In Part I of Biggest Mistakes Physicians Make When Filing Disability Claims, we suggested that the biggest mistake a physician can make is to purchase an inadequate disability policy. But, assuming they work with a disability insurance specialist who understands the unique needs of medical professionals, they will avoid that mistake. Purchasing the proper disability insurance policy is just the beginning of the disability income planning process. Knowing the “what, when, and how” of the claims paying process then becomes the most important aspect of disability income planning, and it is here where many physicians make some very costly mistakes.
The biggest mistakes listed in Part 1 were:
- Mistake #1-Reporting the wrong date of disability
- Mistake #2: Learning what’s in your physician’s record at the same time as the insurer.
- Mistake #3: Becoming “disabled” at the wrong time.
Continuing with Part II of the Biggest Mistakes Physicians Make When Filing Disability Claims:
Mistake #4: Learning what’s in your policy when you need to file a claim
This is coming full circle from the opening paragraph, but it cannot be overstated. As daunting and boring as it must seem, it is vital that you know what’s your policy before you need to file a claim. And, since there is a possibility you might need to next week, it is strongly recommended you do it now. A disability specialist who specializes in the medical field would be able to walk you through the most salient provisions of your policy.
Mistake #5: Allowing your physician to fill out the insurer-provided forms
After you file a claim, the insurer will send you and your physician its claim forms to be completed. Generally, these forms ask a lot of impertinent questions, and the ones that are pertinent don’t always allow for thorough answers. That alone can create an uneven playing field when you need to prove your claim. Before completing the forms, and after reviewing your medical records, you and your physician should meet to firmly establish and chronicle everything that went into his determination that you are unable to perform the substantial and material duties of your occupation or specialty.
Mistake #6: Trying to go it alone
No one wants to have to lawyer up, especially when you think you have an iron-clad contract that creates a certain expectation. However, it is a contract written by lawyers and, when it comes time to file a claim, you can be assured that it will be reviewed by lawyers in the context of the contract they wrote. So, why not level the playing field by getting your own lawyer – one who specializes in disability claims? As much as we’d like to think the claims process is fairly straightforward, it is important to realize that the process, in essence, is adversarial. You’re making a claim against their assets and they want to make sure that your claim is 100 percent legit before they give them up. There’s a chance that it will all go smoothly and the lawyer was a waste of money; however, should it not go smoothly, or you somehow made one of the many possible mistakes discussed in these articles, any price you pay for a lawyer will be well worth it. Better to have one lined up before you run into any problems.