Becoming a doctor is a dream of many high school students and college students. If you are considering this as your career path, it is important to become familiar with not only the dynamics of the education and professional career, but also what financial advantages may come with a doctorate degree in medicine.
Just like disability coverage made available to those who work in fulltime employment, physicians are also entitled to disability insurance protection. While we typically do not think of health practitioners as individuals who become disabled, the fact is that many physicians suffer from marked disability especially disability associated with mental health and stress related disorders.
When beginning your educational advancement in medicine, and as you pursue a career in healthcare as a physician, be sure to speak with a financial advisor about physician disability insurance. Very similar to traditional disability insurance, and similar to the unique types of ADHD disability benefits, physician disability insurance is provided to physicians in exchange for payment of a premium to the insurance company. When a covered disability occurs during your working career, you then qualify for the stipulated disability payment benefits.
One of the most important aspects of physician disability insurance should be the coverage for mental health disability. Because many disability insurance protection plans exclude mental health disability, it will be important that you add this type of coverage often at an additional premium amount. Because mental health disability is more likely than physical health disability, for physicians, the mental health rider is necessary.
It is also, of course, important that the physician disability insurance provide coverage for the higher wages that you earn as a physician. This, however, is typically a traditional part of the protection if the disability policy is one that is designed for the physician as a professional.
If you are considering options for pursuing a career as a physician, it is important to consider the financial aspects of the profession and to speak with a financial advisor about the physician disability insurance as well as the other financial protections you will need.
Sources: Insurance for Dummies, by Jack Hungelmann