What should physician assistants look for in an individual disability insurance policy?
If you are a physician assistant and are employed by a hospital that offers a long term disability insurance policy, you still may want to supplement the group policy:
- The group policy will be taxable if the employer pays the premium.
- The group policy may require you to be totally disabled and not working.
- There may be limits on the group policy on how much benefit will be paid.
- If you leave your employer, your group disability policy is most likely not portable.
Supplementing a group disability policy can offer the following benefits:
- Fills in the gap between what the employer plan offers and the amount you need to ensure.
- Offers you a policy that is portable and can travel with you throughout your career.
- Will pay you if you can’t work in your medical specialty.
What should physician assistants look for in a disability policy?
- If you are affiliated with a hospital, look for available discounts. These can be significant, especially if you are a woman and can obtain unisex rates.
- Premiums range drastically for physician assistants as some companies differentiate physician assistants into surgical and nonsurgical specialties and others don’t. It is important to work with an independent broker that can shop around for you.
- Make sure you have a good definition of disability that will cover you in your specialty.
- Noncancelable, guaranteed renewable. This ensures your premiums are guaranteed and the policy provisions can’t be changed.
For more information about disability insurance for physician assistants or to request a quote comparison, contact Set for Life Insurance today!
