Disability insurance question for ENT physician

[ENTdoc]

I have a question for any of you more experienced docs out there. I am trying to purchase disability insurance through Guardian. I hope to never have to use it, but since I am paying a hefty premium, I want to make sure that I can use it if ever needed.

It is a true own-occupation policy. In their policy, they stated that I would be considered fully disabled if I am unable to perform surgery, and that at least 50% of my income comes from surgery (which is basically defined as having to make an incision with the patient under anesthesia).

At least at this point in my career, I wouldn't want to be an ENT anymore if I can not operate. So I personally would like to consider myself fully disabled as an ENT physician in this case.

At first, I can justify that 50% of my income comes from some sort of procedure/surgical service - but based on their definition, clinic procedures wouldn't count. Secondly, my take-home income also includes ancillary income, which is separate from what I generate from patient care. To make things more complicated, I am paid like a salaried physician (W-2) with bonuses, which makes breaking down percentage of income from surgical services even more complex. It seems to me that if I were in a situation where I can no longer operate, but can still see patient, it would be very difficult to be considered disabled.

I'd love to get some input, especially if you have a policy with Guardian.

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[mk04447]

Most insurers will let you strike verbiage, like "under anesthesia", but they'll send you back through underwriting when you do. This will no doubt raise the premium. You're better off getting a general occupational policy, which it sounds like you've already done and supplement it with a personal injury policy. Get an umbrella that covers your hands, if you end up with Parkinson's or have a stroke, all you'll have to prove is some degree of impairment. These will be a one time payout, but will be easier to prove initially. None of this will be cheap. Plan on paying a million for a million in coverage over the next 5 to 10 years depending on your age. Honestly, the best policy is fire or disaster, anything that pays you when you can't open your doors for some reason, internet down or activists picketing you, they're cheaper. The insurance world sucks, they've seen it all and you'll never pull one over on them, better to live a long life and save money along the way.

 

[MD Financial Services Scott]

I have a question for any of you more experienced docs out there. I am trying to purchase disability insurance through Guardian. I hope to never have to use it, but since I am paying a hefty premium, I want to make sure that I can use it if ever needed.

It is a true own-occupation policy. In their policy, they stated that I would be considered fully disabled if I am unable to perform surgery, and that at least 50% of my income comes from surgery (which is basically defined as having to make an incision with the patient under anesthesia).

At least at this point in my career, I wouldn't want to be an ENT anymore if I can not operate. So I personally would like to consider myself fully disabled as an ENT physician in this case.

At first, I can justify that 50% of my income comes from some sort of procedure/surgical service - but based on their definition, clinic procedures wouldn't count. Secondly, my take-home income also includes ancillary income, which is separate from what I generate from patient care. To make things more complicated, I am paid like a salaried physician (W-2) with bonuses, which makes breaking down percentage of income from surgical services even more complex. It seems to me that if I were in a situation where I can no longer operate, but can still see patient, it would be very difficult to be considered disabled.

I'd love to get some input, especially if you have a policy with Guardian.

If you income is probably 60% + from surgical income/pre/post op consults you should be fine with that definition if you want to still be doing clinical work and don't want the income from that post disability income to be offsetting the disability benefit. Just a side note, you should probably look at the other carriers in the true own specialty space as well since there are a few that have better rates for ENT than does Guardian.

 

[ENTdoc]

thank you all for the reply. The terms seem open to interpretation. Hopefully I will never need to use it.