Disability insurance through employer?

[Yo GabbaPentin]

I have my own policy through guardian. My employer is now offering a policy as well. I'm sure it is not own occupation. Is it worth even signing up for it or is it useless?

---

Members don't see this ad.

 

[lobelsteve]

I have my own policy through guardian. My employer is now offering a policy as well. I'm sure it is not own occupation. Is it worth even signing up for it or is it useless?

Usually post-tax and free to you.

 

[Yo GabbaPentin]

Well my previous response has disappeared. It is "free" to me however next year it will come out of my overhead. I'm worried that this "free" benefit will cause complications in terms of a who-pays-what scenario if I had to file a claim. I'm sure the benefit is not additive and I envision the two companies just arguing over who pays for how much. In the end, I would think that my max benefit would be the same and my current premiums will stay the same. The only thing I would be doing would be potentially saving my other insurance money in the event of a claim. Am I right in that line of thinking?

 

[pastafan]

Well my previous response has disappeared. It is "free" to me however next year it will come out of my overhead. I'm worried that this "free" benefit will cause complications in terms of a who-pays-what scenario if I had to file a claim. I'm sure the benefit is not additive and I envision the two companies just arguing over who pays for how much. In the end, I would think that my max benefit would be the same and my current premiums will stay the same. The only thing I would be doing would be potentially saving my other insurance money in the event of a claim. Am I right in that line of thinking?

IMO you are incorrect. You can receive benefits from each policy. It is just like having two life insurance policies where you collect face value of each. There are those that advocate having multiple policies in case one insurer goes belly up. The tax treatment is another matter....

 

[specepic]

hmm, thats weird, my prior post disappeared too. WTF with the new format

I would be VERY cautious about entering into a relationship with a hospital where your compensation is based on overhead costs THEY calculate. Get out the lubefor that setup. Just think about it, how is that going to play out? The only way I work for a hosp is RVU and they worry about costs and dealing with their total lack of efficiency/management skills. You will go crazy imo. Dont do it

 

[Yo GabbaPentin]

Thanks for the advice. I am not with a hospital. Instead I am with a large multispecialty group. And FWIW, it was my small PP group where I got burnt on overhead. My calculated overhead was somewhere around 97% per quarter despite good collections, low salary and no benefits!

 

[pmrrmp]

I'm about to exercise my FIO with Berkshire. The agent requested I discontinue my disability policy from my employer before doing this. The issue was that I would not be able to increase my FIO to the max allowed by my salary because Berkshire would reduce this amount by whatever additional coverage I had.

 

[specepic]

ok, hosp or large multi spec, I think the principle is just as valid. Unless you have total control over the overhead there will be trouble. If you have done your homework and feel comfortable then of course do what you want. I dont see any reason for someone playing the overhead game other then to scr*w you, but perhaps I'm wrong

 

[Ducttape]

I'm about to exercise my FIO with Berkshire. The agent requested I discontinue my disability policy from my employer before doing this. The issue was that I would not be able to increase my FIO to the max allowed by my salary because Berkshire would reduce this amount by whatever additional coverage I had.

One thing I know for sure, there are a couple of things in life that are guaranteed...

Death and taxes
Or
Hookers and coupe de villes
Or
Insurance agents lie ...

 

[pmrrmp]

One thing I know for sure, there are a couple of things in life that are guaranteed...

Death and taxes
Or
Hookers and coupe de villes
Or
Insurance agents lie ...

I think we can replace the "Or" with "And"