Podcast: Group Disability Policies Vs. Private Specialty Coverage

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the critical differences between group disability policies offered through associations and private specialty coverage. He emphasizes the importance of understanding the gaps in association policies, including definitions of disability, control over the policy, and the significance of individual coverage. The conversation highlights the potential pitfalls of relying on association policies and the benefits of securing a private policy for long-term financial security. As a cautionary tale, here is a first-hand account from a clinical anesthesiology who was forced to retire by a disability and found out the hard way the limits many of these group policies can have for medical professionals.  

Takeaways:

• Group disability policies often have significant gaps.

• Private specialty coverage offers a true specialty definition.

• Association policies may not pay if you earn income elsewhere.

• Private policies provide fixed rates that never increase.

• Association policies can change terms and rates at any time.

• Individual policies give you control over your coverage.

• Partial benefits can be crucial for those not totally disabled.

• Long-term recovery benefits are rarely found in association policies.

• It's essential to read the fine print of any policy.

• Understanding your coverage is vital for financial security.