Group = Employer-Provided (and typically employer-paid)
LTD = Long-Term Disability
Disability Income Insurance is generally defined as:
*An insurance carrier will pay the Base Monthly Benefit for each month you are totally or partially disabled, under the terms of the policy, due to accident or sickness…*
In my business, I help professionals and business owners to protect their income protection in their specialties. I find that many just rely on a plan through work that is free to them.
What does free mean to you and your plan?
Free = taxable upon receipt
Free = no portability usually
Free = could have a pre-existing provision in there and at claim time, you could be declined
Since you cannot opt-out of these plans, let’s learn more about what they will or won’t do.
Often work plans have these disadvantages:
-Definition of Own Occupation isn’t for your specialty; it is for any job!
-True Own Occupation Defined
-Employer’s coverage isn’t portable
-Employers can change coverage on your annually
-Tiered coverage that is different per department depending on your position at work
Would you like to speak with Ethan?
Ethan’s Contact Information:
Website: SeltzerLegal.com
Email: [email protected]
Phone: 215-735-4222
Articles for reference:
https://www.seltzerlegal.com/blog/healthcare-professionals-mental-nervous-long-term-disability-claims-jumped-in-2020/
#FocusonRisk #DisabilityInsurance #IncomeProtection #SpecialtySpecific #PhysicianDisability #Residents #Fellows #MD #DO #OD #DMD #DDS #TheAmberStittShow #TakeActionToday
