As the trend leans toward higher compensation for surgical specialists, it is imperative that they are not only properly covered with disability insurance but have the capacity to grow as their incomes increase.
It has become well documented that surgical specialists’ incomes are soaring. For example, in 1985, internists and dermatologists were earning about the same amount of income. By 2012, dermatologists had become the fourth highest earners in American medicine. This is a result for the amount of money received by conducting procedures or surgeries.
What does this have to do with individual disability insurance? Based on the current rules set by the reinsurers, physicians are limited to $15,000/month of individual disability insurance benefit with any one company. If you earn more than $350,000, you would be at your limit with one policy (assuming you do not have any group disability insurance in force). If you want or need more than $15,000/month benefit, you may aggregate your benefits from more than one company for up to $25,000/month. If you are still in medical residency, you can purchase more than one policy and can plan to be pre approved for up to $25,000/month benefit in the future.
Specialists can earn an average of two and often four times as much as primary care physicians.
Here are the list of the top physician earners earning more than $350,000/year: If you are among these specialists, make sure you have the capacity to increase your disability insurance policy to the maximum limit available.
- Orthopedic surgeons
- Cardiologists
- Anesthesiologists
- Radiologists
- Gastroenterologists
- Plastic Surgeons
- Urologists
- Opthamology
- General Surgeons
Not only is it important for these specialists to have adequate coverage, it is also important to note that the majority of their income is derived from procedures. This is important when considering disability insurance policy. Make sure your policy covers you in your medical specialty. If you work 50/50 in the OR and the clinic but your income is derived 80/20 OR vs. clinic, you need to ensure you are covered in that capacity.
For more information about individual disability insurance for physicians, medical residents, surgical specialists or to request a quote comparison, contact Set for Life Insurance today!
