Many physicians employed by a medical center, research facility, or large practice may receive benefits from their employer. That can bring a sense of security, knowing that your basic insurance needs are covered. This is especially true when you believe your income is protected with employer provided disability insurance benefits. However, this article will point out that there may be hidden risks, so your sense of security may not be well founded.

If you’re a young physician or resident, ask yourself this: What if you had an opportunity to invest in a company, knowing that in the years ahead its stock price would rise significantly? Or to purchase a home knowing its market value was certain to increase substantially?

Would you make that investment? Very likely you would.

No one wants to think about the possibility of becoming disabled – until the unthinkable happens. It might be a sudden injury, or an unanticipated illness. But regrettably it can happen to anyone, physicians included.

And if that injury or illness prevented you from working, you would likely find that your income would quickly diminish and your finances could be seriously threatened. Would you be prepared for that?

You’re a practice owner and you’ve invested an incredible amount of time and energy to get where you are. Nobody knows this better than you. 

How many times have you heard: Income protection is vital for every physician. 

Probably often enough that you may have tuned it out by now. But here are a few facts that could reinforce just how important it really is to have a good income protection strategy – especially if you’re in the early stages of your career.

As a woman physician, one of your biggest allies in helping to keep your financial foundation secure is disability insurance. However, the cost of disability insurance may be a barrier that’s kept you from obtaining this necessary coverage. Premium rates for individual long-term disability insurance policies are typically 40-50% higher for women than for men. If you do have disability insurance, your coverage may have severe limitations you’re not aware of. 

They’re two of our most precious assets – our health and our income.

In many ways they’re inter-connected. If we’re not healthy it can have a big impact on our income. If we’re sick or injured and can’t work for a long period of time that could result in serious financial loss.

Working with physicians for over 65 years, we’ve seen this happen firsthand.

It’s common sense that if you have a leak in your roof, the time to fix it is before a rain storm – not after a deluge.