As an anesthesiologist, you need your steady hands and deep concentration to be able to successfully perform the pain management procedures you are highly paid for. Problems with your fine motor skills.
Replace Your Income with Anesthesiologist Disability Insurance Benefits
Anesthesiologists know how to take care of their health but the probability of physical disability exists. You’re most likely aware that there are relatively more health hazards in your workplace compared to those of other jobs.
There could be times in the span of your career when illness or injury could prevent you from performing your job as physician-anesthesiologist.
You may temporarily or permanently lose the high salary that go with your medical specialization. You could be earning from $310,109 to $405,792 a year according to records at the Bureau of Labor Statistics. Monthly, that’s around $25,841.67 to $33,816.
Disability Insurance can lessen the financial loss while you’re not able to work as anesthesiologist. The disability insurance company will pay the monthly benefits as specified in the policy. So, you have to take the time to choose the most suitable disability insurance for your needs and budget.
How much coverage do you need?
The first step to find out how much coverage you will need is to determine the minimum amount necessary for your living expenses monthly. Then, determine the other sources of your monthly income without your salary. Other sources of income could be your employer’s group disability insurance, savings, etc.
The coverage should be close to the difference between the monthly expenses and expected income. It’s the amount that should be replaced by the monthly benefit from your individual disability insurance.
Anesthesiologist Disability Insurance Policy Details
It’s not easy to choose the most suitable disability insurance should you become disabled by illness or injuries. Insurance companies offer different versions of disability insurance that they consider would be most attractive to their target consumers.
To be able to choose the best anesthesiologist disability insurance, it is a must to understand and evaluate the basic policy provisions such as:
- Definitions of Disability ( Total, Residual, Presumptive)
The definitions determine whether your injury or illness will be considered as a disability and you are eligible to receive the corresponding benefits. To be sure, make sure to read the definitions of disability in your policy.
- Residual disability benefits
This is the feature or provision, also called partial disability benefit that specifies the benefits you get if you still can’t work full time after a disability from injury or illness. Elimination periods still must be satisfied.
- Future purchase option
This is a rider in long-term disability insurance policies that allows you to increase your policy’s coverage without medical examination. Income documentation is still required.
When Do You Get Your Anesthesiologist Disability Insurance?
Disability is farthest from the mind of young professionals. They have more enjoyable things or activities to spend their money on. However, it is true that an illness or injury can happen anytime.
Getting a disability insurance when you’re young, say before age 30, not only gives you peace of mind, you will be paying a lower premium than when you buy at age 35 or older.
It requires time and effort to study and compare the various anesthesiologist disability insurance policies offered by various insurance companies.
Let us help you find disability insurance information, coverage and rates that fit into your over-all financial plan. Give Jeff Pennington a call at 1-877-221-6198 or use the form on the right to request a quote, get answers to your questions, and find the right policy.
Written on 05/11/2017