Being a dermatologist is a wonderful and rewarding career. Dermatologists help us in many ways and guide people with skin problems on the road to recovery. The compensation you receive as a dermatologist is likely to increase over time. However, there are some situations that may prevent you from performing your job and earning an income, which leads us to the topic of this article – dermatologist disability insurance claims.
A disabling illness or injury often comes without warning. You could be involved in a debilitating accident that prevents you from working. If a dermatologist can’t work at peak performance or can’t work at all, they can lose their source of income and face many problems – unless they have disability insurance. Disability insurance for dermatologists will help replace their lost income and maintain their standard of living.
Disability Insurance for Dermatologists
There are several components of disability insurance that dermatologists should be aware of when considering options for disability insurance during residency:
- Residual Disability Benefit – Residual disability benefit is a plan for those who have a partial disability that may result in a limited ability to work and reduced earnings. This type of plan kicks in when the dermatologist’s income of drops by 15-20%. The plan is beneficial because you don’t have to wait until you are completely unable to work to begin receiving benefits. People with conditions such as MS and Parkinson’s can benefit from this plan.
- Cost of Living Adjustment (COLA) – No one knows how long their disability will last. COLA riders increase your benefit amount over time for long-term claims. There are two types of COLA riders offered by insurance companies: a flat percentage increase and one that increases with the inflation index.
Group vs. Individual Disability Insurance
Disability insurance can be purchased as part of a group benefits plan or as an individual disability insurance policy. This depends entirely on a person’s needs and place of employment. Some dermatologists work in large dermatology clinics, which usually offer group disability insurance policies that cover all the employees.
Those who aren’t able to get a group policy can get an individual disability insurance policy from a carrier of their choice. There are those whose clinic offers group insurance, but they are not satisfied with it. A person can decide to add individual insurance for themselves. You can also reject the group insurance altogether and get individual disability insurance for dermatologists with a definition of disability that will work best for you.
The Definition of Disability in Dermatologist Disability Insurance Claims
An “own occupation” or “own-occ” disability policy is a popular form of dermatologist long-term disability insurance. “Own occ” disability insurance policies state that a person is considered totally disabled and eligible for a monthly benefit to compensate for the loss of income when a person’s disability renders them unable to perform the duties they are required of their position or specific medical specialty.
There are three types of “own-occ” disability insurance. They are:
- True Own Occupation – This defines a situation where you are completely unable to perform the functions of your medical specialty due to disability from injury and illness, even if you are employed in another field. This will help the person receive full disability income benefits even if they work in a different medical specialty or a different job altogether.
- Modified Own Occupation – Defines disability due to injury or illness as the inability to perform the material and substantial duties of your job as performed in the regular national economy. This coverage may not be appropriate for all dermatologists.
- Any Occupation – Defines disability as the inability to perform the material and substantial duties of any occupation for which you are qualified. You will only receive benefits if you are unable to perform the duties of any job.
Many “own occ” policies change to “any occ” after a certain number of months. The differences between the definition of “own occ” and “any occ” can be technical and confusing. The insurance company will do everything it can to muddy the waters and make claims more difficult to file in order to avoid payouts.
For dermatologists, you are advised to purchase only True Own Occupation disability policies and avoid the others. The others have a lot of coverage gray areas to avoid having to pay benefits and will not work the best for you in many situations.
Claim Denied by the Insurance Company? Hire a Disability Insurance Attorney
If you are disabled and you are having problems getting benefits under your disability insurance coverage, it is best that you get help from a disability attorney who has experience handling claims for doctors. An attorney will help you with administrative appeals and, if necessary, filing a lawsuit against the insurance company.
You should work with an experienced firm like the Ortiz Law Firm. We have all the experience and knowledge needed to help you win your case. We are a team that cares about our clients, and we understand that dermatologist disability cases can be sensitive matters. We will work diligently to make sure that you get the justice you deserve. Contact us online or call us at (888) 321-8131 to schedule a free case evaluation.