Podcast: Maximizing Disability Coverage for New Attending Physicians

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the intricacies of private specialty disability coverage for physicians, particularly focusing on how and when they can increase their coverage after graduation. The conversation highlights the importance of understanding insurance guidelines, the relationship between attending salary and coverage amounts, and the necessity of timely adjustments to ensure adequate protection against potential disabilities.

Takeaways:

• Physicians often start with lower coverage amounts during training, but it's important insurance carriers calculate coverage based on attending salary.

• Proactive adjustments to coverage are necessary to ensure adequate protection. We recommend increasing coverage within 90 to 180 days of starting a new job.

• The cost of coverage increases proportionally with the benefit amount.

• Claims are based on the coverage amount at the time of the claim.

• Graduates can start at the attending benefit level if eligible.

• Different riders have different guidelines for increasing coverage.