With the advent of technology and advancements in medicine, the medical field continues to branch out into specialties and subspecialties, and the field of ophthalmology is no exception. As they prepare to leave resident medicine, newly minted ophthalmologists are increasingly moving into subspecialties such as neuro-ophthalmology, ocular pathology, oculoplastics, refractive management and pediatric ophthalmology, each with its own body of knowledge and specific skill set. Such specialization, which is critical to their future earning potential, needs to be protected with specialized solutions in the event of a long-term disability. Disability insurance for ophthalmologists should be just as specialized as your field of medicine.
What Ophthalmologists Need to Know about Disability Insurance
Not all “own occupation” disability insurance policies are the same. A “true” own occupation disability policy will pay benefits if an ophthalmologist is unable to perform any material and substantial duty required of their specialty regardless of whether they are still able to work in some other field. Over the years, many insurance companies have become more restrictive in their definition of total disability.
In many instances, the insurer will define the duties of a particular specialty in broad terms which can limit its application. And others have modified their definitions placing an expiration on the “true own occ” application so that it converts to an “any occ” definition after two to five years. Ophthalmologists need to ensure that the own occupation definition includes specialty language describing their specific duties.
Not all disabilities are total. In fact, nearly half of claims filed by physicians are for partial disabilities – either the condition still allows for the physician to work in some capacity, or after a period of total disability, the physician is able to return to work in a reduced capacity. Next to the “own occ” definition, a residual disability benefit is the most important component of a disability income plan. The residual disability benefit is triggered when, as a result of an injury or illness, you are limited in your ability to earn an income and it falls below 80 percent of your pre-disability level.
Most ophthalmologists are underinsured. Actually that’s true of most physicians generally. This due, in part, to working with insurance generalists who don’t have the knowledge or the resources to provide the breadth and amount of coverage medical specialists need; and, in part, to the inability of generic disability insurance policies to keep pace with their increasing incomes. It is vitally important for ophthalmologists, especially those at a younger age, to include a Future Income Guarantee option in their disability insurance policy. This option provides the opportunity to increase your monthly benefit at certain intervals according to increases in your income and without evidence of insurability.
Your Specialty Requires Specialized Disability Income Planning
You have invested significant resources into your specialty to settle for generic solutions to protecting your most important asset. Nothing short of a comprehensive, customized disability income plan based on your specialty and your specific situation will provide the optimum protection you deserve. The team of disability insurance specialists with Doctor Disability have decades of combine experience working with high-earning medical specialists. They understand your time is valuable, which is why they simplify the process for assessing your needs and matching them with the best available disability income plan