When we speak of disability it is not just permanently damaged organs of the body that restrict or completely prevent certain kinds of movement of the body. Such disability can also be due to an illness or medical condition that involves long recovery time during which you cannot work. Physicians across the United States and beyond and not just in Utah have suffered fatalities in large numbers during the peak of Covid-19 pandemic. Many of those who have survived after testing positive are facing other complications that have prevented them from working. This has given rise to a feeling of despondency among physicians who are still unaffected. In such a situation, you have just one thing in mind – getting a healthcare professionals disability insurance as soon as possible.
The main concern is income replacement
Everybody must work to make a living, not just physicians. However, physicians battling a pandemic like Covid-19 are in a completely different zone of uncertainty whether in Utah or anywhere else. In this situation, you are exposed to life-threatening infection of the virus from the very patients you are caring for.
You also face the dreadful prospect of being disabled for a long period and not being able to work during that time. Hence you need to get disability insurance in Utah to make sure that in the event of disability and subsequent absence from work, you will get income replacement compensation. The cost of the insurance policy would depend on the tenures and compensation amount you choose as per your risk assessment.
Importance of analyzing your requirement
While investing in a healthcare professionals insurance policy, it is important to first analyze your exact requirement in compensation every month. Physicians are a well-paid category of employees with their own lifestyle. However, it would be a mistake to try and match your salary with the income replacement that the policy offers.
Remember that the income replacement is basically compensation for your disability-induced loss of work resulting in loss of income. This compensation should only be used to pay the unavoidable bills and not for your lifestyle expenses. In any case, you won’t be partying or going on vacation during your disability. Higher compensation and longer tenure makes your policy costlier.
Knowing the benefits of disability insurance
You have the option of choosing either a short term or a long term policy but remember that such a policy is not just for attesting a formality. Long term disability can affect anybody and you are not immune to it. Therefore, choose a long term policy that allows you coverage from 2 years right up to 10 years and more.
The benefits in a short term policy start within a couple of weeks at the most. In a long term policy it usually starts 3 months after you purchase the policy but can stretch up to 2 years in specific cases. In terms of the compensation amount that you get paid, it is 80% of your net income on a short term policy and for long term policies it is 60%.
Physicians in Utah and all other places must have a doctors disability insurance or dentist disability insurance policy without fail and cover themselves for this kind of an eventuality especially in the times we live in.