Physician Disability Insurance
Physicians and Disability Insurance in The COVID-19 Pandemic
Physicians and other health workers are on the front lines and our first defense line in the battle against the coronavirus. They are critical to the wellbeing of our whole nation and across the globe as well. But what happens when healthcare workers that treated patients become patients as well?
Physicians come in contact with infected and potentially infected people daily, which increases their risk of disability. The disabilities they can experience may come as a result of complications from the coronavirus, stress on the job, trauma, or just a physical injury. Additionally, there are some important factors we need to consider when it comes to physician disability insurance:
- 61 million adults (26%) in the US live with a disability
- 90% of disabilities are caused by an illness and 10% by an injury
- There is a 25% chance that you will become disabled before turning 65
Healthcare Workers and COVID-19
The economic and mental impact on the physicians of the whole situation shouldn’t be ignored nor underestimated. They are under higher risk of contracting the virus, which can put them out of their workplace for an extended period and even cause more severe complications that will result in a disability.
And it’s not only the COVID-19 risk. Depression, PTSD, and worsening of previous health conditions may also come after this battle ends, so physicians need a way to be protected when this happens.
Why Physician Disability Insurance?
If you’re a physician, you’re probably responsible for the significant part of your family’s finances. What would happen if you were to lose your ability to earn an income? All those years that you spent in medical school to become a physician would go to waste.
Social Security income is not enough to cover your monthly costs, and health insurance will only cover medical expenses. None of these will provide a replacement for your lost income.
If you work in a hospital, you may have group physician disability insurance. You probably think that if you become disabled that it will provide a replacement for your income, but it’s not how it usually goes. In reality, group disability insurance policies provide coverage only if you’re totally disabled and unable to work, not partially.
This is where we see the need for a physician disability insurance that will protect these front line workers. It will provide that safety net that will support their financial needs if they become unable to go to work and earn a living.
Moreover, your physician disability insurance belongs to you and yourself only, so even if you change the company you work at, but keep the same occupation, you would still keep your physician disability insurance and be protected.
What Will Insurance Providers Look at
When you make a claim through your physician disability insurance, make sure you meet the policy conditions and submit the required paperwork. Typically, physician disability insurance providers will do the following:
- Schedule an online interview with you
- As for a medical exam
- Talk to your treatment providers
- Interview your coworkers, partners, even family members about your condition (if possible)
- Ask for your tax returns, daily procedures, appointment books, and other relevant documentation to confirm your condition
- Check your social media for any contradicting information
Finally, keep in mind that filing a physician disability insurance claim will be different, now and in the future as a result of the virus. The conditions, rules, and regulations under which a physician disability insurance claim can be made will be changed and updated regularly to match the current situation and benefit all parties involved with the process. Only the insurance company can interpret a claim at claim time based on the type of specific policy you purchase.
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