Physicians, dentists, and other specialized healthcare professionals learn early in their careers that disability insurance is critical to their financial security. They are encouraged to obtain individual disability insurance (IDI)—the gold standard of disability coverage. IDI is highly customized to the needs of healthcare professionals and, at claim time, will pay benefits if the covered healthcare professionals can no longer perform the actual procedures they built their career performing. Unfortunately, IDI carriers limit the total amount of coverage they provide to their beneficiaries. As healthcare professionals move forward in their careers and earn more money, they often develop a coverage gap, and their IDI policies become insufficient to cover the recommended 60 – 70% of their income.
To close this gap, healthcare professionals can try stacking disability insurance by adding a layer of group long-term disability (LTD) coverage to their income protection portfolio through their practices or employers. However, traditional LTD coverage lacks robust IDI-like features and may include provisions that disadvantage healthcare professionals at claim time. Long-term disability insurance from MGIS mirrors IDI and therefore does not sacrifice strength of coverage for benefit eligibility and financial payouts. MGIS explicitly designed this LTD coverage for healthcare professional groups. This is why our product is often referred to as IDI Supplement.
MGIS LTD coverage defines disability based on CPT/CDT coded procedures regularly performed during the previous 12 months. We also give policyholders a choice to work, with no hidden limitations plus generous partial benefits for those opting to work in some capacity. Policyholders can now acquire the assurance of both the right amount and the right type of coverage. And MGIS is the only insurance organization in the country to do so, protecting each practitioner with benefits they need without an ounce of compromise. Beyond this, we give policyholders a choice to work, with no hidden limitations plus generous partial benefits for those opting to work in some capacity.
Traditional LTD plans have a problem. They weren’t designed for healthcare professional practices. Healthcare professionals have specific income protection needs—requiring strong provisions that protect the healthcare professional at claim time. This presents a problem for most carriers. They must either provide the entire group the more substantial and more expensive provisions that protect the healthcare professionals or offer coverage that saves cost by including provisions that disadvantage the group’s highest-earning members.
Group disability contracts from MGIS do not have this problem. MGIS group contracts provide the right type and right amount of coverage to different “carve-outs” of employees—providing strong IDI-like provisions healthcare professionals expect while driving cost advantages by providing other employees with the right amount of coverage.