Cardiologists are highly trained physicians; they complete up to 7 years of post-graduate training and earn an average of $410,000 annually. Individual disability insurance can ensure that if you lose the ability to practice as a cardiologist, you will not suffer a loss of income, allowing you to maintain your current lifestyle.
Many people don’t realize that doctors need disability insurance. Most people only think of jobs that involve physical risks, such as lumberjacks or roofers, but the fact is that doctors, especially cardiologists, have high-risk jobs as well.
There are many factors to consider with cardiologist disability insurance. In this article, we won’t recommend a specific insurance company, but we will discuss the different factors to consider when choosing a long-term disability policy to make sure you get the best disability insurance, and how choosing the wrong policy could lead to a claim denial down the road.
Disability Insurance for Cardiologists
Cardiologists specialize in the treatment and diagnoses of coronary artery disease. They typically perform diagnostic tests and help their patients manage any other chronic heart conditions. When they perform surgery, it is procedures such as placing stents in arteries to keep the blood flowing to the heart.
Without specialty-specific language as part of the “own occupation” definition of disability, your disability insurance policy may not approve the claim if you’re able to work or retrain to work in another medical specialty or another field altogether.
If you are a cardiologist looking for the most comprehensive and cost-effective long-term disability policy, contact us to review the disability insurance available to you. It takes a disability specialist who understands your unique needs and knows how to protect your particular specialty.
Cardiologists Need Specialized Disability Coverage
When a cardiologist first enters private practice, they often have overwhelming debt. In addition, setting up a practice of their own costs a fortune. Most new doctors have hundreds of thousands of dollars in student loan debt. It is tempting for new doctors to cut back on other expenses when they are starting a practice.
One place where cardiologists cannot afford to skimp is on their disability insurance. If something happens that prevents the cardiologist from working an earning an income, they won’t be able to pay their bills or the rent.
As a cardiologist, you need very specific disability insurance. Nothing less than a specialized disability insurance plan tailored to your specific situation can provide the optimal level of protection. Cardiologists are eligible for the best disability insurance occupation class offered by many insurance carriers.
The two basic types of disability insurance are called own-occupation and any-occupation. Within these two types, the insurance carrier can write the policy in ways that will affect eligibility for benefits.
Own Occupation Definition of Disability
The most complicated part of disability insurance for a cardiologist is the “own occupation” rule. When cardiologists shop for disability insurance, it is important to understand the definition of own- occupation. Own-occupation is the type of disability insurance coverage that cardiologists need, but there are several varieties of coverage.
Sometimes insurance companies will refer to an own-occupation disability policy as a “true own-occupation” policy. A true own-occupation definition will pay a percentage of your salary if you can’t perform your specific job duties. It does not matter if you can do another job, only that you cannot do the job you were doing.
For example, if you can’t perform the duties of a cardiologist, but you can perform the duties of a researcher, this type of policy will continue to pay your full salary benefit even if you can earn less in another job.
For example, let’s say you are a cardiologist earning $12,000 per month. You become disabled, but you can still perform the duties of another medical specialty that pays $5,000 per month. If you have chosen a true own occupation policy for your disability insurance, it would pay you the $12,000 per month, regardless of what you make in another job. You would end up getting $17,000 a month. All that matters is that you cannot perform the duties of a cardiologist.
Another type of own-occupation policy, called transitional own-occupation, would pay only the difference. With this type of own-occupation definition, your disability insurance would only pay you $7,000 per month. This would bring your monthly income up to your original $12,000 per month.
There are also modified own-occupation policies, where your policy will pay benefits if you cannot perform your own job, but the benefits will not continue if you choose to earn an income in another occupation.
A less favorable choice is the any occupation policy. Although this policy would be the cheapest to buy, it also pays the fewest benefits. If you can work in any other field that is suitable for you based on your experience, your training, or your education, the insurance company will not pay any benefits at all.
Some policies have a changing definition of disability. The definition may change from “own occupation” to “any occupation” after benefits have been paid for a period of time. Be sure to review your policy carefully or consult with an expert if you need help understanding your policy’s definition of disability.
Hire an Attorney for Disability Insurance Appeals & Lawsuits
As you can see, the way insurers write disability income policies gives them a lot of leeway to deny claims. Depending on the company you have choose, you may need the services of a talented attorney to protect your rights and ensure that you receive your full benefits.
The experienced legal team at the Ortiz Law Firm in Pensacola, FL, has years of experience handling disability income claims. In fact, the firm’s founder, Nick Ortiz, began his career as an attorney representing insurance companies. This type of experience is invaluable in obtaining financial help for the disabled.
Attorney Ortiz knows how the insurance companies work. He knows that these companies are in the business of making a profit by collecting premiums but not paying claims. Our goal is to make sure you get what you paid for. We know the difficulties cardiologists face when trying to collect disability insurance.
Trying to prove your disability on your own is not the way to go. After all, you didn’t spend all those years studying disability law—you spent all those years studying cardiology. Disability lawyers know the law and the tactics the insurance company will use to prove you don’t deserve benefits.
Disability claims are our specialty, and we know exactly what to do. If you are a cardiologist having trouble getting the disability benefits you deserve, call us at (888) 321-8131 to schedule a free case evaluation.