Disability insurance for veterinarians can protect your earnings after an injury or illness. The insurance might also cover your loan requirements and living costs if you sustain an injury causing permanent disability. Here are some things veterinarians should consider when choosing disability insurance:
How to Buy Disability Insurance Plans for Veterinarians
Using an independent insurance agent when buying disability insurance for veterinarians can save you money. An independent agent can connect you with an insurance company that sells quality disability insurance at affordable rates.
Independent insurance agents can also explain how each disability insurance plan can benefit you as a veterinarian. They can also advise you on filing and navigating a disability insurance claim.
Before buying a disability insurance policy for veterinarians, check the reviews and ratings on the insurer’s website. Positive reviews and high ratings can signify a reputable and financially stable insurer.
Types of Disability Insurance for Veterinarians
Understanding various types of disability insurance plans and their advantages can help you make an informed decision. Here are some of the types of disability plans veterinarians can choose from:
1. Individual Disability Insurance
If you don’t belong to any veterinarians’ associations and want disability insurance, choose individual disability insurance. This insurance can cover you if you switch to a new job in the future. Individual disability insurance coverage may also extend after your veterinarian job ends.
The insurance doesn’t come with tax requirements, making it more affordable. When applying for individual disability insurance, you may have to go through the underwriting process to make sure all your health emergencies are appropriately covered.
2. Group Disability Plan
Veterinary hospitals or clinics provide group disability insurance coverage as one of the veterinary employee benefits. Most, if not all, of the costs for group disability insurance for veterinarians are covered by employers, making it a more affordable option.
Qualifying for a group disability plan as a veterinarian may be easier if you work in a recognized animal hospital or other certified facility.
3. Business Overhead Coverage
A business overhead coverage plan can be best if you run your own animal clinic or hospital. This insurance can maintain smooth operations of your veterinarian practice by covering your tax obligations and other monthly expenses after a disability.
Business overhead coverage may include partial disability benefits for your veterinary employees.
4. Future Increase
If your earnings are higher or you anticipate a future income increase, consider purchasing disability insurance with a future increase feature. A future increase means you’ll still be eligible for compensation even if the coverage increases because of a change to your health status.
Gather all updated tax forms, pay stubs, and other income verification documents before you request an insurer to increase your veterinarian disability coverage. Types of future increases in veterinarian disability insurance can include Future Increase Option (FIO) and Benefit Update (BU).
5. Residual Disability Benefits
Residual disability benefits allow insurers to pay veterinarians who can’t work full-time but can work part-time because of injuries or sickness. An insurer will compare your past full-time earnings with your current part-time earnings to determine your residual disability benefits. A 20 percent loss of your income because of a disability can make you eligible for residual disability benefits.
Portable disability plans for veterinarians offer more flexibility. Portability means you can keep your disability insurance policy if you transfer to another veterinary clinic. You can leave your veterinary clinic for another without worrying about losing your disability insurance. A portable disability insurance plan can also prevent financial losses from purchasing new policies after switching veterinarian jobs.
7. Broad Coverage
Veterinarian disability insurance covering many health risks can increase your chances of compensation if you get injured or sick. Common health risks that veterinarian disability insurance should cover include all work-related injuries, cancer, heart problems, mental illnesses, STDs, and arthritis. The insurance should also cover pregnancy complications like diabetes and epilepsy. Before buying veterinarian disability insurance, consider if the health risks it covers are worth the monthly premiums you would have to pay.
8. Premium Provision Waivers
Veterinarian disability insurance with premium provision waivers can relieve you of the burden of paying high monthly bills after you sustain a disability. The insurer must first verify that you can’t work because of an injury or illness to give you a premium rider waiver.
Get Disability Insurance Today
Disability insurance for veterinarians can protect your earnings and save you from financial stress after a serious illness or injury. Before purchasing an insurance policy, consider factors like the covered health risks, future increase features, portability, and more. Contact an independent insurance agent or a disability insurance provider today to learn more about veterinarian insurance coverage.