Why Doctors Need IDI Supplement™ Coverage
Welcome to the MGIS incomeprotect Individual Disability Insurance (IDI) supplement series. In this episode, we will be discussing why healthcare professionals need IDI supplement coverage.
Physicians and dentists have unique income protection and disability insurance needs: They have high incomes and equally high spending. They've built their practice performing a specific set of medical procedures and expect to be paid benefits if a disability prevents them from doing them. They return to work at two times the rate of other professionals. Doctors consider themselves experts in medical and disabling conditions, so they expect their opinion to be considered and to have choices in when and how to return to work after a disabling event. They typically work more than 40 hours a week. Many work beyond normal retirement age. Physicians also face disease exposures and other hazards specific to their profession. Every physician carries malpractice insurance. They may also be a practice owner and share in overhead expenses. Because they have spent years building their expertise and practices, physicians return to work part-time at a much higher rate than other professions. These work situations require a great amount of flexibility and expertise in managing claims and benefits. In addition, physicians and dentists have complex compensation programs that require proper treatment and definition in the contract itself as well as additional expertise in understanding the impact on a disability claim. To address these specialized benefit and business needs, physicians normally purchase individual disability insurance early in their careers. This coverage is tailored specifically to their specialties and situations and is considered the gold standard of disability insurance coverage.
However, most physicians find that as their careers progress, their incomes quickly outstrip the benefit limits provided by their IDI policies. Unfortunately, IDI carriers will not provide higher limits to cover this gap. So, what can doctors do? They need what's called IDI supplement insurance. A policy that supplements their IDI policy limits while also providing a continuing of provisions that mirror its specialized benefits.
That's the topic of our next episode where we will get into the details of IDI supplement coverage and how it uniquely addresses physicians and dentist's specialized income protection needs. Thank you for watching the MGIS incomeprotect series. We hope you enjoyed this episode. Want to learn more? Click on the next video or visit us at mgis.com.