insurance on your hands?

[organichemistry]

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a question to dentists out there... do you have insurance on your hands? kind of scary if you break a wrist or finger or something, right?

and to those of you that do... how expensive is it? what kind of coverage is it? what companies would you get it from?

 

[Frank Cavitation]

yeah I am curious about this too. Up here we pay 80-100/month for disability insurance, and it pays about 3000/month with 60 day waiting period. Anyone here deciding to skip this insurance thing and put the money to better use in investments etc?

note: yeah I am oversimplifying my coverage but don't have time to type out all the riders and conditions 😉

 

[organichemistry]

yeah I am curious about this too. Up here we pay 80-100/month for disability insurance, and it pays about 3000/month with 60 day waiting period. Anyone here deciding to skip this insurance thing and put the money to better use in investments etc?

note: yeah I am oversimplifying my coverage but don't have time to type out all the riders and conditions 😉

interesting. 3000/month is nothing if you are used to taking home 8000 or 10000 a month being a practicing dentist. i suppose if it is temporary it would be okay... but what if it was career-ending... ie... amputated hand from a car accident, shattering every bone in your body after a car runs over it, etc.

seems like 3000/month would be nothing.

thanks for the information, though. is "up here" canada?

 

[Frank Cavitation]

interesting. 3000/month is nothing if you are used to taking home 8000 or 10000 a month being a practicing dentist. i suppose if it is temporary it would be okay... but what if it was career-ending... ie... amputated hand from a car accident, shattering every bone in your body after a car runs over it, etc.

seems like 3000/month would be nothing.

thanks for the information, though. is "up here" canada?

yeah, I am in canada... tax laws here allow us to get paid by disability insurance tax-free, so it is closer to 5000/month. And without a hand we can do consulting or run a different type of business and still be entitled to get paid by insurance forever. You can increase the premium to raise the payout as your needs change, etc. And it doesn't have to be hand... bad back, blindness, anything that prevents dentistry from being done.

 

[doctordi]

Disability insurance is crucial to all physicians. Ask yourself this if you are unable to earn an income what happens to all of your other assets? You are forced to liquidate investments in order to live, debts incurred during training are nearly impossible to repay, and financial hardship is almost a certainty. Now to address some of your questions.

Personal disability coverage is very different than group coverage. Group may be offered by your school employer etc. Personal coverage is much more comprehensive than group.

There are several companies that offer disability insurance but some are definitely better than others. Guardian, Union Central, Mass Mutual are some of the top companies.

Cost is determined on a case by case basis but can be obtained fairly inexpensively around a hundred dollars a month. (Females are more expensive but may qualify for unisex rates if coverage is obtained before leaving residency).


If you pay premiums with after tax dollars then benefits are tax free.

Some things to look for in a policy
Non-cancellable and Guaranteed Renewable
Specialty Specific True Own Occupation Coverage
Residual or Partial Disability Benefits
Cost of living adjustment
Future Increase option

I am a Financial Planner and specialize in Disability Insurance for Physicians feel to contact me with any questions.