Disability insurance is important for physicians and medical residents because it safeguards future earnings should a disability occur. And while the odds of becoming disabled may seem low, there were actually over 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits in 2014 according to the Social Security Administration. 

There is so much to know when it comes to disability insurance, you will likely have questions. We asked our insurance advisors which questions they frequently receive about applying for disability insurance.They provided answers to those questions below.

According to Council for Disability Awareness, 1 in 8 workers will be disabled for five years or more during their working careers. That’s why the Council for Disability Awareness designated the month of May as Disability Insurance Awareness Month — a full 31 days dedicated to educating individuals on the effects of disabilities.

According to the Agency for Healthcare Research and Quality, a hospital stay costs around $7,400 for 18 to 44 year olds and $12,500 for 45-64 year olds. Even for those with health plans that include hospitalization coverage, a night spent in the hospital can leave you with many expensive medical bills. That’s where a Supplemental Hospital Indemnity policy can help.

Supplemental Hospital Indemnity Insurance is designed to address gaps in primary coverage by helping pay out-of-pocket expenses. In this article, we will answer eight common questions about Supplemental Hospital Indemnity Insurance and discuss why you may want to consider a supplemental policy to complement your health plan. 

With the new Affordable Care Act Employer Mandate, companies with 50 or more employees are obligated to offer group health benefits. However, many smaller medical practices are also opting to offer healthcare benefits for their staff. This could be due to recent compelling statistics that show a direct correlation between quality benefits and employee retention.

There have been a lot of changes in the healthcare industry over the past few years, and it’s expected to continue evolving. One of these changes is a move away from group coverage to individual health plans. These are a few common reasons why physicians may need individual health insurance coverage:

1. Their medical practice does not offer health insurance
2. They have started their own practice and do not need to offer group coverage yet
3. Group coverage does not fully meet their needs

You are about to retire from a long career in your practice, your children are self-supporting and you have paid off your house. That leaves no reason to continue carrying a life insurance policy, right?

When you own a successful medical practice there are many people that have helped you grow it. Your amazing team, the ones your practice couldn’t survive without, have had a hand it your success.

According to the National Association of Insurance Commissioners, small businesses are extremely dependent on just a few key people for their success, and 71% say that they are “very dependent” on only one or two key people.

That’s why you should consider purchasing key person life and key person disability insurance for your practice.