{"id":1925,"date":"2020-03-30T21:34:51","date_gmt":"2020-03-30T21:34:51","guid":{"rendered":"https:\/\/nolfinal.wpengine.com\/?page_id=1925"},"modified":"2024-01-29T10:22:31","modified_gmt":"2024-01-29T15:22:31","slug":"medical-professionals","status":"publish","type":"page","link":"https:\/\/www.nickortizlaw.com\/occupations-that-qualify-for-ltd\/medical-professionals\/","title":{"rendered":"Long-Term Disability for Medical Professionals"},"content":{"rendered":"\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li ><a href=\"#choosing-a-long-term-disability-policy\">Choosing A Long Term Disability Policy<\/a><ul><li ><a href=\"#first-things-first\">First Things First<\/a><\/li><li ><a href=\"#group-versus-individual-policies\">Group v. Individual Policies<\/a><\/li><li ><a href=\"#when-to-buy\">When To Buy<\/a><\/li><li ><a href=\"#how-much-to-buy\">How Much To Buy<\/a><\/li><li ><a href=\"#when-to-cancel\">When To Cancel<\/a><\/li><li ><a href=\"#disability-riders\">Disability Riders<\/a><\/li><li ><a href=\"#request-a-free-policy-evaluation\">Request a Free Policy Evaluation<\/a><\/li><\/ul><\/li><li ><a href=\"#when-a-long-term-disability-claim-is-denied\">When A Long Term Disability Claim Is Denied<\/a><ul><li ><a href=\"#denied-dont-give-up-file-an-appeal\">Denied? Don\u2019t Give Up! File An Appeal!<\/a><\/li><li ><a href=\"#has-your-ltd-claim-been-denied\">Has Your LTD Claim Been Denied?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>When a career is affected by a disability, the sudden potential for financial instability can add substantial stress to an already emotionally difficult situation. For medical professionals who have devoted considerable time and money toward education, the abrupt disruption of an unexpected disability can be particularly disconcerting.<\/p>\n\n\n\n<p>Instead of focusing on personal treatment and recovery, you may find yourself pouring over stacks of medical bills and school loan delinquency notices. Fortunately, a solid disability insurance policy can shield your future from this risk, allowing you to meet your financial obligations and maintain your standard of living.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"758\" height=\"1024\" src=\"https:\/\/www.nickortizlaw.com\/wp-content\/uploads\/2020\/03\/Medical_Professionals-758x1024.jpg\" alt=\"Long-Term Disability for Medical Professionals\" class=\"wp-image-1926\" style=\"width:200px\" srcset=\"https:\/\/www.nickortizlaw.com\/wp-content\/uploads\/2020\/03\/Medical_Professionals-758x1024.jpg 758w, https:\/\/www.nickortizlaw.com\/wp-content\/uploads\/2020\/03\/Medical_Professionals-222x300.jpg 222w\" sizes=\"(max-width: 758px) 100vw, 758px\" \/><\/figure><\/div><\/div>\n<\/div>\n\n\n\n<p>In this article, I will be sharing some tips and recommendations that medical professionals should consider when selecting disability insurance, and I will also discuss what one should do if a <a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/\" data-type=\"page\" data-id=\"3218\">long-term disability<\/a> insurance claim is wrongfully denied. It\u2019s important to note that I am neither an insurance provider nor affiliated with any insurance company. <\/p>\n\n\n\n<p>In fact, I\u2019ve built my career on fighting back against disability insurance companies that have acted in bad faith. The information provided in this article is from the perspective of an attorney who has seen the very worst damage that insurers can inflict. I hope my experience can help you avoid the most common pitfalls affecting so many.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"choosing-a-long-term-disability-policy\">Choosing A Long Term Disability Policy<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"first-things-first\">First Things First<\/h3>\n\n\n\n<p>The single, most <a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/ltd-glossary-key-terms-in-policy\/\" data-type=\"page\" data-id=\"6209\">critical language<\/a> you\u2019ll find in a disability insurance policy is the wording that an insurer uses to define \u201cdisability.\u201d With all of the resources you\u2019ve invested into obtaining and cultivating your medical knowledge, your goal in purchasing disability insurance should be to protect the specific future you\u2019ve designed. Therefore, you should find a policy that defines disability in a way that triggers benefits if you lose the ability to perform your particular job. Such a policy should stipulate that a person will be considered disabled if he or she becomes \u201c<strong><em>unable to perform the duties of his or her\u00a0own occupation.\u201d<\/em><\/strong><\/p>\n\n\n\n<p>Alternatively, a policy may describe disability as not occurring unless and until someone is <strong><em>&#8220;unable to perform any occupation.&#8221;<\/em><\/strong> You would not be entitled to benefits if, for instance, you could operate a tollbooth or collect tickets at a movie theater. As you can see, the difference between <a href=\"https:\/\/www.nickortizlaw.com\/own-occupation-vs-any-occupation\/\" data-type=\"post\" data-id=\"3237\">\u201cown\u201d and \u201cany\u201d occupation<\/a> in a disability policy is of utmost importance, and that\u2019s why this is the first thing one should look for when considering a policy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"group-versus-individual-policies\">Group Versus Individual Policies<\/h3>\n\n\n\n<p>You may discover that your employer offers a <a href=\"https:\/\/www.nickortizlaw.com\/ltd-faq\/what-is-the-difference-between-individual-and-group-disability-policies\/\" data-type=\"page\" data-id=\"3576\">group policy<\/a>. Many employers will actually pay premiums for their employees, which is usually worth taking advantage of, although some group policies will limit the amount of coverage one can purchase if the insured already holds an individual policy. In general, these group policies come with lower premiums and often don\u2019t require you to answer dozens of annoying questions about the current state of your health. However, many group policies increase your premium as you age, and most won\u2019t allow you to keep your policy if you change employers.<\/p>\n\n\n\n<p>Individual policies tend to come with higher premiums, but policyholders enjoy better benefits because they have been individually underwritten. Generally, group policies use the more conservative \u201cany occupation\u201d definition of disability, while individual policies usually employ the more liberal \u201cown occupation\u201d definition. Another added advantage of individual policies is that they are generally portable, meaning your coverage under the policy will continue if you take another job.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"when-to-buy\">When To Buy<\/h3>\n\n\n\n<p>Obviously, it\u2019s important to purchase a disability policy before becoming disabled; therefore, buying earlier is always safer. However, while wealth and age usually have a positive correlation (e.g., I have much greater buying power today than I did when I was 18), health and age tend to have a different relationship. Consequently, we\u2019re less inclined to purchase insurance when we\u2019re young and healthy and have much less in the way of financial resources. A good strategy for a young physician who is just entering a residency would be to purchase a modest policy that can be upgraded just before leaving residency.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-much-to-buy\">How Much To Buy<\/h3>\n\n\n\n<p>Determining how much coverage to buy requires closely examining your finances. Generally, you should purchase enough to cover your living expenses, which may be a far different figure than your income. In addition, your policy should match what your retirement savings will be if you work until the age of 65. Generally, payouts on disability insurance are not taxed, so it may not be necessary to include Uncle Sam\u2019s share when you\u2019re calculating your coverage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"when-to-cancel\">When To Cancel<\/h3>\n\n\n\n<p>The basic purpose of disability insurance is to protect your income stream from the risk of disability. Therefore, it makes sense to cancel your policy when either:<\/p>\n\n\n\n<ol>\n<li>You no longer have the same income stream that you purchased the specific coverage to protect (e.g., You quit and joined the circus), or<\/li>\n\n\n\n<li>You\u2019ve become so financially independent that you can use other sources as a means to protect your financial status.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"disability-riders\">Disability Riders<\/h3>\n\n\n\n<p>When evaluating a policy, especially if you\u2019re working with an agent that relies on commission, you\u2019ll be introduced to a litany of <a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/ltd-glossary-key-terms-in-policy\/rider\/\">insurance riders<\/a> to upgrade the policy. The following includes some of the riders that I believe are worth considering:<\/p>\n\n\n\n<ul>\n<li><strong>Cost Of Living Adjustment (COLA)<\/strong>&nbsp;\u2013 A COLA rider will increase your benefits in proportion to the Consumer Price Index while you\u2019re on.<\/li>\n\n\n\n<li><strong>Student Loan Rider&nbsp;<\/strong>\u2013 Such a rider will ensure that your student loan payments are covered while you are on claim.<\/li>\n\n\n\n<li><strong>Retirement Protection\u00a0<\/strong>\u2013 The purpose of this rider is to match any retirement savings you might have lost while on disability. If and when your benefits are triggered, funds may be placed in an irrevocable trust that will pay out upon retirement.<\/li>\n\n\n\n<li><strong>Future Purchase Option\u00a0<\/strong>\u2013 This rider would allow a policyholder to increase their coverage over time as their income increases without additional medical underwriting. The downside is that these riders usually require higher premiums.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/ltd-glossary-key-terms-in-policy\/residual-disability\/\"><strong>Residual Disability<\/strong><\/a>\u00a0\u2013 This rider provides supplemental income if a disability only partially limits the policyholder\u2019s ability to perform his or her job. The supplementary income enables a person to remain gainfully employed as they receive treatment and work toward full recovery.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"request-a-free-policy-evaluation\">Request a Free Policy Evaluation<\/h3>\n\n\n\n<p>If you are considering purchasing a disability insurance policy or have recently purchased a policy, we will help you understand what you are entitled to and whether there are deficiencies in your coverage that could lead to a denied claim. It is easy for individual policyholders who are not trained to read insurance policies to misread or misunderstand the disability policy. As part of our <a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/individual-disability-policy-analysis\/\" data-type=\"page\" data-id=\"5960\">evaluation<\/a>, we will explain what everything means to you in your situation.<\/p>\n\n\n\n<p>Some of the aspects of your policy we will review include:<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.nickortizlaw.com\/total-disability-vs-residual-disability-in-disability-insurance-claims\/\" data-type=\"post\" data-id=\"6994\">Total versus residual disability<\/a>;<\/li>\n\n\n\n<li>Own occupation versus any gainful occupation;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.nickortizlaw.com\/does-a-mental-health-limitation-apply-to-my-claim-for-long-term-disability-insurance-benefits\/\" data-type=\"post\" data-id=\"7880\">Mental and nervous disability benefit limitations<\/a>, and<\/li>\n\n\n\n<li><a href=\"https:\/\/www.nickortizlaw.com\/practice-areas\/long-term-disability-insurance-erisa-lawyer\/ltd-glossary-key-terms-in-policy\/self-reported-symptoms-limitation\/\" data-type=\"page\" data-id=\"6246\">Self-reported conditions benefit limitations<\/a>.<\/li>\n<\/ul>\n\n\n\n<p><button><span class=\"tve-leads-two-step-trigger tl-2step-trigger-6803\"><strong>Click here to request your free Policy Evaluation Report<\/strong><\/span><\/button><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"when-a-long-term-disability-claim-is-denied\">When A Long Term Disability Claim Is Denied<\/h2>\n\n\n\n<p>The claim process can be a long and difficult road, but your benefits are worth fighting for. Policyholders often procrastinate and fail to file their claims in time. Remember, when you purchase and sign your policy documents, you\u2019ve entered into a contract with your insurer. You\u2019ve promised to submit your application for benefits and \u201cproof of loss\u201d within a specified period after becoming disabled. <\/p>\n\n\n\n<p>Failing to meet this deadline can result in a total forfeiture of benefits, so you must file your application immediately. If you do nothing, you get nothing. In addition, you\u2019ll need to sign and deliver a medical release authorization form to your insurance provider. This permits your insurer to gather any medical information they require to decide on your claim.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"denied-dont-give-up-file-an-appeal\">Denied? Don\u2019t Give Up! File An Appeal!<\/h3>\n\n\n\n<p>Nothing would make your insurance company happier than for you to accept their denial of your claim. This is why the appeal process is so difficult. Many insurers hope to wear claimants down until they return to work and entirely abandon all hope of receiving benefits. Some refer to this technique as \u201cstarving out\u201d a claimant.<\/p>\n\n\n\n<p>When a person is already grappling with the limitations of a medical condition, battling a big insurance company can be overwhelming, which is why many claimants give up. Insurance companies are aware of this, so denial is their first resort. Don\u2019t give them the satisfaction! File an appeal, but be aware that you have a <a href=\"https:\/\/www.nickortizlaw.com\/missed-appeal-deadline\/\" data-type=\"post\" data-id=\"3259\">limited time frame<\/a> in which to file. Per the terms of your policy, you may have as little as 60 days after receiving notice of your denial to file an appeal, so don\u2019t delay.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"has-your-ltd-claim-been-denied\">Has Your LTD Claim Been Denied?<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.nickortizlaw.com\/about-us\/\" data-type=\"page\" data-id=\"1095\">Ortiz Law Firm<\/a> provides aggressive, nationwide representation to claimants whose long-term disability insurance provider has wrongfully denied benefits. If you\u2019ve been denied, we want to fight for you. All policies limit the time during which a claimant can appeal a denial, so don\u2019t delay. Call <strong><a href=\"tel:8883218131\">(888) 321-8131<\/a><\/strong> to request a free case evaluation.<\/p>\n\n\n\n<a class=\"button large\" href=\"https:\/\/www.nickortizlaw.com\/contact\/\">Get a Free Case Review<\/a>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>When a career is affected by a disability, the sudden potential for financial instability can add substantial stress to an already emotionally difficult situation. For medical professionals who have devoted considerable time and money toward education, the abrupt disruption of an unexpected disability can be particularly disconcerting. Instead of focusing on personal treatment and recovery, &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":655,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/pages\/1925"}],"collection":[{"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/comments?post=1925"}],"version-history":[{"count":0,"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/pages\/1925\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/pages\/655"}],"wp:attachment":[{"href":"https:\/\/www.nickortizlaw.com\/wp-json\/wp\/v2\/media?parent=1925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}