Disability insurance for veterinarians may not be something you want to think about. But obtaining it means you are more protected against financial risks. In fact, many individuals will experience a disability that keeps them out of work before they hit retirement age.
For example, you might get unexpected injuries or illnesses, leading you to lose your income. If this situation happens, you need to consider such insurance since you may not be able to rely on social security disability benefits. Prevent having your finances take a significant hit by obtaining a plan that works with your needs.
The term “disability insurance” might have you thinking in the lines of motor impairments and visual impairments. But it covers a much broader scope. Cancer, heart diseases, and other illnesses make up for the majority of long-term disability claims.
Veterinarian disability insurance will cover a portion of your income when you are unable to continue your practice. Usually, such benefits are around 60% of your income. That way, you will not lag on essential expenses like food, mortgage, car payments, utilities, and school tuition.
Each disability policy has a particular definition of disability. You have to meet the given definition to receive the benefits. The two most common definitions are own occupation and any occupation.
In the case of own occupation, you are considered disabled if you can no longer continue with the veterinary practice you had before becoming disabled. With any occupation disability insurance, you are considered disabled if you cannot perform any job at all.
The policy can either be short-term or long-term. With a short-term disability policy, some services provide benefits for one to three years.
Long-term disability policies have a five-year benefit period or a “to age 67” benefit option. You can also get a cost of living adjustment (COLA) benefit, which cushions you against inflation by increasing your monthly disability payments each year.
Another rider under the long-term policy is a residual disability. Here, the benefits reduce if you can work part-time.
Your income will act as your core guideline when determining how much your monthly benefit payout would be. You need to look at the disability insurance offered by your employer and make a judgment call. The reimbursement usually ranges based on your pre-disability salary.
You might also consider individual disability insurance for veterinarians. With the individual plan, you are protected all year round, on and off the job. Besides, the plan comes with guarantees regarding pricing, benefits, and coverage — something you would highly appreciate.
If the group insurance is not enough, you might consider getting a supplemental disability income insurance plan. You can either obtain it through work or independently to cover a portion of income that basic insurance may not.
Illness or any other form of disability is unprecedented. And you do not want to run the risk of a financial crisis for you or your dependents. That said, the right time to get disability insurance for veterinarians is now if you have not done so already. Having insurance for a long amount of time will increase the payout amounts.
When you purchase veterinarian disability insurance, your insurance provider makes a long-term commitment to you. If you become disabled, you will receive benefits for a long time. Thus, you need to put your money in a reputable company — one with experience and financial strength. Contact a service that provides veterinarians with disability insurance coverage options for further information.