Physicians Disability Insurance Options
The majority of physicians recommend PPO (Preferred Provider Organization) plans over other benefits in the health insurance industry. This is because they offer more flexibility. And because these plans are offered directly by physicians, one can be confident that they are only dealing with a practitioner with whom they can have a trusting relationship. After having all of their colleagues recommend PPO and receiving equally positive feedback from each of them, gives great joy to expand on my earlier comments about physicians and their relationship to their patients.
Most physicians recommend PPO plans because they offer more flexible benefits. In fact, every year physicians disability insurance companies classify four specialties. Specialty classification is based on the physician’s field of specialization. So chiropractors, podiatrists, orthopedists, and physicians in the neurological specialty all fall under a single specialty group.
This classification process makes it easier for physicians to access a network of doctors. The best disability insurance companies classify four specialties so that physicians with various specialties can get the care that they need. This means that family medicine physicians in Colorado have exactly the same benefits as family medicine physicians in New York. If they wanted, they could choose to go to a chiropractic clinic or see a podiatrist in Colorado, or seek a consultation from an orthopedic doctor in New York. Or they could see a cardiologist in Colorado but a gastroenterologist in New York.
But the best of the best disability insurance companies also allows physicians to select any specialty under the heading of “uity.” This allows them to offer private practice as well as hospital coverage. This private practice includes dermatology, gynecology, optometry, pediatrics, neurology, and many other specialties. Most importantly, physicians can select from three different plans – Managed Care Health Plans (MCP), Preferred Provider Organizations (PPOs), and Indemnity Plans (IPs).
Private practice is good for those physicians who want to build up their private practice but who do not want to become a dependent of a health insurance company. In my experience, there are some doctors who are better able to get patients and retain them if they are on a managed care plan. For them, there are mixed messages involved in becoming a dependent of a disability insurance company.
On the one hand, there is the obvious advantage of having income security; this can be a major source of pride for them. But becoming a dependent means decreasing income that they would otherwise receive from private practice. There is also the danger of decreasing private practice income if they are injured on the job – another reason some physicians might want to consider becoming an independent disability lawyer. This can lead to depression and a feeling that their work is not valued.
In addition to these two concerns of decreased private practice income and decreased job security there is also the matter of increased liability. When a doctor becomes disabled, they are no longer covered under their private insurance policy if they injure their patient. If they injure a person that requires a lifetime’s worth of medical care, they might be sued for medical costs they incurred. There may be times when they lose their jobs or there might not be enough insurance to continue paying their medical bills. At such times, physicians with physician disability insurance will have some financial protection. But the flip side is that they will also be responsible for the cost of the injury they caused the patient.
Physicians and patients need to decide what is best for them. If they feel like their income would be reduced too much by becoming an independent applicant for coverage, they might want to consider group coverage. This way they can purchase the policy in conjunction with their spouse or other family members. However, physicians who want more security should seek individual coverage. The ability to put money away in a trust, and to have flexible spending limitations are a very important part of the decision making process when it comes to purchasing insurance for the self employed.