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Disability Insurance Adjustments for a Changing Culture of Medicine

Posted Mar 08 2012 3:46am

The individual disability insurance industry is swiftly evolving to account for changing dynamics in the field of medicine. Specifically, disability insurance providers are working to offer a broader range of coverage options to compensate for the shift described below without compromising the stability and consistency associated with current policies.

Economic factors such as increasing amounts of medical school debt are causing many physicians to join a medical staff as opposed to opening a private practice. And, as the number of female medical professionals has grown consistently over the past few decades, some employers have struggled to incorporate proper work-life balance for physicians. As a result, physician’s assistants and nurse practitioners are beginning to take on an expanded role in the workplace. Because not every provision in a standard individual disability insurance policy applies to this new generation of medical professionals, providers have started to offer tiered levels of income protection.

Namely, Guardian Insurance Company has done this through the release of its ProVider Plus and ProVider Plus Limited policies. Limited policies tend to be geared towards physicians not looking to invest in lower-tiered policies. This form of coverage may not come with the full and complete coverage and protection of a standard disability insurance policy, but will still provide a basic level of income protection for the aforementioned medical professionals. The ProVider Plus Limited policy is own occupation specific, but includes a modified definition thereof. More specifically, disability benefits could be reduced in the event that a disabled physician chooses to work in a new occupation during the period of disability.  Further, this limitation would only kick in if the disabled physician earns a certain threshold income from the alternative occupation. However, the ProVider Plus Limited plan is still advantageous to a group plan because it is specifically tailored to a physician’s personal insurance needs.

At the same time, Guardian has added additional options to its ProVider Plus plans. The insured can choose to add a Lump Sum Disability Benefit Rider to their policy that is designed to provide benefits after a policy expires. Those who purchase this rider will receive a one-time benefit worth 35% of benefits paid throughout the lifetime of a policy.

Physician’s Disability Insurance Agency works with doctors and surgeons across the United States to provide income protection through an individual disability insurance policy. Call 1-800-518-1190 to discuss options with an agent or visit our website to submit a quote request . Regardless of the specifics of your situation as a medical professional, there is a wide array of individual disability insurance options that can specifically meet any insurance need.

 

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