Lee Memorial Hospital’s esteemed physicians are no strangers to the importance of preparedness. Among the many facets of healthcare, safeguarding one’s financial future in the face of unforeseen circumstances is paramount. Today, we shed light on an exclusive opportunity for Lee Memorial physicians to elevate their Long-Term Disability Insurance through InsuranceMD, ensuring they are well-protected.
As an InsuranceMD agent, specializing in catering to the unique needs of healthcare professionals, I am delighted to review your disability benefits provided through Lee Memorial Hospital. While many physicians may currently be enrolled in the hospital’s Group Long Term Disability plan, it is imperative to understand the plan’s inherent limitations that might leave you exposed in times of disability.
You can review your full policy offered by Lee Memorial Hospital through Hartford here:
Let’s delve into the core limitations of your existing plan:
- Specialty Coverage Shortfalls: Under the current Lee Memorial Hospital policy, physicians receive Own Specialty coverage for just 2 years. After this initial period, benefits continue only if the insurance carrier determines that you are unable to perform “ANY” reasonable occupation.
- Tax Implications: Given that your employer covers the cost of this benefit, any disability benefits you receive are subject to income tax, reducing your financial security during a crucial period.
- Coverage Percentage: The plan typically offers coverage of up to 50% of your base salary, with a cap not to exceed $10,000 per month of coverage potentially leaving a substantial gap in your income protection, especially when bonuses and additional earnings are not considered in the equation.
- Non-Guaranteed Coverage: Your policy, as it stands, allows for cancellation by either the insurer or Lee Memorial Hospital at any time, based on various conditions outlined in the policy. This exposes you to potential vulnerabilities related to pre-existing conditions should you seek coverage elsewhere.
- Mental Health Coverage Limitations: In the event of a disability arising from a Mental Health Condition, your current plan provides coverage for a maximum of 24 months, which may not suffice for a full recovery.
- Lack of Portability: Notably, your coverage terminates if you cease working at Lee Memorial Hospital, potentially leaving you without protection if you decide to change jobs, and your health status has evolved.
- The True Own Specialty Gap: Your current Lee Memorial Hospital disability coverage falls short of what physicians truly need. As physicians, you need Own Specialty Disability Insurance that guarantees the protection of your full income, encompassing both base salaries and bonuses. Your current policy grants the insurance carrier the authority to determine your eligibility for another occupation within 24 months of becoming disabled in your specialty, a limitation that may significantly impact your financial stability.
- Workplace Modifications: The plan offered through Lee Memorial gives the insurance carrier the right to make modifications to your workplace to get you back to work and avoid paying you a claim. A determination that might put you in an uncomfortable physical and emotional position that leaves you powerless to determine your own eligibility to perform your medical specialty.
- Termination of Coverage: This plan offers a unique limitation worth noting. According to the policy, your plan will terminate if you refuse recommended treatment from your physician during a disability. This limits your ability to focus on your preferred health care plan in the way you and your family feels is best.
Considering these limitations, I encourage you to consider upgrading your disability coverage to an individual Own Specialty Disability policy. At InsuranceMD, we work with every available disability carrier to ensure you are getting the best coverage at the most reasonable rate.
- True Own Specialty Protection: Our plans offer “Tax-Free” income protection that pays you a replacement of income if any sickness or injury prevents you from working in your medical specialty, ensuring your financial security if any illness or injury prevents you from practicing in your medical specialty. A True Own Specialty policy will still pay you your full disability benefit even if you elect to work in a different occupation. Providing you the freedom to continue your career the way you see fit.
- Comprehensive Income Protection: We understand that your income structure may include various components, including bonuses. True Own Specialty coverage aims to protect every aspect of your earnings.
- Guaranteed Coverage: True Own Occupation policies come with a guarantee that ensures your coverage remains intact regardless of changes in your employment or income status.
While enhanced coverage may entail a nominal cost, the consequences of not having it can far outweigh this expense. It’s an investment in your financial stability, and at InsuranceMD, we are dedicated to ensuring you have the peace of mind you deserve.
To learn more and take advantage of this exclusive opportunity, please get in touch with us. Your financial future is worth safeguarding.