Disability Claims are Not the Same as Health Insurance Claims

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the critical differences between disability insurance and health insurance claims, particularly for physicians. He emphasizes the importance of choosing the right insurance carrier and understanding the claims process, highlighting that the majority of claims are approved when handled correctly. Gwaltney shares insights on the four top carriers for specialty coverage and the significance of having the right definitions in insurance contracts to ensure financial security for physicians.

Takeaways:

• Disability insurance claims differ significantly from health insurance claims.

• The majority of disability claims are due to illnesses, not catastrophic injuries.

• Choosing the right insurance carrier is crucial for successful claims - clients will have a higher likelihood of getting their claim approved if they work with the top carriers specialized in physician disability insurance.

• Group long-term disability policies often have broader definitions that can lead to claim denials. It's essential to verify the definitions in your insurance policy.

• Private specialty coverage offers more straightforward claims processes. 

• Working with a trusted specialist can help navigate the insurance landscape.