Have Any Questions? Feel Free To Ask.
Drs Choices makes it convenient for you to get the best policy to fit your needs at the best price. We specialize in disability insurance for doctors and dentists and are licensed across the country to assist you anywhere you are. Our customer service is unparalleled as we will be there for you every step of the way to help you choose the right plan for you.
Not at all! The policy you choose will cost the same whether you buy it direct from the insurance company or use Drs Choices. With our high volume, we are often able to give you an even lower price than going through the insurance company directly.
Policy costs will vary and are affected by different factors:
- Disabled and can’t work in any occupation or can’t work in your own occupation
- Non-cancelable and guaranteed to be renewable or can the premium be raised or policy canceled
- Financial strength of the insurance company
- Gender
- Health
- Your occupation (policies that cover specialties and invasive procedures will cost more)
- Optional benefits you can add
Essentially, you can expect to pay 1% to 4% of your annual gross income for a non-cancelable policy with guaranteed renewal. Like many things, you get what you pay for so cheaper may not be the best way to go.
You should buy your policy today while you’re young and healthy. Premiums and policy eligibility are based on your age and your current health status. However, pre-existing conditions are usually not covered, and serious medical conditions may prevent you from obtaining this kind of coverage.
Most Answered Questions.
Group and association plans are less pricey because the insurance company can change or cancel them at any time. They can also raise the rates on you in the future. Your benefits are offset with other income and coverage sources, plus claims are paid in fewer scenarios because they have limited definitions of disability.
For group long-term disability:
- Your benefits are taxable if your employer pays that premium
- You get benefits based on a percentage of your base income (bonuses/commissions are usually not covered)
- Your benefits are often reduced during a disability period if you get benefits from another source or work a different occupation
- More restrictions in the policy (your benefits may mean you must be unable to work in any occupation)
- There are no guarantees on rates
- You may not be covered for partial disability
- The insurance company or your employer may be able to change or cancel your policy at any time
- Your policy is connected with your employer and not transferrable
For individual disability:
- You get tax-free benefits when you pay the premium
- You get quality plans that cover you in your specialty
- Better definition in the policy to pay you more money in claims
- Higher benefits each month
- Benefits may increase with inflation
- Your rate is guaranteed to the age of 65
- It’s your policy you can take with you to any new job or occupation
Disability contracts can greatly vary from one company to the next and that is why it is a challenge to compare simply on price alone. You can compare policies by looking at:
- The language that determines what comprises a disability, exclusions in the policy, and renewability provisions
- The structure of the contract as in the period of benefits, benefit amount, etc.
- Policy riders for the cost of living, future purchase benefit, and residual benefit
- The financial strength ratings of the insurance company
The insurance company you choose should be strong and financially-stable so that if you need your benefits, you can get them. Most major carriers have insurance company ratings that can help you evaluate and make a decision whether or not to choose that company.
- Medical exclusion
- Mental or nervous disorders
- Pregnancy
- Active military
- Act of war (or war itself)
- Foreign travel (for some policies)
Normal childbirth is usually not covered by most disability insurance, though many will cover complications from pregnancies that keep you from working, usually if you satisfy the elimination period (about 90 days). Should you currently be pregnant, you may need to wait until you have your baby and return to work to get disability insurance.
Residual benefits pays you part of the benefit should you suffer partial disability. There’s a percentage of your benefit paid proportionate to the income loss.
The majority of policies are priced for a 90-day elimination period. The premium will double if you shorten that time to 60 days.
Your benefit is usually tax-free if you pay your premiums with after tax dollars. Should you deduct the premiums or your employer pays for them, the benefit will be taxable to you at the time you make the claim. It’s a wise idea to speak with your accountant about this as every situation is different.
If your policy is guaranteed renewable and non-cancelable, then the benefits will not change as long as you’re paying your premium.
The majority of companies will let you see your own doctor when you are disabled. Sometimes, it may require a second opinion from a doctor that it selects.
Yes, your employer could pay your disability insurance coverage. However, it may make the benefit be taxable to you at the time you claim it.
There are some policies that will cover you when you travel to foreign lands. Some policies though will suspend your contract while you are abroad. You will need to discuss this with your agent to find out what is best for you.
There are some policies that will cover you when you travel to foreign lands. Some policies though will suspend your contract while you are abroad. You will need to discuss this with your agent to find out what is best for you.
This is the process an insurance company goes through to examine and either accept or reject the insurance risks to create the proper premium needed for coverage. It will review your past medical history and your financial records to justify the disability amount you applied for.
The process of underwriting usually takes anywhere from 3 to 6 weeks from the time your application is submitted to the insurance company. Most of this time is spent collecting the information needed to make a proper decision
You may need to undergo a brief medical exam depending on the benefit amount you apply for to get the disability coverage. The insurance company pays for the exam and is performed by a third-party service either in your home or office. It may include a physical exam, urine analysis, and blood work. Sometimes, an EKG is required. The underwriter gets the results directly to review along with your application. You can get a copy of that exam by requesting it.
The medical exam should take between 20 to 30 minutes. It is performed by licensed paramedical exams local to you and can be done in your home or office on Monday through Saturday. They will usually record your height, weight, and blood pressure. They should take a blood and urine sample as well as inquire about your medical history briefly. Larger insurance amounts may require a treadmill test or an EKG.
For your medical history, you will be asked about any medications you take, surgeries you’ve had, treatments, or medical conditions. You will be asked for names and addresses of doctors you have seen in the last 5 to 10 years. It’s a good idea to have this information ready at the start of the exam.
Prepare for the exam by getting a good night’s sleep. You should also avoid alcohol for 8 hours prior, caffeine for one hour prior, and limit salt and high cholesterol foods for 24 hours to give the most accurate readings of blood pressure.
Additionally, it’s a good idea to take a break from physical activities for 24 hours before your exam. Let your paramedical examiner know if you are taking any medications (even anything that isn’t a prescription). If you belong to any type of prepaid medical plan, make sure you have your medical record number handy. Drinking a glass of water about an hour before the exam will help with the urine sample.
Depending on the type and severity of any medical problems, the insurance company may:
- Charge a higher premium
- Exclude that condition from your policy
- Decline your approval
Should you have a concerning condition, you should have Drs Choices send an informal inquiry to several carriers. Not all of them will deny or limit your coverage and we can help you take the guesswork out of that.