Emm
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What is the typical cost of disability insurance for physicians? For most long term patient (not necessarily group coverage) physicians should anticipate to pay close to 60% of their overall gross income. This would be around $7000 per year. That may not sound like much but it is a significant cost savings when compared with what traditional insurance policies charge.
As a matter of federal law Medicare actually allows physicians and other covered professional to apply for coverage under a disability policy. There are specific guidelines that must be followed however. The professional must state the reason why they need the benefits and they must explain how these will be used. They also have to describe any limitations of the policy that would otherwise be illegal.
In order to qualify for Medicare the physician must participate in the plan. There are several different types of riders that can be added to the policy. Some are optional riders. Most physicians already know that they can qualify for the optional riders such as vision protection or assistance for medically underprivileged individuals. So that leaves the mandatory rider, the one that most physicians will immediately know not to take.
One of the mandatory riders is the future increase option rider. This new rider allows physicians who already have a benefit authorized by their current plan to continue those benefits for an additional six months. So, if a physician has a benefit authorization date that is six months away they now have six months of continuous disability coverage. This is recommended for all physicians.
The optional rider riders that are allowed by Medicare Part B include coverage for inpatient detoxification services, home health care services, and services for substance abuse or addiction. For physicians who choose to participate in a Medicare Part D program this new rider will also allow them to join the network for the prescription drug coverage. Now, it is entirely possible that physicians are not currently enrolled in a Medicare Part D program. But, if they were prior to enrolling in Medicare Part D they are still eligible for the optional rider benefits. So, if they were not enrolled in Medicare Part D and chose to enroll in a Part B or C drug plan then they will need to look into the Part D plans.
Another rider available for physicians is the income replacement benefit rider. With this rider a physician can increase their existing income to cover the cost of their actual disability coverage. If this sounds like something that would interest you then you should also consider the idea of purchasing this type of rider as an addition to your existing Medicare disability coverage. For many physicians this is a great way to stay current and be compliant with a health plan. Just make sure that you know what is covered and you will have no problems.
In order to qualify for Medicare the physician must participate in the plan. There are several different types of riders that can be added to the policy. Some are optional riders. Most physicians already know that they can qualify for the optional riders such as vision protection or assistance for medically underprivileged individuals. So that leaves the mandatory rider, the one that most physicians will immediately know not to take.
One of the mandatory riders is the future increase option rider. This new rider allows physicians who already have a benefit authorized by their current plan to continue those benefits for an additional six months. So, if a physician has a benefit authorization date that is six months away they now have six months of continuous disability coverage. This is recommended for all physicians.
The optional rider riders that are allowed by Medicare Part B include coverage for inpatient detoxification services, home health care services, and services for substance abuse or addiction. For physicians who choose to participate in a Medicare Part D program this new rider will also allow them to join the network for the prescription drug coverage. Now, it is entirely possible that physicians are not currently enrolled in a Medicare Part D program. But, if they were prior to enrolling in Medicare Part D they are still eligible for the optional rider benefits. So, if they were not enrolled in Medicare Part D and chose to enroll in a Part B or C drug plan then they will need to look into the Part D plans.
Another rider available for physicians is the income replacement benefit rider. With this rider a physician can increase their existing income to cover the cost of their actual disability coverage. If this sounds like something that would interest you then you should also consider the idea of purchasing this type of rider as an addition to your existing Medicare disability coverage. For many physicians this is a great way to stay current and be compliant with a health plan. Just make sure that you know what is covered and you will have no problems.
