QUESTIONS TO CONSIDER
DISABILITY INSURANCE
What if you become able to work part-time? Can you draw partial disability payments?
Physician disability insurance protects your income in the event that you are no longer able to perform your medical specialty due to injury or illness. Also known as disability insurance for doctors and income protection, a physician disability insurance policy typically features a true own-occupation provision. You should consider purchasing a small policy as you enter residency and then upgrade it just before leaving residency. The younger you are, the healthier you are, the cheaper your premiums will be for the same benefit. Disability insurance may be one of your employee benefits or you may have to obtain it on your own. When comparing disability policies, be sure to evaluate the amount payable, the length of payout, the length of the waiting period and exclusions. Some policies provide for coordination of benefits, so that the amount of payments you receive from Social Security or other disability insurance would be deducted. If you’re in a solo practice, don’t forget “overhead” or business continuation insurance, which would allow your practice to continue to operate while you’re disabled.
Are premiums waived while you are disabled?
Is there an annual cost-of- living adjustment increase in benefits?
Is renewal guaranteed with a re-evaluation of your health?
LSMS MULTI-EMPLOYER 401(K) PLAN
The LSMS 401(K), the latest offering in LSMS’s suite of financial assistance tools, is built to offer superior retirement outcomes for practices of all sizes. Whether you are looking to lower your overall costs, reduce fiduciary liability or to improve your plan’s investment offering, the LSMS 401(k) has the solutions you need. This program is being offered to LSMS members only and is in collaboration with ACG Wealth. For more information, please contact Kevin Rainwater, Retirement Consultant, at krainwater@acgwealth.com.
Is there catastrophic coverage that would increase payments if you are cognitively disabled or need paid care?
20 La State Med Soc NEW PHYSICIAN’S GUIDE
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