bmurphyl512 Posted August 27, 2014 Share Posted August 27, 2014 Does anyone have any experience with own occupation disability insurance. I heard my supervising physician talking about it today. I see there are companies offering it PAs. Just wondering what everyone's thoughts are regarding it. Is it worth having? I work in orthopedics. If I had a injury where I was not able to work in surgery, would they say I could work in family practice? Anyone have a good experience with a particular company who understands our profession? Thanks, Brendan Link to comment Share on other sites More sharing options...
Moderator ventana Posted August 27, 2014 Moderator Share Posted August 27, 2014 Berkshire Life - underwritten by Guardian I believe - does an 'own occupation' policy that says if you can not work as an ______ PA then you are disabled.... ie that can't make you change to FP or other career much better to pay your premiums with AFTER tax dollars - then any benefit is TAX FREE Also, I get about a $5k/month policy for about $250/month so not that much money for peace of mind.... Link to comment Share on other sites More sharing options...
LBKCLU Posted August 27, 2014 Share Posted August 27, 2014 If you are working for the income, you need disability insurance. If your employer provides you with coverage as part of your benefits package (and you do not contribute towards the cost of it), the benefit would be taxable to you upon receipt. Therefore, you would want to purchase an individual policy to make up for the taxes that you would lose, as well as, for for any shortfall where your earnings exceed the monthly cap on the group LTD plan. If you have no employer provided group LTD coverage, then you would look to purchase the maximum available based upon your gross income. However, keep in mind that the insurance company will look at the duties that you were performing prior to your disability and compare them to the duties that you are able to after your disability and how your ability to work may be restricted. Ideally, you would want to look for a policy that is Non-Cancellable, Guaranteed Renewable and has a true "Own-Occupation" definition of total disability. Also included should be a Residual Disability Rider, a Cost Of Living Adjustment (COLA) and a Future Increase Option (FIO) Rider. Discounts may also be available to you based upon your hospital/practice affiliation and/or professional associations in which you belong. You might find the article below very informative. http://www.nysscpa.org/cpajournal/2007/1207/essentials/p56.htm Another great website is www.whitecoatinvestor.com. It is run by an Emergency Medicine Physician in Utah and is a fantastic resource in terms of financial planning. Hope this helps. Link to comment Share on other sites More sharing options...
KMD16 Posted August 27, 2014 Share Posted August 27, 2014 ^^ Agreed. Visit whitecoatinvestor.com and send Larry an e-mail for a quote. Link to comment Share on other sites More sharing options...
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