dr. Laurie Polis
Many years ago, we were introduced to a Dermatologist in New York City, Dr. Laurie Polis. Dr. Polis had an amazing practice where she was treating movie stars and many other household names. She had spent over a decade as a television personality on QVC for the promotion of Proactive Skin Care products.
A few years back, Dr. Polis was diagnosed with a debilitating disease that affected her hands and her ability to perform the principal duties of her Dermatology practice.
If you had met Dr. Polis in person, you wouldn’t just be blown away with her amazing personality, but you would think she still has tons to contribute to the world of medicine.
Nevertheless, the majority of her disability policies were through her professional medical association which only protected her from the complete and total inability to work. These policies did not permit her to earn other income.
Consequently, if we had met Dr. Polis sooner, she would not only be collecting her full tax-free disability benefit, but she would also have the freedom to engage in any activity or gainful employment without losing her disability benefit. As a result, Dr. Polis is limited to remaining a wonderful friend and mentor to our agency. She volunteers her story so that we can introduce a face to the harsh reality of having the wrong type of disability insurance for Dermatologists.
Your Employer Disability Policy is NOT Own Specialty
Group Disability Insurance is NOT Own Specialty. Through an employer plan, if you are working as a Dermatologist and you suffered a disability that prevented you from working as a Dermatologist, your employer plan would pay you your full after-tax disability benefit, however, if you continued to work in an alternate occupation, you would no longer be eligible to receive your full disability benefit. If you have Long-Term Disability coverage through your employer you should consider supplementing that coverage with True Own Specialty Disability Insurance.
Coverage provided through the AAD is NOT Own Specialty
The AAD offers a plan similar to the plans offered through an Employer and identical to the plan offered through New York Life to AMA members. According to the AAD contract, you are only considered Totally Disabled when a sickness or injury prevents you from working in your Medical Specialty, provided you are not performing the duties of any gainful job, for pay or profit. If you are a Dermatologist and you currently have a plan through the AAD, you should consider replacing your benefit with a True Own Specialty plan.
InsuranceMD Can Help
The 7 Disability carriers below offer Dermatologists Own Specialty Disability Insurance and we work with them all. We quote every carrier so you can pick which carrier has the best rate for the coverage you need. Request your quotes below.
True Own Specialty Disability Insurance
Through InsuranceMD, you get access to policies offered through all 7 Own Specialty Disability Carriers. InsuranceMD can help you compare policies and choose the one that best suits your needs and budget.