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  • Employer sponsored disability policies

    Question for employed physicians - Do you have an employer sponsored disability policy? Do you have a personal policy as well? How do balance the two? Anyone go without a personal policy and rely solely on your employer sponsored plan?

     

  • #2
    I have an employer sponsored policy through my work. I don't have a personal policy right now. The employed would cover about twice my yearly expenses. I am working on getting a personal policy however. At this point I've just been lazy with filling out the paper work and I had a worker comp injury during my residency which may affect my ability to get a personal policy.

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    • #3
      I have my employer policy only. It is a good policy (physician owners have the same policy) and I am single with modest expenses. I have reviewed the policy and it is adequate for my needs should I become disabled (and is own profession).

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      • #4
        have both.  pay for both with after tax money

        my personal is own occupation.

        the employer one is a little murkier.

        i'm at the point where i'm considering jettisoning them and becoming self insured

         

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        • #5
          Both. I would not want to take the chance that if wanted to change jobs some day, I might have to rely on someone else's plan or possibly not have one. In addition, I would not want to risk not being able to get an individual one someday if I developed a problem that made it hard to get insured. Lastly, it is good to remember that if you get an individual plan first, you can then get the group plan too. However, if you have a group plan, that will be taken into account with regard to how much you can get in an individual plan.

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          • #6
            I have both and pay for them with after tax money. As mentioned above, I would not want to change jobs and be left with no policy and potentially no insurability.

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            • #7
              I have three policies. I have an employer paid group policy (10k per month) an employer paid individual own occupation policy (15k per month), then I pay after tax for a Lloyds secondary policy to cover the rest of my income.

              The policies are written so that both the Lloyds and group policy pay based on my own occupation policy determination.

              I previously carried an individual policy i bought in late residency which I dropped on employment as it reduced the amount my employer would cover with the individual policy. The premiums are paid by my employer so benefits of those policies would be taxable. I think this is somewhat mitigated by the fact that my sponsored policies cover 75 percent of income where my old individual covered 60 percent.

              I spent a lot of time trying to decide whether to stay with my old policy or let employer pay. especially with my first job and not knowing if things would work out. Ultimately though my employer policy is a "real" policy that is portable if I ever leave and I just couldn't justify spending the cash early in my career.

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              • #8
                I also have two policies: a group policy and a personal policy. I feel like it's cheap insurance and leaves me well covered. Although it's not in my plan, I realize that my life/work situation can always change so it lets me rest a little easier. Plus, I'm about as young and healthy (in an actuary's eyes) as I'll ever be so it was much cheaper to get one when I did.

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                • #9
                  I have my own modified own occ policy (own occ but can't double dip another job and get insurance payout) and a group employer policy.  I would like to know if payout from the group employer policy would disallow payout from my personal mod. Own occ. policy?  Thanks.

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