At more $330,000, the median income for radiologists ranks near the very top of all medical specialties. Yet, according to the Radiologist Compensation Report 2012, conducted by MedScape, the majority of radiologists said they don’t feel rich “because of so many debts and expenses.” While that may be the common attitude among most physicians, radiologists who work a full career can expect to earn more than $20 million. If they don’t “feel rich” now, imagine how they would feel if they lost the ability to generate those earnings due to a long term disability. This is what makes disability insurance for radiologists so important.
Fortunately, radiologists understand the importance of having a disability income protection plan. According to a 2007 survey by the McGill Advisory, nearly 100 percent of the radiologists surveyed said they were covered by some form of disability insurance. Unfortunately, the survey also reported that many physicians are making big mistakes with their disability coverage leaving them dangerously underinsured. For instance, nearly 40 percent have group or association sponsored policies instead of privately issued policies. And, nearly half purchase disability coverage from a mass-market agent who knows little about the medical specialty market. That means the vast majority of medical specialists have inadequate disability income protection.
Radiologists Benefit From Specialized Disability Insurance Advice
Radiologists especially need to make disability insurance planning a top priority and it shouldn’t be left to generic insurance agents who offer generic solutions. Disability insurance for the medical market has become highly specialized, and for some of the higher risk specialties, such as interventional radiology, it usually requires a customized approach to putting together a comprehensive disability insurance plan that can provide the necessary coverage.
Some insurance carriers differentiate the occupational classification between interventional and diagnostic radiologists while others do not. Some insurance carriers rate radiologists as a 3 for occupational class while others rate them as a 4. Then there some that will upgrade them from a 4 to a 5 after a period of time. All of this is critical to the disability income solution because it impacts the premium costs as well as the availability of higher quality benefits.
Get Expert Guidance From Doctor Disability
Doctor Disability has a team of specialists who do nothing but work with medical specialists to help them assess their disability income planning needs and objectives. They then draw upon our vast network of resources and top tier disability insurance carriers to fashion a customized solution to provide the optimum disability coverage in the most efficient way possible.