Don’t Count on Workers Comp for Disability Income
If you’re working in the medical profession and you are counting on workers compensation insurance to cover your financial needs should you become disabled, think again. Work-related accidents cause fewer than 5% of all disabilities, according to a May 2012 study by The American College. 
Despite the likelihood that a non-work event would be the cause of a disability, 61% of women and 46% of men surveyed have done no research on disability insurance. For those who have disability coverage available through work, only 6% of women and 8% of men actually purchase it. Of those who do have some kind of disability insurance, 52% say it’s less than they should have, according to The American College’s survey.
With 25% of American workers likely to become disabled at some point in their working lives, according to the Social Security Administration, these participation numbers are staggeringly poor. Since workers compensation insurance is responsible for just 5% of disability claims, medical professionals need to protect their financial security with doctors disability insurance.
A doctors disability insurance policy provides a stream of income that can be spent on anything – medical bills, home care, family needs, utility bills, even a vacation. It’s your money to spend as you see fit. An individual policy can be set up to provide coverage for partial disability, and it can cover the loss of income from your specialized practice – even if you can still work in a lower-paying area of the medical field.
Disability insurance isn’t always employer-sponsored like workers compensation coverage, but it is available on the individual market if you can’t get a policy through work or your employer’s plan doesn’t offer enough coverage. Typically, a good individual plan will cost 1% to 4% of your annual gross income. For that investment, you would usually get a non-cancelable, guaranteed renewal policy. There are many options for coverage, so talking to an insurance professional who specializes in disability insurance is recommended.
For a disability insurance quote or for more information on physicians disability insurance, visit https://doctordisability.com/.