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.
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.
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.
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 Insurnace.
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. VIEW AAD PLAN SUMMARY HERE…
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.
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.