Group vs Individual: Which Physician Disability Insurance Plan is Right for You?

Healthcare workers have the most important job today because of the pandemic. But what if they are also the most at risk?

According to the Centers for Disease Control and Prevention (CDC), hospital and clinic employees constantly face hazards while on the job, like latex allergy, stress, back injuries, harmful levels of exposure to drugs and toxic chemicals, and more.

If you’re a healthcare employee, you can’t avoid the risks of the job. The best you can do is prepare yourself financially for the possible injuries and diseases you might get. This is where true own specialty disability insurance for physicians comes in.

What is a True Own-Occupation Disability Insurance?

When you opt for True Own-Occupation Insurance, it means that if you’re not able to perform the essential duties of your job, it will be considered a disability for you and will be covered by your policy. Your benefits will not change even if you make an income in another career.

Suppose you’re a neurosurgeon, and you get injured significantly that you can’t perform surgery anymore. You can work as a professor or general physician and still receive your full benefit payout.

True own-occupation disability insurance is perfect for medical practitioners like you. It’s comprehensive and allows you to explore other fields without sacrificing the benefits you rightfully deserve.

Group or Individual Disability Insurance?

 

There’s one more important choice you need to make before signing off on your disability

insurance: do you get an individual or group plan? Here’s what you need to know about each choice.

Individual insurance is a plan that you shop for or buy on your own. Here are some of its pros and cons.

Pros

Tailored for You — You get to choose the kind of insurance and the provider. The insurance provider can customize a plan according to your needs and preferences; you can get as much or as little coverage as you want.

Portable — Individual health insurance plans don’t depend on whether you’re employed or not. As long as you make payments on time, you are covered.

Cons

High premiums — The premiums are more expensive for individual plans compared to group ones. This is because your employer doesn’t pay a portion of your insurance.

Group insurance, on the other hand, is a plan that you get from your employer. You get the same coverage as your fellow doctors or other medical practitioners.

Pros

Affordable — Some employers pay for half of their workers’ disability insurance plans. It makes the monthly premium more affordable to pay.

Extensive support — Corporations are a consistent source of income for insurance companies. In return, insurance agents slip in extra claims support for the plans they provide.

Cons

Limited personalization — The coverage you get, as well as the limits of your dependents, are all set by your employer. If you want to change anything, you may have to pay extra.

Your employer owns your plan — Your plan stays with your employer. You lose your insurance coverage when you no longer work for the company.

Having a True Own-Occupation Disability Insurance plan is an advantage to healthcare workers. If you’re a physician who works for more than one hospital or healthcare facility, you will benefit more from an individual insurance plan that follows you. If you’re a tenured nurse or doctor who has been with the same hospital for years and plans to stay in it for the long term, signing up with your employer’s group plan is a better choice.

Whichever path you choose; you can rest easy knowing you’re financially protected in case of an own-occupation disability.

Get the Right Disability Insurance Coverage for You

If you’re looking for the right insurance plan, Insurance MD will be happy to help. For more than a decade, we’ve assisted countless physicians, dentists, and other healthcare professionals get the best insurance coverage. Our team of agents provides side-by-side comparisons of policies and plans, so you can select one that fits your needs.