If you are a physician and purchased your policy prior to 2000, it may be necessary for you to review your current coverage as there have been many changes that have taken place in the marketplace.
1) Occupational class changes. Some companies have upgraded some occupational classes for physicians thereby reducing premiums. For instance, pediatric dentists, gastroenterologists and pediatricians have been upgraded by some companies to an even higher occupational class thereby reducing premiums by approximately 20%. Some companies have also upgraded veterinarians and CRNAs.
2) Income and participation limits. Previously, physicians and dentists could only purchase up to a maximum of $10,000/month of individual benefit. This was lifted to up to $15,000/month. Now, physicians and dentists can purchase up to $25,000/month of total individual disability benefit, as long as only up to $15,000/month is with one company.
3) Lifetime riders. Companies have significantly increased premiums on lifetime extension riders. The increase in premium is approximately 40-50%. If you are honing in on retirement and have built up significant assets, you may consider removing the rider from the policy to help reduce your premium.
4) Discounts. If you are a woman and are employed at one of the discounted hospitals, you may be able to reduce your premium by up to 70%. Even if you purchased your policy several years ago, you may still be able to save. As long as you can medically qualify for a new policy, this may be a good option to consider.