Own Occupation Disability Insurance for Physicians

Do you know what Own Occupation Disability Insurance for Physicians is? It is a type of disability insurance for physicians that allows you to claim benefits, even if you work in another job. Certain types of insurance policies ensure you are covered if a disability prevents or limits you from working the job you had.

Own Occupation Disability Insurance for Physicians - Finding the Best Coverage for You

This article will tackle its most complex policies, such as its features, forms and the way you can benefit from it. If you’re planning on getting a Disability Insurance for physicians policy of this kind, it’s better that you start doing your research in order to understand what to expect and what not to expect.

Definition of Disability

The Own Occupation Disability Insurance for Physicians has its own glossary as of what a disability actually means, as each is covered by a different occupation period, time and benefit quantity. So far, it has three definitions:
1. Total Disability. You’re unable to perform any of your duties inside your specialty or subspecialty.
2. Partial / Residual Disability. You suffer an illness or injury that causes you to remain partially disabled, and can’t work the same way you can. In these cases, the benefit triggers at 15-20% income loss.
3. Presumptive Disability. Either a loss of hands or feet, and sense deprivation; one of these will waive your waiting period. Whether this is a permanent situation or not, you’ll still receive benefits, no matter what.

Differences with Any-Occupation Insurance

It’s important to know that Own Occupation Policy differs greatly from the Any Occupation Policy, which is overall similar, except for some essential clauses.

First of all, the Own Occupation policy states that you can claim your benefits even if you are able to work in a different specialty. Although bureaucracy makes this a rather tardy insurance to prepare, it has to be done only once and the policy locks in after the Own Occupation Disability Insurance for Physicians cost is paid. If any other medical incident arises after this point, it won’t hurt your future benefits. As you can imagine, however, the Own Occupation Disability Insurance cost is higher than the Any Occupation type, as it typically lets you collect both income and benefits at the same time.

The Any Occupation policy, as you can expect, is a cheaper disability insurance for physicians, but that’s because it has more restrictions: you won’t receive benefits if you’re still able to work (regardless of your specialty) and you won’t receive benefits from, let’s say, the Total Disability definition.

Types of Own Occupation Disability Insurance for Physicians

Own Occupation policies vary according to the client, so it is important for you to choose carefully. Before purchasing any package, read and understand every part of your insurance coverage, and check which of the following is similar to the one you’re thinking about:
1. True Own Occupation: You are eligible to receive disability insurance benefits even if you start working on another specialty. As stated in our example above, your benefits will not be affected by this new job.
2. Transitional Own Occupation: You receive disability insurance benefits, but they’re adjusted to the new amount you earn in your new post-disability job. The calculation of this benefit will be defined by your earnings pre-disability and your new income.
3. Own Occupation, Not Engaged: Also known as Modified Own Occupation, this coverage is stricter. You may be eligible for benefits even if you were to pursue another specialty, but you may become ineligible if you take another job.
4. Hybrid Own Occupation & Any Occupation: If you fall under the Total Disability category, you will be covered by Own Occupation for some time. After that, your coverage will change to Any Occupation after 24 months.

Questions

What is the Difference Between Own Occupation and Any Occupation?
Simply put, Own-Occupation will protect you wherever you go, regardless of the specialty you change or pursue. Any-Occupation, however, although cheaper, isn’t as flexible and it requires you to be completely incapable of any kind of work in order to receive benefits.

Do we need Disability Insurance?
Of course. Disability insurance for physicians will ensure that you receive income, even if you're sick or injured. If you choose the correct coverage, you’ll enjoy benefits during any time of crisis.

To Summarize

To summarize, Own Occupation Disability Insurance for Physicians is essentially a disability insurance for physicians that lets you claim benefits, even if you change jobs. If you’re enjoying the benefits of a disability insurance for an orthopedic surgeon, you can pay an Own Occupation Disability Insurance cost for your occupation period and still receive your previous physician income insurance, as if nothing had changed. We recommend you to start browsing for the best coverage available to you and insurance yourself now that you’re in time.