Disability insurance for professionals

Health is wealth and this age old saying is particularly true for highly paid professionals who income is directly proportional to their physical presence at the workplace. Lawyers, doctors , dentists and similar highly skilled and trained professionals with an annual income of more than $100,000 can find their lifestyle disrupted when they meet an unexpected accident or fall sick suddenly. By purchasing disability insurance, these professionals can ensure that their income is protected even when they can no longer work.

The income of a physician is usually directly proportionate to the his or her skill level and theĀ  number of patients treated. One of most economical physician disability insurance is the graded premium disability insurance plan for doctors, where they have to pay a lower annual premium at the beginning of their career as their income is less. As their qualifications and skill levels improve, their income increases and the premium paid also increases proportionately.

While the premium paid is important, there are other factors to be considered while evaluating the disability insurance quotes from different insurance providers. These include whether they allow an “own occupation” definition of disability, they are non cancelable, offer residual coverage and if premium to be paid can be revised upward.

Medicare

If a patient uses the services of a Medicare certified provider, the payments go directly to the provider. Today, most of the data and payments are transmitted electronically, only a few providersĀ  receive paper checks to prevent fraud.

The only way a person can receive a reimbursement check from Medicare is a person used the services of a medical service provider who does not accept Medicare assignment. In this case, the entire amount may not be reimbursed. The patient will have to pay the entire amount initially and then wait for Medicare to reimburse the payment, and this usually takes some time.

An employees contribution towards Medicare is deducted from his or her salary check and this amount will available when the person retires and is over 65 years old.

More information is available at www.medicare.gov