In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the intricacies of group long-term disability (LTD) insurance for physicians. He explains how group LTD coverage impacts the maximum amount of private specialty coverage a physician can obtain, emphasizing the importance of understanding the definitions and limitations of both types of insurance. The conversation highlights the challenges faced during claims processes and the potential pitfalls of relying solely on group LTD policies.
Takeaways:
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The maximum benefit cap of group LTD affects private coverage eligibility.
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Private specialty coverage is generally more comprehensive than group LTD.
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Most disabilities are not catastrophic incidents but rather illnesses.
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Adverse selection impacts group LTD policies significantly.
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Opting out of higher group LTD can maximize private coverage.
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At claim time, private coverage is more likely to pay out, though physicians can collect from both group and private policies.
For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on Facebook and LinkedIn.
If you have questions, feedback, or just want to connect, email Billy at billy@ownoccdisability.com.
Billy Gwaltney
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