Posted: Oct 01 '20

Protect Yourself and Your Medical Practice from Life’s Setbacks with Disability Insurance & More

If you run a medical practice of any size and have not thought about getting disability insurance, you may want to consider the coverage. Disability insurance is not something that most professionals consider, but definitely should! The chances of a disabling accident are much higher than death while still on the job, but physicians tend to prioritize their life insurance needs over a disability insurance policy. Ask your Vistaplan advisor today about a disability policy that suits your needs. 

How Does Disability Insurance Protect Me? 

 
A disability insurance policy will set you up to earn income while you recover from an accident. Most people don't believe that they will ever get into an accident that renders them disabled. Life is unpredictable and you can’t plan for things like that.  More people claim bankruptcy during their working years because of medical bills from an unexpected illness or accident. Protect yourself, your family, and your practice by getting coverage. 
You can have a group or individual policy. If you run a medical practice, you can purchase a policy that covers everyone in the practice. For group policies, you can organize them in many ways; here are some of the basics:  

• Each covered person can pay a certain amount into a long-term disability plan if they choose 
  
• Your group plan can have different levels of coverage for short term leaves of absence 
  
• A group plan paid by the company might be fully tax-deductible 

Footing the Bill

The cost for a group disability plan will depend on the type of coverage you are seeking. As the leader of a medical practice, your fees will be less than a much more dangerous job like high-rise window washing. 

 
One thing to keep in mind when choosing coverage is that if the practice is footing the bill, then the payout from the insurance company in the event of a claim is taxable. That means that if your practice is paying for coverage, then you will have to request enough benefits to cover the taxable amount of the claim. 

A Plan for What You Can’t Plan For 

 
Overall a disability plan will give you and your workers peace of mind in case of an unfortunate event. No one plans to be disabled and unable to take care of their family or their staff. Get a plan in place for the things you can’t plan for. Talk to a Vistaplan broker today about the best disability insurance policy for you and your practice. 

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About the Author - David Motkoski

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN