There are a couple of other major differences when you compare short-term versus long-term disability coverage, other than the time-frame.
One difference is the payout period between the two different types. For short-term, the payout is generally within a week of filing the claim. Each plan has its own specific timeline, but this further illustrates the difference between the two types. The timing of when your funds would be paid out is referred to as the elimination period.
In some cases, the elimination period for long-term can even be as far out as days. Generally speaking, the longer the elimination period for your policy then the lower the rate of the premium. At this point you might still be wondering why you need your own long-term policy versus solely relying on the plan through your employer. The number one reason you should purchase your own policy is because group policies are written in a language which is referred to as Any Occupation versus Own Occupation. Having your own disability insurance that stays with you throughout your career is beneficial if you end up as a contractor or working locum tenens for another practice.
Think of your own disability policy as being portable- wherever you go, so goes your policy.
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If you are a high-income specialist, such as an Orthopedic Surgeon, Neurosurgeon, Anesthesiologist, or Plastic Surgeon, you could benefit from the purchase of multiple disability insurance policies. You can receive the benefits from both or multiple carriers, which could potentially cover more of your high-earning salary. But as previously mentioned, there are several disadvantages to relying solely on your employer. The cost of your premiums will depend largely on the types of riders you have within your policy. Riders are put into your policy to make it as comprehensive as possible. There are various riders which are recommended for physicians, and then other types which should be carefully considered.
Remember, insurance is a personal choice and riders are designed to tailor a policy to your needs as much as possible. We know typically a disability is not a black and white issue.
Often times it can result in an injury which can be managed, but it still affects your day-to-day living. For instance, if you develop a disease which limits your productivity to 20 hours per week but yet you still have the ability to work a partial schedule. This is where a Partial or Residual Disability rider kicks in. It pays out when your disability limits your ability to handle your previous workload.
Since some doctors are paid based on how many patients they can see, this is an important rider for physicians to consider. The Catastrophic Disability Rider is an option many physicians should consider, but only under certain circumstances. This rider is relatively new to the insurance world. Think of it as not being able to perform at least two Activities of Daily Living such as bathing or getting dressed on your own.
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Another common rider which is often written into a disability insurance policy is the cost of living adjustment, or COLA for short. A COLA rider will adjust the disability payouts for inflation. Lawrence B. This adjustment can be a flat percentage or tied to the Consumer Price Index. Although costly, this rider can provide significant increases to your monthly benefit if you are disabled early in your career.
Along these lines, one school of thought is that it is more important to purchase the maximum monthly benefit available to you, even at the expense of not having a COLA Rider. Many long-term disability insurance policies will try to sell you an additional service related reimbursement of student loan payments. Sounds like a must for physicians, right?
This product targets physicians because they know most doctors have a large student loan burden. You will waste your hard earned money and spend too much time trying to show proof of loan repayment. Instead, if you were to become permanently disabled you should apply to have your federal student loans discharged. Not only do you need to know how the riders you choose impact your policy, but you also want to evaluate your contract for specific language. Insurance companies pay out disability benefits based on whether or not you can work, but where the rub comes in is how the company defines work.
It can vary from company to company too. You will usually find this any occupation language written into your group policy. This is yet another reason to purchase your own policy and not rely on only on what your employer provides.
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If you are looking for a comprehensive individual disability policy, then you need to make sure the own occupation language is used in your contract. Own occupation disability insurance pays out when you are no longer able to perform the job you had before your injury. It will truly protect your ability to perform the duties of your medical specialty.
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They may perform an ultrasound to determine how the uterus and ovaries look and to come up with a plan to treat the disease. Surgeons utilizing excision in their treatment plans report rates of long-term relief in 75—85 percent of their patients, while non-excisional surgery reports a 40—60 percent recurrence rate in as little as one to two years post-surgery.
In my experience, excision surgery has proved to be the most beneficial method for decreasing my endometriosis pain. I still have concerns about the disease coming back, because it seems like it has always reared its ugly head at the most unexpected times in my life.
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Since having excision surgery by an endometriosis specialist, I have had one surgery to remove my gallbladder and scar tissue, and have gone a year and a half without any surgery for endometriosis concerns. These doctors are beneficial for doing lab work and testing for some gastrointestinal-related issues, and can help to rule out other illnesses as well as refer patients to specialists, depending on the issue.
Insurance sometimes requires these doctors to refer patients to specialists before they can cover any appointments, which can be frustrating for the patient. My doctor also likes to do blood work every six months to one year as a follow-up, which I appreciate.
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Gynecologists are usually the first doctors that women go to see to get birth control, oftentimes before they suspect there could be something wrong. They may do ultrasounds, blood work, and saliva testing, as well. I feel like they only want to throw birth controls or Lupron at patients in hopes of treating the disease without having to try excision surgery or refer women to an endometriosis specialist.
It was difficult for me to find a gynecologist who would also treat me for PCOS, even though the illness deals with the ovaries. Endocrinologists specialize in the endocrine system, which includes hormonal imbalances and some cancers. Polycystic Ovary Syndrome PCOS , osteoporosis, and infertility are some of the comorbidities associated with endometriosis that endocrinologists treat.