Discuss Latest WCI Blog Post: Doctors Who Become Disabled

[The White Coat Investor]

An interview with a doctor and a dentist who had to use their disability insurance—and the struggles they had, mentally and physically, because of it.

The post Doctors Who Become Disabled appeared first on The White Coat Investor - Investing & Personal Finance for Doctors.



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[Tangler]

IMPORTANT!

Great episode!

Thank you!!!!!

[Tim]

Very good information. One thing I believe WCI or in the Forum was previously mentioned is the difficulty inherent in the claims process.
That seems to be the root of frustration. Big 6 is a comfort for own occupation insurance. However, one needs to realize and approach the claims process with realistic expectations. That means from the insurance company’s point of view.
Both of the individuals have unique and different stories. Frustrating and traumatic.
•The documentation requires an acceptable independent medical diagnosis that meets the policy definitions.
•The documentation for the loss of income.
• Claim approved.

Each had confusion, individual, agent, claims adjuster, attorney and expense with documentation for both the disability and the loss of income. If one is disabled, focus on the three above. I was pleased to see one long time knowledgeable LTDI independent agent mentioned by name, Larry Keller.
I was bemused that the physician needed a job description of the occupation of the dentist prepared by an attorney. Was that the fault of the dentist, claims adjuster, insurance agent or what? See the first step. It is required.
The insurance claims adjuster is not your advocate. Better trust your agent first. Each will be different.

[JBME]

my main take away is the number 1 most important thing to do is get own occupation DI. The number 2 most important thing to do is if you become disabled, before you talk to the insurance company lawyer up immediately and have them review your policy first and then go in guns blazing. This is true even for the good big 6 companies

[Tim]

my main take away is the number 1 most important thing to do is get own occupation DI. The number 2 most important thing to do is if you become disabled, before you talk to the insurance company lawyer up immediately and have them review your policy first and then go in guns blazing. This is true even for the good big 6 companies

Two ways of lawyering up.
•Pay for review and advice.
•Percentage basis.

Companies that provide group policies outsource this to claims processing firms. They pay the bill.
They pay the claim up front. When FINALLY the SSDI insurance is recovered, they get their cash back. Few claims ever go to court. It is the process that is difficult. Of the two options, maybe some DI agents can lend some guidance. Yes, every claim is individual, just another value/cost decision. Unfortunately, the same documentation will come from you.

[Anne]

My main takeaway from number 2 is she should have seen a physiatrist skilled in early identification and treatment of CRPS sooner. Double bonus, physiatrists know the wording to put in the chart to help support disability if appropriate.

[Brains428]

This was a really good podcast. This one and estate planning are things that we know need to be done, but are somewhat nebulous in execution (the DI acquisition not so difficult, but claim filing).

[Hawkeye225]

Great info here for everyone and highly recommended. I can totally relate to the dentist's issue in particular having to deal with a large disability insurance company; it was not a pleasant experience.

[Batman]

I don't mean this in a flippant manner, but # 2 should seriously consider obtaining a psych evaluation. It's very atypical to get CRPS from what I gather to be a palmar ganglion cyst aspiration/trigger finger release (unclear what she actually had). Nevertheless, there is a high association between mood disorder and pain disorders such as fibromyalgia, CRPS, etc. Not saying this is definitely the case here, but worth considering in order to get her life back.

[MPMD]

probably one of the best podcasts WCI has ever done

[MPMD]

I don't mean this in a flippant manner, but Forum should seriously consider obtaining a psych evaluation. It's very atypical to get CRPS from what I gather to be a palmar ganglion cyst aspiration/trigger finger release (unclear what she actually had). Nevertheless, there is a high association between mood disorder and pain disorders such as fibromyalgia, CRPS, etc. Not saying this is definitely the case here, but worth considering in order to get her life back.

eh, it's a little weird.

but aren't all cases of CRPS kind of weird?

i didn't get the sense that she was on the make or having psych issues. if she just wanted to get on disability then buying out that practice was a very bad step in the journey. she sounded very logical and rational to me and i appreciated her story.

[JWeb]

eh, it's a little weird.

but aren't all cases of CRPS kind of weird?

Yes.

CRPS is a real condition that causes real physical manifestations. But it's also much more common in people with anxiety/depression/psych issues.

Physical therapy, physical therapy, physical therapy. AND you tell them that they will get worse before they start getting better. The peripheral nerves need to be retrained to not tell the brain that it's painful.

Full disclosure that I haven't listed to this particular podcast.

[MtnRunner]

Hearing Dr. Sekulovich's and Dr. Angadi's experiences put a very personal and real-life perspective on the importance of disability insurance.
There were many good points made in the podcast regarding buying DI, lessons learned in their experiences, and the struggle of receiving payment from a policy... but at the core of the topic, "Get it before you need it" is such a key and important takeaway

[Eye3md]

my main take away is the number 1 most important thing to do is get own occupation DI. The number 2 most important thing to do is if you become disabled, before you talk to the insurance company lawyer up immediately and have them review your policy first and then go in guns blazing. This is true even for the good big 6 companies

I like the lawyer idea but don’t most insurance companies have an arbitration agreement in place so they can’t be harassed by attorneys?